Things You Should Know About Online Gambling in South Korea

South Korea is one of the most technologically advanced countries in Asia, and only Japan is in front of them. Even though they are continuously inspired by Western countries, online gambling is illegal and targeted by government.

That is the main reason why citizens decide to seek online operators that work in other countries. From the very creation of the Republic of Korea after World War II, the Americans controlled south part while Soviets controlled the North.

Historically, Korea had betting on board games and sports such as ssireum and janggi, among others. However, new government created regulations that citizens are not allowed to bet within the country, but they cannot do it in foreign countries as well.

Of course, physical laws have been relaxed in the last few decades, which lead to the creation of various betting websites (토토사이트) so that you can gamble online with ease.

Even though Korean sites feature restrictions, individuals can quickly sign up for websites that accept people from Korea. The main problem is that government is continually fighting against these sites and they are finding ways to ban their access.

That is the main reason why most South Koreans are using virtual private networks (VPNs) so that they can mask their location and play with ease.

According to the government’s estimation, the illegal gambling market in South Korea is approximately $60 billion, but it is risky, and law enforcement is creating raids on betting rings with severe consequences.

Popular Markets

However, every rule comes with the exception, and one of the most important ones is the idea that betting on horseracing became legal and it is still the most popular way to play betting games.

Keep in mind that betting on horseracing because legalized back in 19th century, and it is still widespread consideration among people from South Korea. If you wish to learn more on online gambling, you should click here.

Another way that followed horseracing is boat-racing and gambling, as well as cycling, while the natural lottery is also popular.

Remember that casinos were illegal and forbidden until 1967 when large hotels permitted casino games but only for foreign guests.

Today, you can find approximately 17 casinos across the country, and most of them feature classic games such as blackjack, roulette, and slots.

However, for Korean citizens, things are entirely different because they cannot enter casinos, while the first land casino where Korean natives can visit is Kangwon Land casino that opened back in 2000.

One of the most interesting facts is that the popularity of this casino is so significant that a single casino makes more considerable revenue than other 16 where only foreigners can enter.

During the ’90s, Korean gambling laws were relaxed since the government created betting service called SportsToto. This particular advancement allowed people to bet on various sports that are popular in the country, such as baseball, football, golf, basketball and many more.

They can do it by using land-based machines that you can find in numerous public places and establishments. However, wagers are limited to $89 or 100,000 KRW.

At the same time, this particular company does not feature online presence, which means that Koreans tend to choose abroad casinos so that they can bet on higher limits than in their native country.

Since the state owns SportsToto, it means that government has monopoly on betting, and if someone enters the market with an idea to threaten their position, that will lead to crackdown of illegal rings and law enforcement.

The best way to learn everything about SportsToto is by checking out this site: http://www.sportstoto.com.my/corporate_about_us.asp.

Gambling Events

Even though they come with illegal approaches when it comes to gambling in general, the progress is notable, especially since, in 2012, Seoul was host of high stakes poker tournaments where prominent people from gambling industry came.

Online Gambling Is Illegal Too

South Korean laws cannot make the distinction between online and land-based gambling. According to authorities, if someone catches you playing your favorite sport online, you will be prosecuted.

At the same time, they have arrested numerous people since online casinos started to emerge, and the minimum sentence is imprisonment in combination with hefty fine.

The standard view is that internet should be censored, which is why ISPs are blocking sites that government says, which is why it is challenging to reach foreign casinos and to play with ease.

You can find numerous options available on the market, but the main idea you should remember is that all gambling is still illegal. Therefore, you should use the appropriate VPN so that you can mask your location.

If you still wish to engage in betting games, you should check out which online casino is best for all requirements. According to statistics, Koreans mostly use the ones from Gibraltar, Malta, the UK since you can quickly check out whether they have license or not.

The main problem lies in the idea of finding Korean language platforms, but that is no problem anymore since most of them operate from Philippines and other close countries.

The consideration you should make is the banking option because some reports state that the government is trying to stop these transactions especially when they go overseas.

That creates additional stress in choosing the third-party casino, which is why people want other ways of online wallets and e-payments so that they can stay anonymous.

In something goes wrong, you will not have legal rights since gambling is illegal, which is why you have to conduct comprehensive research before you make up your mind. That way, you will reduce the possibility of being caught especially if you are Korean citizen.

What Will Future Bring?

As you can see from everything we have mentioned above, the government is keen on maintaining the monopoly on sports gambling since the most significant percentage returns to sports after betting.

The easiest way to understand what future will bring in the world of online gambling is by checking here for more information.

However, despite convictions and criminal captures, illegal betting both on land and online is one of the largest industries in South Korea.

That is the main reason why they decided to relax the gambling laws, while they are still trying to see how to incorporate online gambling within the country.

 

 

 

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