Why Is Gambling Illegal In Korea
Gambling is without doubt one of the most popular pastimes on the planet. However with its potentially addictive nature and the social consequences that this may entail it has been deemed illegal in many countries around the world. As in most of Asia gambling in South Korea is, in principle, illegal. Gambling in the Republic of Korea - Gambling in the Republic of Korea In South Korea gambling is a crime under Chapter 23 of the Criminal Act. Article 246 stipulates that a person gambling for the purpose of gaining property shall be punished with a fine of not more than five million won. Everything you need to know about gambling in Korea. As I detail below, despite the Korean government’s desperate measures to stem gambling here, there is NO stopping Koreans from gambling. Simply put, it’s EVERYWHERE in Seoul despite being illegal. In Korea, “illegal” is often just a suggestion. Gambling is heavily restricted in South Korea, which allows local residents to enter just one of the country’s 17 casinos. But South Korea also frowns on its citizens gambling while abroad,. Gambling in Korea is heavily regulated to the point where it is essentially illegal for Korean nationals on Korean soil. The only casino in Korea at which it is legal for Korean citizens to gamble is Gangwon Land. A small cramped casino located out in the middle of nowhere so that it would discourage gamblers; it is filled to capacity every night.
Like many monopolies, online gambling in Korea offers too little, if anything, to the average gambler looking for high odds and exciting betting opportunities. 먹튀폴리스 This makes overseas online betting an attractive option for gamblers looking to gamble in Korea without breaking the law. The only disadvantage is that online gambling is strictly illegal in the country.
To legally gamble in Korea, you must obtain a license from the Korea Gambling Commission or LGEC, a Korean government division responsible for licensing casinos and gaming. However, because the gaming industry here is small and highly regulated, there are still a few illegal and unethical operators who have made themselves a home in this thriving and booming business.
These operators are known as cyber-gambling, and they play their games in the disguise of betting agencies. They use Internet connections, proxy servers, and chat rooms to lure in unsuspecting gamblers, often promising them big winnings. The operators are adept at fooling players into betting real money for wagers that aren’t worth it. Most of these cyber-gamblers are from countries where gambling is a popular pastime, and they know how to hide their identity and location from online gamers.
Although it is illegal to gamble online in Korea, it is still possible to register a gaming account through a broker, an independent agency specializing in online gambling in Korea. The main difference between a broker and an agency is that an agent must be licensed by the LGEC, whereas a broker can operate out of their residence and keep no licenses or records. Gamblers can also contact brokers through email or personal phone. But the only downside to a broker is that they charge higher commission fees than an agent.
When gambling online in Korean, you’ll usually get a confirmation email when you enter your credit card information. This way, if you win, you don’t have to pay out of pocket. Since you can bet only for stakes at which you’ve deposited, it’s a lot easier to pay only the money you won rather than paying the whole balance, which can lead to losses and high fees.
It would help if you looked into a reputable broker or agency that will help you find a reputable betting site and choose the right, trustworthy place to play at. These agencies can also help educate you on what kind of betting to do to win more in the long-term, allowing you to learn strategies that can give you more wins and bigger bankrolls.
Korea is one of a small number of countries in the world that differentiates Korean citizens and foreigners with regard to the legality of gambling via the gambling locale. Casino gambling, for Koreans, is legally prohibited in all but one casino. However, foreigners may gamble in a variety of casinos located in most major tourist cities.
Korean criminal law applies to Korean citizens throughout the world, Thus, Korean citizens are, even, prohibited from gambling outside of Korea. Prosecution, for overseas gambling by Koreans, sometimes occurs, however, these prosecutions are, usually, part of a more substantial allegation against the individual.
The, only, exception, for Koreans, to the Gambling Laws is casino gambling at Kangwon Land. The Special Act on the Assistance to Development of Abandoned Mines established the legal framework for the development of the Kangwon Land casino and the law and related laws allows Koreans to patronize this casino. The casino is in a remote area a few hours South of Seoul.
Foreigners, however, may gamble at any legally established casino in Korea. The Tourism Promotion Law established the legal framework that has allowed the establishment of casinos throughout Korea for the use by, solely, foreigners.
Koreans have the opportunity, within Seoul and in many major cities, to gamble via lotteries, ToTo, horse racing, powerboat racing, and cycle racing only.
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Sean Hayes may be contacted at: [email protected] Sean is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw. Sean is known for his proactive New York-style street-market advice and his aggressive and non-conflicted advocacy.
Sean works with some of the leading retired judges, prosecutors and former government officials working in Korea.
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Sean’s profile may be found at: Sean C. Hayes