Betting and gambling, both online and on-site, are legally banned in South Korea for their locals. At their maximum, they are allowed to gamble at the only brick and mortar casino which is the oldest and highest revenue-generating casino in South Korea called Kangwon Land Casino.
While local South Koreans can be fined for violating gambling and betting law, foreigners visiting South Korea are exempted from this ban. Foreigners/visitors are not only allowed to bet/gamble whether online or offline but are also allowed to participate in eSports’ betting events conducted nationwide. Some of the most popular eSports events held by South Korea include League of Legends Champion Korea (LCK), Global StarCraft II League and World Cyber Games.
One of the biggest sports broadcasting company in South Korea which offers valuable tips and insights for online sports betting is mtpolice (먹튀폴리스). Mtpolice offers reviews about various betting websites working in South Korea and how to place bets wisely on different kinds of games such as Toto and Baccarat.
Sports Betting in South Korea
When it comes down to online sports betting, the games that South Koreans are famous for placing their wagers on include football, baseball, volleyball, and basketball. Some of the most famous sports betting events include K-League, FIFA World cup, AFC Asian Cup, KBO League, Olympics, NFL, NBA, and MMA.
There are two types of betting options available in this genre. These include Sports Toto and Sports Proto. Sports Toto, also known as the Pari-Mutuel betting system, is a betting system that allows bettors to place bets in pools. In this betting option, all bets of the same type are pooled together; taxes and a house take are deducted and after that, the payoff odds are calculated. The calculation of these odds is based upon the total number of winning bets in the pool.
Sports Proto, also known as the fixed odds, is the option that offers winners a fixed payoff amount no matter the changes which occur in it. The payoff price remains fixed. This is why it is called fixed odds. This type of odds is used mostly in online sports betting.
In order to start online betting in South Korea, players need to get themselves registered with websites that hold a full gambling license. Once a player gets registered, they will have to deposit a certain amount. The minimum deposit amount for each website differs and so do their bonus offers. Players can deposit as low as $5 and start betting immediately. Bettors are advised to use platforms such as Skrill and Neteller for making their deposits as these are considered the safest eWallet options.
South Korea has its own rules when it comes down to online betting whether for traditional sports or eSports. However, given the rising popularity of these events and underhand means, people are able to gain access to them, it can only be hoped that South Korea softens its legislation a bit for its locals too and let them enjoy the perks of online betting.