It has not been very long since sports betting in South Korea has been regulated. Up until 1997, only the lottery was available for local players. Since then, horse, boat, and bicycle racing have been added to the betting options. Anyone can legally participate in these and play in designated betting parlors and stands. The National sports promotion Act of 2017 is the latest piece of legislation towards gambling. As for casinos, they were made legal in 2000. The difference is that locals are not allowed to play in them. Only the Kangwon Land Casino is legally accepting South Korean 토토사이트 (toto site) players. All other casinos are for tourists only.
Moreover, the ‘Habitual Overseas Gambler’ law dictates that Korean citizens may not even visit casinos in other countries. It is complex to apply this law, but it sure does exist, and there have been reports of prosecutions of Koreans found gambling in countries like Singapore or the Philippines. Anyone found guilty of habitual gambling could face up to 3 years in prison and a fine of $15,000-17,000.
The South Korean online gambling law leaves a small legal window for bettors, allowing gambling for “momentary pleasure.” However, the distinction has never been made clear, leaving players confused. Furthermore, the law states that online gambling companies are not allowed to operate or be formed. Nonetheless, for online gambling, South Korea does not apply a harsh stance towards online bettors. That, in turn, leaves a vast gray area in terms of their ability to access South Korean 안전놀이터 (safe playground) betting sites legally. Furthermore, no licensing system is obviously in place, and there are no locally licensed betting sites.
Safe betting sites in South Korea
There have been many cases where companies have set up illegal betting sites in South Korea. The risk with such sites is two-fold. First of all, the local police have reportedly banned many of them. Surveillance is quite active, and the authorities are constantly trying to clamp down on illegal operators. So, if you place your bets and money there, it will be lost, and your details might come straight to the hands of the police.
Moreover, such illegal sites frequently vanish, especially when players try to withdraw their funds after a winning bet. Distinguishing such sites is not always easy; since they often imitate the ‘looks’ of international bookmakers. What you should do 토토사이트 (toto site) is stick to any of the renowned international bookies that we mention in our analysis. These are all reliable bookmakers, licensed by the most legitimate authorities globally, offering a safe online betting experience. Plus, they are based outside of South Korea, so, technically, they are legal. Still, always keep in mind that if you are ever to be questioned about your gambling, try as much as possible to prove that you are not a habitual gambler.
Sports betting in Korea
Sports betting is legal when practiced on the state’s land-based bookies. Still, only two forms of it are available. These are namely toto and proto. Toto South Korea is a pari-mutuel betting type. All the money players wager adds up. Then, 50% of it returns to the state for operation costs and taxes, while the rest is shared by players who potentially get all their predictions correct. Proto South Korea is about fixed odds betting. Here the odds for each event are in decimal format. So put, if you bet ten units on an affair with odds of 2.00 and you win, you will get 20 units back.
Basketball, baseball South Korea and football betting are all available on the local legal bookmakers. Baseball’s KBO league still attracts much of locals’ betting flow. A tradition in racing also leads many locals to bet on dog, horse, and motorboat races. However, remember that when gambling online, more sports are available. You can bet on all your favorite teams and sports, with a great variety of extra bets too. For instance, K League 1 South Korea football is available at many bookmakers that you will find listed here. How to deposit at online bookies
Online betting in South Korea is only typically illegal. You should, however, avoid transferring funds directly from a bank account or via credit/debit cards to your online betting account. This is because you could probably be under scrutiny, having to prove that you are not a habitual gambler. Accordingly, it is advisable to use VPN software to hide your original IP address.
E-wallets are very popular among local bettors. Skrill, Neteller, and Sticpay all offer their services in South Korea. Ecopayz is also available. What e-wallets do, is allowing you to bet under the radar. At the same time, players may transfer money to and from their gambling accounts at no time.
The future of online gambling in South Korea
The existing Korean online gambling legislation is rather strict. However, it is also not exhaustive. For example, online betting is supposedly illegal. At the same time, there are no explicit provisions on what bettors practically can or cannot bet on. The question here is whether the state will continue to hold a passive stance towards online gambling.
One direction could be regulating it; if it sees the opportunity of taxation as vital for the economy. But, on the other hand, a traditional view of gambling as something malicious for its people; does not leave much room for optimism. So, it remains to see what South Korea’s stance will be in the coming years.
Is gambling legal in South Korea?
You may engage in sports betting at designated spots; yet, you may not enter any casinos but one (the Land Casino). As for online gambling, the law suggests it is illegal while at the same time being very lax towards players.
Q: Which is the best betting site in South Korea?
With numerous sports events covered through live streaming and a fully localized interface, 1xBet Korea is one of the safest online bookies welcoming Korean players. Don’t miss out on their promotions and their wide range of special bets.
Q: Are my gambling winnings taxed?
Winnings deriving from gambling activities taking place in South Korea are not taxed. Lottery winnings, though, constitute the only exception since a tax applies to them. Therefore, when placing your bets online, you get to keep what you win.
Q: How should I deposit money into my online betting account?
The ease of use and the speed of transactions that e-wallets like Payz or Stick-pay provide when betting online make them our top suggestion. They also add more security, allowing you to conceal the nature of your transactions; if ever asked to do so.
Q: Are sports betting legal in Korea?
Players can legally bet on many sports through the state-provided Toto and Proto games. However, accessing online betting sites is considered illegal. In practice, though, authorities mainly try to crack down on online operators rather than on players.