Online Gambling Network, worth $2.6 billion busted last week by the Vietnamese law enforcement agencies.
Vietnamese law enforcement agencies have reportedly smashed a $2.6 billion online gambling business.
The site called “No Hu” which translates to “break the jar” in English, offered card games largely and has been operational since 2018.
Deposits by players were done through hundred of agents for the website in and around Hanoi. According to local newspaper reports the illegal online website was turning over in excess of $110 million a month.
Should gamblers to the website win then they were also paid out by agents, deposits were accepted with cash or collateral assets such as vehicles or properties.
Vietnamese law enforcement teams over the two years the website had been running millions of accounts were set up valuing those deposits at some $2.6 billion.
The website was closed down today police say and 16 arrests have taken place, however police believe that even the online gambling network is closed the head gang leaders are still at large.
One gambler told the AFP, “I lost so much money playing games on this site. You might win at first, but the more you play, the more you lose.”
The latest arrest and closure of illegal online gambling in Vietnam highlights the huge problem the country has in controlling gambling.
The communist country allows foreigners and certain locals to gamble in land based casinos but it is illegal for any online gambling to take place.