South Korea is situated in the southern part of Korean Peninsula in East Asia which is practically encased on three sides by water. On its western side, it is in contact with the Yellow Sea, to the southeast is the Korea Strait and to the east is the Sea of Japan. Towards the north, it is bordering North Korea. Sports betting sites in Korea have for a long time drawn interest from the gambling enthusiast.This article aims to give an overview of the legal aspects, and the present situation with betting in Korea and a review of the most popular betting sites in Korea.
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Table of Contents
Summary of Key Events
The Regulation of Gambling in Korea
Gambling is not new to Korea as it has been practiced for as long as centuries. However, they have always operated in a rather legally challenging environment.
Early Beginnings
The anti-gambling policy of the Korean government can be analyzed as starting from the 1960s. The first legal casino in South Korea was a Paradise Walkerhill Casino that started its work in 1967, but it was available only for foreigners.
Legal Milestones
- 1967: First legal casino for foreigners is to be opened.
- 1989: The beginning of the Lottery Ticket Act.
- 2000: The Special Act on Assistance for Development of Abandoned Mine Area was approved, and consequently Kangwon Land Casino was opened in 2003, allowing the Korean citizens to legally gamble for the first time.
Regulatory of Betting Sites in Korea
There is a number of legal instances in Korea that controls the gambling activities and operations in order to pave way for real gambling without violating any legal composition.
Key Regulatory Bodies
- National Gambling Control Commission (NGCC): It was created in the year 2008 to regulate the legal gambling operations and address vices.
- Korea Racing Authority (KRA): It has responsibilities of overseeing the horse racing and betting activities among others.
- Ministry of Culture, Sports, and Tourism (MCST): It concerns the regulation of gambling as well as casinos.
Prohibited and Permitted Bets
The laws of Korean are pretty explicit with regard to the sort of gambling that is approved and the sort that is not.
Prohibited Activities
- Online Casino Gambling: Not allowed for the operators and the players.
- Unlicensed Betting: If one place a bet without being licensed by the government to do so then it is against the law.
Permitted Activities
- Horse Racing: Legal and regulated by the KRA only.
- Lottery: The responsibility of this institution falls under the ministry of finance and economy.
- Sports Toto: Sports betting that has been legally allowed to be conducted via the right channels.
Gambling Licenses and Fees
Therefore, to get a gambling license in Korea the company must follow certain rules and pay lots of money.
License Types
- Casino Licenses: According to the act of tourism promotion.
- Betting Licenses: Needed to work legal betting websites.
- Lottery Licenses: It is controlled by the government agencies in most of the cases.
Fees and Taxes
- Casino License Fees: Depends on the size and location of the casino, it may have different effects.
- Betting Taxes: The winnings are taxed at the rate of 22% which applies to all the winnings that are made.
Best Betting Sites in Korea
Nonetheless, many betting sites have been reported to have been accessed by Korean gamers due to the strict legislations.
Top betting sites
Dafabet
Dafabet: It has over 200 betting options and a high level of odds and various promotions for both new and regular customers.
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188Bet
188Bet: It has a variety of sports markets to choose from such as football, tennis, and horse racing. 188Bet is also popular to have dear customers and also the live betting services.
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Melbet
Melbet: Melbet has become popular for its simple to use interface and many opportunities for betting as well as many methods of payment and providing information on the upcoming events.
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Main Events in the Evolution of Sports Betting
The history of Korea has seen important events in the evolution of sports betting industry.
Notable Milestones
- 2002 FIFA World Cup: Increased passion in sports betting.
- 2014 Incheon Asian Games: The activities of sports betting have gone up.
- 2020 Seoul E-Sports Championship: It was a new beginning to e-sports betting in particular.
Celebrating Sports Stars
Over the years, the Korean sports have produced great legends who have made the country proud.
Iconic Figures
- Park Ji-Sung: The first player from Asia to clinch the UEFA champions league.
- Son Heung-min: Popular English football player in the premier league for his remarkable talent.
- Kim Yuna: This is the definition for a woman who won an Olympic gold medal in figure skating.
Gambling Laws of Other Neighboring Countries
In this aspect, Korea has rather stringent gambling laws as compared to other countries in the region.
China
- Prohibited Gambling: Most of the forms of gambling are prohibited.
- State-Run Lottery: Restricted legal gambling including the state lotteries.
Japan
- Pachinko Parlors: Legal but stands in the grey zone of the law.
- Recent Legalization: The casinos that were legalized in 2018 but are still to this day very regulated.
Philippines
- Casino Hub: Manila is famous for its relatively many casinos in the country.
- Regulated Online Gambling: It also allow the operators that have been licensed to provide online services.
Conclusion
The Korean betting industry is interesting and multifaceted, where the green light is given to the activity, and the focus is on the history of the region. It is important to comprehend the legal environment and the most common websites even if you are a professional or a beginner. Are you looking for Korea sports betting and ready to start? Join today and be on your way!
FAQ: Betting Sites in Korea
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