Vietnam bursts an illegal casino who used to handle bets worth $3 billions - page 13.

mu_enrico

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Quote from: Little Mouse on May 31, 2020, 10:17:03 PM

Quote from: Wexnident on May 31, 2020, 09:46:01 PM

Was there anything preventing the guy from registering his casino?

Because it's illegal in Vietnam and you can not run Casino legally. Same here in my local and last year, so called Casino Emperor Somrat was busted for that.

Yep, from various sources, gambling (generally) illegal there.
It doesn't make sense when they have so many revenues and didn't bother to get some license. The reason is simple, it's illegal.

iamsheikhadil

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That's a dumb move by the casino owner, I think there was something fishy going on in the casino maybe they were distributing drugs to players to get them hooked more to the place or there was something worse was going on or why else would the casino owner not register the casino unless he is like a really stupid.

michellee

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Maybe that is because the casino owner thinks that his business is not in the real-life, so he doesn't need to register and make it legal. The casino owner will use every way to still run his casino without thinking about the government.

Choosing on the reputed casinos is the solution for us to play gambling so we can prevent fraudulent online casinos. We can get that casino from here by reading many good reviews from each member.

Little Mouse

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I never knew that Casino business is not legal in Vietnam. However, there are some more reasons too in this case. They could save themselves too if they were smart enough.

Quote from: Wexnident on May 31, 2020, 09:46:01 PM

Was there anything preventing the guy from registering his casino?

Because it's illegal in Vietnam and you can not run Casino legally. Same here in my local and last year, so called Casino Emperor Somrat was busted for that.

Lorence.xD

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Quote from: Bitcoin_Arena on May 31, 2020, 03:47:07 PM

Holy shit! With all those massive profits and the owners never even bothered to operate legal for a lot much less fees?
Indeed, gamblers should open their eyes and be careful on which kind of casino they are dealing with.

The reason that the owner did not register his business is that taxation is a pain for business person, imagine the profits if the business was legal, there will be a lot of paperwork and the taxes for businesses like this is so big that it intimidates people into going legal, I do not know much about taxation so take this as a grain of salt, but I do know that when your business is not registered then you will not need to pay your taxes, as for how you are going to launder the profits, there will be different ways but I think that is also the downfall of any illegal businesses, when authorities caught wind, they will chase it like a dog and bite back and never let go. In my opinion, most players of illegal casinos know that they are playing at an illegally operated one, people will turn a blind eye when it comes to their causes, and I do not think that the casino is being illegally operated will stop these people from gambling there, if you believe otherwise then why do you think they always caught these illegal casinos with people still playing?

Wexnident

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Was there anything preventing the guy from registering his casino? I mean, I'm pretty sure the agent idea they had would still be applicable even if registered. It was actually a good idea, having a concrete set of middle man that the casino controls. Plus, collaterals are also accepted which is a neat way imo. Yes, its understandable that Vietnam holds strict regulations with regards to casinos, but really, it's just the word "strict", not "banned". The government of Vietnam has strict regulations with regards to casinos but it can easily be done imo, especially one that has been running since 2018. Unless, that is, most of the casinos income actually comes from users below the age of 21, cause as far as I know, that's illegal in their country.

verita1

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This Online gambling looks like managed by a network that works underground. Vietnam is a country that is forbidden to its citizens to have activities in casinos.
From what I have read is that the Vietnamese has a single operator that allows them to place maximum daily bets of only VND1m (US $ 44).
From what I see that there is a great demand and to more restriction the clandestinity is born.

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Quote from: Juggy777 on May 31, 2020, 12:04:27 PM

...
Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.
...

thank you for the warning...
Gambling is no longer entertaining if you do it on an untrusted gambling site, I do not care about the number of user bonuses offered if the gambling site does not have a good history and reputation. security, calmness, and comfort when deposit fund on gambling site are my priorities.

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Quote from: Juggy777 on May 31, 2020, 12:04:27 PM

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

Holy shit! With all those massive profits and the owners never even bothered to operate legal for a lot much less fees?
Indeed, gamblers should open their eyes and be careful on which kind of casino they are dealing with.

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Quote from: 20kevin20 on May 31, 2020, 02:34:58 PM

A casino that wagers $3B is going to be considered a "reputed" one by most as it handles lots of money.. similar to the way people trust exchanges based on their total volume. Most people don't check a company's history before placing money and rather do it trusting other reviews and opinions, unfortunately.

$3 billion is obviously a massive amount and i can say that some legal casinos haven’t got this type of bets handling history. Sometime people don't hesitate to trust without thinking about company's legality when a large amount of gamblers use a particular platform and face no issues. We can call that extreme popularity which influence gamblers to use the platform on a regular basis. Gambling isn’t allowed everywhere in the world and due to this reason gamblers always try to keep them activities hidden even from governments.

So in a situation like this they don't care about governments authorisation or legal papers actually where they love to follow platforms with much positive reviews. Still in many countries there is lots of online and offline casino exists which are quite popular but have no license.

20kevin20

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Quote from: Juggy777 on May 31, 2020, 12:04:27 PM

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.

As far as the article says, you are only allowed to use land-based casinos in Vietnam which means that even the most reputable online casinos aren't an option. A casino that wagers $3B is going to be considered a "reputed" one by most as it handles lots of money.. similar to the way people trust exchanges based on their total volume. Most people don't check a company's history before placing money and rather do it trusting other reviews and opinions, unfortunately.

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Quote from: Juggy777 on May 31, 2020, 12:04:27 PM

Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

A billion dollar bust and that too in a single illegal betting house, how many illegal casino are running around the world and looking at the figures at a single illegal casino, it might be the biggest market in the world.

Quote from: Juggy777 on May 31, 2020, 12:04:27 PM

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.

The reason they got busted is clear from the article, they used to give credit by taking their properties as collateral and that is done through their hired workers and if you are doing these kind of large scale illegal activities and on top of that take collateral then you will end up getting busted.

Tytanowy Janusz

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Quote from: Juggy777 on May 31, 2020, 12:04:27 PM

and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

When you start you never know if you will succeed or not and if you succeed and have millions in volumes it is sometimes too late...

I think that he didn't register casino because gambling is illegal in Vietnam:

Quote

In general, gambling is illegal in Vietnam. However, some forms of betting in Vietnam are allowed. This includes lotteries, horse racing, greyhound racing, and international football.

https://www.expatbets.com/vietnam/casino/

Juggy777

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Vietnam authorities are claiming to burst an online casino that used to handle bets worth $3 billion, and what’s surprising is despite getting such huge volumes the casino owner never felt the need to get his casino registered and operate legally.

Further he had deployed a very clever strategy where he had hired people to lure gamblers out, and then he used to pay those people fixed commissions for every deposits the gambler made through them.

Lastly I would request you’ll to wager only on reputed casinos, and check their history before you wager otherwise you may end up loosing your funds to fraudulent online casinos.

Sources:

https://calvinayre.com/2020/05/31/business/vietnam-biggest-ever-online-gambling-bust/

https://www.gamblingsites.com/online-casino/safe/ (Ignore those banners and links, but read those pointers)

Topic: Vietnam bursts an illegal casino who used to handle bets worth $3 billions - page 13. (Read 3550 times)