The history of South Korea dates back to before 8000 BC and it has developed into one of the world’s most advanced and richest nations. Citizens enjoy a high-income economy, excellent education, and top-notch health care which translate into the world’s third highest life expectancy. This country is a leader in technology, transportation, and tourism. Millions of people visit here every year. The government aims to see 20 million tourists per year by 2017.
Aside from the cultural experience, history, and grand architecture, South Korea also boasts around 30 land-based casinos and 3 horse racing tracks. With the inclusion of online gambling, one would think that residents have more betting options than most others but that isn’t so. In fact, South Koreans have very few legal gambling options. All those casinos? Except for one, they’re just for tourists. All those online gambling sites? Forget about it. The internet is closely monitored and gambling sites are blocked. Residents are prohibited from almost all forms of gambling. The only exceptions are a few activities that are specially legislated. The legalized betting options include horse racing, bicycle racing, and wagering on a handful of sports like baseball, basketball, volleyball, wrestling, and golf. There are also a few lotteries that Koreans may participate in. All of these activities are regulated and controlled by various government ministries. Would you like to know the kicker? These laws apply to Korean residents where ever they are. Not only are they prohibited from gambling in South Korea, they are also prohibited from gambling in other countries. The authorities don’t just issue empty threats either. Many South Koreans have been heavily fined and imprisoned after being caught gambling in places like Macau and Las Vegas.
Incredibly enough, many residents take their chances with online gaming sites despite the strict South Korean gambling laws and the threat of severe penalties. As technologically advanced as the nation is, it still cannot get full control of internet activities.
Top 10 Gambling Sites for South Korea
What are the Best Gambling Sites and Promotions for South Koreans?
Those who really want to gamble at online casinos have their choice of the biggest and most reputable online gambling operators to pick from. Many of these sites also give South Korean online casino players some very attractive bonuses. Party, LSBet, Casino Mate, and Intertops are open for business to South Korean online casino players and they are all offering up to $100 in bonuses. Those looking to claim an easy €100 are be in luck at Casino King, TitanBet, Unibet, and Guts as well as at Optibet, Interwetten and 7Bit. How would you like to receive a €200 casino bonus package? You can easily get them at Casino777, Bwin, African Palace, and Casino Cruise. Play Grand Casino will knock you out with their casino bonus package valued up to $10,000.
How Regulated is the South Korean Gambling Market?
The few forms of gambling that are available to local gamblers are operated and closely monitored by various government ministries. The regulations are strictly enforced both at home and abroad. It is a near impossible task to monitor all of the internet activities here but the authorities do their best. Internet monitoring is quite pervasive, foreign betting sites are blocked, and banks routinely block transactions with internet gaming sites.
Is Gambling Legal in South Korea? What is the Legal Gambling Age?
South Koreans are limited to a few forms of legal betting. Horse racing, bike racing, lotteries, and a few Toto style sports betting options are available. All of these are government monopolies. Of all the brick and mortar casinos that exist here, citizens may only enter one of them. All the rest of the casinos only allow foreigners. Internet gambling is also illegal and unlike many other jurisdictions that have similar laws, South Korea actually enforces these laws. The legal betting age here is 18.
Does South Korea Tax Gambling Winnings?
South Korean tax laws place a withholding tax between 22% and 30% on lottery wins but there are no taxes on other gambling wins. The government collects revenues from the operators.
What Currency and Payment Options do South Korean Players Generally Use?
The Won is the official currency of South Korea and it is accepted anywhere in the country. Making payments to online gambling sites can be a bit dicey. South Korean gambling laws clearly make online wagering illegal and credit card transactions can be easily traced. With that said, there doesn’t appear to be any cases of players being prosecuted for depositing with a credit card. The better options are the use of eWallets like Skrill and Neteller. It is also recommended that the accounts be in Euros as not a lot of online sites offer the Won as a currency option.