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All you Need to Know About Sports Betting in the Korean Peninsula

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Watching any types of sports is considered as one of the favorite pastimes of a lot of South Koreans. Sports are an excellent form of entertainment for most locals; many are willing to spend a lot of money to see the team that they are supporting win. Some people even place massive bets on the teams that they follow. It is a reality that the government has accepted and needs to take advantage of.

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Is betting in sports competition legal in North Korea?

North Koreans, while usually they are regarded as stiff or firm people, they also enjoy watching sports. However, they are not allowed by their government to engage or undertake in sports gambling. Tourists or ex-pats are free to gamble and bet on any sports competition while they are in the country, but there is a big chance that they will not find a legitimate bookie in the area. Even sports gambling on the Internet is a foreign concept to them.

Is wagering in sports competition legal in South Korea?

In the southern part of Korea, sports gambling is legal, and locals are allowed by their government to undertake or engage in this kind of stuff. South Koreans have different kinds of options if they want to place their bets legally, that includes sports competitions like Football or Horse Racing.

Sports putting sites or companies is one of the allowed forms of sports gambling in the country. Most of these organizations are created to help promote sports funds and leisure. People are allowed to place their bets on baseball, football, basketball, volleyball, ssireum and golf.

The sports activities will enable locals to predict the results of the said sports accurately. When it comes to pari-mutuel gambling, all the bets will be pooled together. Still, the winning bettor will not take home the entire winnings since the Sports Promotion Fund will have a small percentage of the winnings to support some international sports competitions in the country. In South Korea, the only licensee is Ktoto, in partnership with the KSPO or the Korea Sports Promotion Foundation.

To know more about the sport Ssireum, check out https://www.martialartswords.com/blogs/articles/5-fast-facts-about-korean-ssireum for more information.

In most betting companies, there are different kinds of betting or wagering options that are available to the public. You can either:

Predict win, lose or draw among different matches

Predict first and second half scores

Predict the right score in two or three matches

In the first kind of betting, the bettors will have a better option to win compared to wagering in fourteen-fold accumulators. putting a fourteen-fold accumulator is not an excellent choice when it comes to online gambling sites because there are times that they charge more than 50%.

Sports betting websites becomes the best choice when you are putting on teams that are favored to win. These teams will get the most of the bets since their odds of winning are higher and far better. Guessing the right scores during the halftime is usually not available on the Internet. This kind of wager is only good if the punters can predict an improbable score. Predicting the scores in two to three matches accurately has the best winning odds among the online bookies. They are very popular among online bettors since they will have a better payout.

How does South Korea regulate sports wager in the country?

The South Korean government has a love-hate relationship with the gambling community. Before betting and gambling became legal in the country, law enforcement agencies are very sensitive when it comes to enforcing the gambling law and cracking down on all forms of wagering.

As the years go by, the government shifted its focus on promoting its tourism industry. Law enforcement agencies became very relaxed when it comes to administering their gambling laws. After a couple of years, betting, gambling and casino have become a big part of the Korean landscape.

The country now has at least eight casino establishments in Jeju Island, three in Kyongju and Seoul, two in Incheon and Busan and one on each in Jeongseongun, Pusan, Sokch’o City and Pyeong Changgun. But access to these gambling establishments is only exclusive for expatriates or foreigners living or visiting the area.

The foreigner-only casinos are offering ex-pats and tourists living or visiting in the country a wide variety of gambling options like video machines, roulette, blackjack, baccarat, Tai Sai, Jackpot Slots, Three-Card Poker, Big Wheel, 7 Luck 21, Texas Hold’em poker, casino war and Caribbean stud poker.

The South Korean government has been in the talks of making all the casinos in the country more accessible to the locals. It will make the policy of foreigners-only establishments open to both foreign and local guests. The openness of South Koreans to betting is evident in their high-stakes Asia Pacific Poker Tour, Poker Tournament in Seoul organized by the most prominent online poker website pokerstars.com last 2012.

Where did poker originate? Visit this site to find out.

Most of the arrested individuals related to betting are mainly because of cheating, match-fixing or mafia-backed betting. Locals who engage in gambling while they are on holiday with their friends are something the Korean government is not strict about.

Are sports putting on the Internet legal in South Korea?

While betting laws remain unchanged in the past years (or decades), the South Korean government is more open to allowing all types of gambling activities in the country. A lot of Korean citizens who are not happy with the casino scene in the country usually find enjoyment and comfort in online wager websites.

Technically, these online sports betting sites are illegal for all the locals, but not for foreigners or expats. Expatriates, tourists and foreigners are allowed to bet anywhere and in any form. Since most of these betting options are available in the country, don’t have excellent odds compared to Western leagues, most of these ex-pats, foreigners or tourists use online betting websites to get a good odd for a particular sport.

There are bookies on the Internet that cater to one of the biggest markets today, the Asian market. Most of these Asian bookies are readily available in Asian languages, including the Korean Language, making it an excellent choice for any locals since a lot of these Asian bettors are not fluent in English. These websites also accept any currency, including Korean Won, as well as a local bank transfer with zero banking fees.

 

 

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