“Gambling in the Republic of Korea”

.Source: Korean Bitcoin Gambling Site Seeks Asian Customers. Online gambling websites accepting players from South Korea. Although, online gambling is illegal in South Korea and players can, theoretically, face penalties if caught, many foreign platforms accept registrations from the country. This country has made all forms of gambling illegal including sports betting which is unusual when you look at gambling laws around the world. The people of Qatar haven’t taken well to the ban and have started their own underground gambling scene. Of course, anyone who gets caught doing so will have to face the consequences.

In Korea, most here do not have easy access to casinos or poker rooms. While we do have access to sports betting, the odds by Sports Toto and Sports Proto are poor compared to what can be found online. This is why internet betting is such a phenomenon.

www.bodog88.com is operated from the Philippines where gambling is legal. They are however an international company. They have a .ca website for Canada and a sister brand in the US market called Bovada. The Bodog88 site is for Asia. Of the many languages supported is Korean, and of the many currencies supported is the won (원) (sign: ₩; code: KRW).

At Bodog Koreans can bet sports and play poker, casino and Mahjong for real money. You can fund your account with bank transfer from any Korean bank. From their cashier enter the amount you want to deposit. They will give you the details of their Korean bank account, and you go to your local bank and make a transfer.

This is all done on a post-up basis. For example, if you have ₩200,000 and make a bet for ₩50,000 your account balance is then ₩150,000. If your bet wins the ₩50,000 is added back to your balance and the winnings are added too. If you are lucky your balance will keep growing. At any time you want to cash out some or all of your balance you log-in to the Bodog88 cashier and request a withdrawal. They will transfer the money to your bank and you will have it in a couple days.

Bet365 is an Even Better Option

Using www.bet365.com is not as easy as using Bodog88 but it is well worth the added hassle involved to get set up for making easy deposits. This is the world’s largest online gambling site and is the 7th largest private company in the UK. They stream live sports matches right from their website and have in-play betting.

They even have in-play betting on Korean sports including K-League, Korean Cup, League Cup and National League for football (soccer), WKBL and KBL for basketball, and men’s and women’s Volleyball League. They also have prematch betting on KPB baseball, beach volleyball and badminton from Korea. The sports betting odds are far better than Sports Toto and Sports Proto – plus you can bet leagues from anywhere else in the world too.

In addition there is a casino with live dealer games, slots, lottery and video poker. They have a very popular online poker room too.

Using Skrill in South Korea

To deposit with Bet365, or other gambling sites besides Bodog88 which takes bank transfer, an e-wallet is required. The best one for South Korea is www.skrill.com. This acts essentially as an online bank account. You should open your Skrill account in Euros (not Korean Won) as the currency. The reason why is because most every betting site accepts Euro but not many accept won. Later if you want to use many other gambling sites (which can be done to claim bonus offers, and promos and to find better odds) having your account in Euros will come in handy.

Is Gambling Allowed In Korea

It is highly advised Koreans follow all steps to verify their Skrill account ASAP. This includes verifying your home address. When you request this verification they will send a letter to your home which has a code to enter online once it is received. You might also have to send them scans of your ID.

To fund your Skrill account you can try using your debit or credit card. If it does not work you will need to go to your bank and make a transfer in Euro. Once you have money in Skrill you can deposit it to www.bet365.com. They offer a 100% up €100 cash bonus (about ￦142,000) so for a ￦142,000 deposit you get an extra ￦142,000 free to bet with. You can also cash out your winnings to Skrill. The funds can then be used to deposit with other betting sites or to have the money transferred back to your Korean bank account. As mentioned, this works just like an online bank account. The difference is it has fast transfer to and from gambling sites.

Now that you understand how online betting from South Korea works, I will cover our legal forms of land based gambling and make some comparisons.

1 2 Next: Sports Betting Laws in Korea

South Korea is all set to welcome a new casino. The Governor of South Korea has officially granted a license to New Silkroad Culturaltainment to open up a casino resort. The new casino coming to Jeju Island represents a major step up for South Korea’s casino industry.

Fans of casino gambling in the country are excited. Competition in the gambling business is at an all-time high here. Will Silkroad’s new casino manage to make it in this market?

Gambling Expansion in South Korea

South Korea is one of the most economically successful countries in Asia. Unfortunately, government officials here have taken a mostly anti-gambling stance throughout the years. Most forms of gambling in the country were completely prohibited until the mid-1960s. That year, lawmakers began allowing hotels to offer casino games to foreigners.

South Koreans have very little options to legally gamble inside the country. To this day, only one casino inside South Korea will accept locals. Unsurprisingly, the one casino offering games to Korean citizens earns the vast majority of revenue in the country.

There are more than 20 casinos currently operating inside this country. South Korea is working to attract more tourists specifically to its gambling industry. It makes sense, as more Asian countries are working to do the same.

Despite an increase in casino expansion around the country, officials in South Korea have still been extremely strict on any online gambling activities. The country has not granted any licenses for companies to offer internet gambling services in the country. Despite this, many South Koreans still choose to make online bets through different online gambling sites in Europe.

Gambling in South Korea is growing. It may not be long before the government begins offering more options to citizens in the country. What will the new casino coming to Jeju island be offering?

Details of the New Casino Coming to Jeju Island

The New Silkroad can soon develop the Glorious Hill casino resort on Jeju Island. The casino resort will actually be constructed by a New Silkroad subsidiary called Macrolink Glorious Hill.

Silkroad is established in the South Korean casino industry. They currently operate the MegaLuck Casino in Jeju, which has been growing steadily over the past few years.

Why Is Gambling Illegal In Korea

Silkroad operates a very successful wine sales and distribution company in China. This has helped them to attract many Chinese VIP gamblers to its casino in South Korea. As we’ve been seeing more lately, Chinese VIP’s play a massive role in the success of a land-based casino.

The ability to bring in high-rollers is likely a reason why New Silkroad has been granted permission to construct a new casino. The company has also brought in Melco International Development to help facilitate the new casino plans. Melco currently operates casinos in both Macau and Manilla.

It’s unfortunate that the new casino coming to Jeju Island will not be open to Korean citizens. All reports indicate that this resort will only be available to foreigners. As we mentioned earlier, this could change in the future.

Is Casino Gambling Illegal In Korea

Competition Rising in Asia’s Gambling Industry

South Korea isn’t the only nation working to improve and expand their casino industry. Today, many different countries in Asia are actively working to begin opening up their gambling markets. Japan, most notably, has recently passed legislation to allow casinos in four different cities.

The Philippines’ gambling market has been growing considerably over the years. They continue to bring in VIP gamblers from China and are one of the hottest new casino markets in the world. Even Vietnam is beginning to allow new forms of gambling that had been previously banned.

There’s no doubt that South Korea has some stiff competition. Because they rely primarily on foreign gamblers, the competition is even higher.

Sports Gambling Illegal In Korea

Make sure to stay tuned for updates on the situation. If the new casino coming to Jeju Island begins opening to the local Korean market, we’ll be discussing it. Let us know if you think South Korea’s gambling industry will open more this year in the comment section below!

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