Sunday, 16 Jun 2019

Scenario Of Gambling In South Korea

South Korea is known for being the most technologically advanced country after Japan. Let us begin with an interesting technological fact, South Korea is having the world’s fastest internet connection speed declared by Akamai. It has the best 4G speed with signals around 95% of the time. It is also one of the biggest economies in the world at present.

Now let’s throw some light on the past of South Korea.Some areas of Korea were controlled by the Americans. After the World War II, Republic of Korea was formed. But the people in the American controlled area together voted to separate from the Soviet Union. Hence, South Korea was formed.

  • Gambling As A Lifestyle

It is said that we get an impact of our surroundings on us. Similarly, South Korea had an impact of American culture on itself by then.Going to casinos and gambling became a part of their lifestyle. The Korean government estimated their gambling market worth US $66 billion.  So, Gambling and casinos were declared illegal by Korean Laws even for the citizens who travel outside the country under the Habitual Overseas Gambler’s Law. All the online casino operations were too declared illegal.

Citizens were enjoying gambling as fun for years and they could not change their habits drastically. Some people were addicts too. Although In 1967, some large hotels were permitted to offer casino but only for foreign guests not for the citizens. There are only 22 casinos in South Korea with options like Roulette, Baccarat, blackjack and Big wheels.

  • Reactions Of Citizens

The citizens started seeking services from online operators licensed from other countries. Korean players were accepted by some operators like:

  • Ladbrokes
  • 888

This too was outside the South Korean laws and government banned the access. But, the citizens started to bypass these blocks. This was done by:

  • Setting up an e-wallet
  • Hiding the player’s originals
  • Using VPN services

With this, the government understood that gambling was so popular among the citizens that there should be some betting services or casinos for them.

  • Sports Toto

It was a betting servicestarted by the government in 1990 for the citizens where they were allowed to bet on variety of sports like baseball, golf, etc. at the land based machines found in the shops.

Betting was limited to US $89 which made the people turn to overseas bookmarkers for higher betting limits. Hence, this was not liked by the government so it launched KLC.

  • Kangwon Land Casino

Government then founded the (KLC) Kangwon Land Casino on 29 June 1998 and started it on October 2000. The present CEO of KLC is Hahm Sung-hee.

The owners of the KLC included the government:

  • Provincial govt. of Gangwon-do
  • National Pension Service
  • The Ministry of trade, Industry and Energy

After KLC was started, the citizens were allowed to visit there only. Visiting any other country’s casino was not permitted by the Korean Criminal Law.

I would like to conclude by saying that the Korean Government doesn’tprefer losing their capital money to other countries in gambling. It doesn’t want thecitizens to gamble in other countries in any way as they are one of the strong economies.

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