Viets love to bet on sport. Photo by AFP

New rules are expected to be submitted to the government for review soon.

After many years of consideration, Vietnam is taking a step closer to finally legalize sports betting.

According to media reports, several government agencies are completing a resolution for betting on horse and greyhound races and soccer games, which will be submitted to the government on December 1.

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Officials started working on the rules in 1999.

Sports betting will first be allowed in a few select cities and provinces. It is expected that only those above 21 years old are allowed to gamble and bookmakers have to be at least 500 meters away from schools and public venues for children, VnEconomyreported.

It remains unclear how much the maximum bet value will be and if online betting services will be legalized. The finance ministry earlier proposed a daily limit of VND1 million ($44).

Vietnam now has one greyhound race course in the southern beach town Vung Tau. Hanoi will also build a horse racetrack, a $500 million project that has been delayed for some time.

There are several casinos but they are only open to foreigners.

Report shared by VNExpress