Online gambling is popular in South Korea because the nation has banned locals from betting in brick-and-mortar casinos. The country’s laws reflect double standards since foreigners can gamble in the land-based casinos in the country.
At the same time, locals can face up to 36-month imprisonment for playing in a local casino or even in a foreign gambling institution while abroad.
South Korean lawmakers argue that local citizens are up to three times more likely to become gambling addicts than people from other countries are. Consequently, the locals have opted to be wagering in online gambling sites using proxies.
Read on to learn more about the reasons for the proliferation of online gambling in South Korea.
South Korea is one of the most advanced countries in technology, which allows the state to keep pace with other parts of the world. One of the things that South Korea has in common with other areas of the world is online gaming availability. Gambling is prevalent in South Korea, and some well-established betting companies offer these services. Fans can participate in online sports betting and lotto. However, only one land-based casino allows the legal betting of locals in the country – Kangwon, and it is located in a hard-to-access place.
Recent studies in Korea indicate that the country has an active electronic gambling life due to high internet accessibility (over 95%), high uptake of smart gadgets, and supporting policies that govern gaming.
The Habitual Overseas Gambler law prohibits citizens from playing in land-based casinos in both Korea and other countries. Further, the rule of law prohibits online gambling by implication. Therefore, Koreans participate in gambling that uses mobile apps. Some key companies that offer betting services in South Korea include Netmarble, Nexon, and NC Soft. Other start-ups target the gambling market, such as Krafton.
South Korea’s population is well educated, and technology uptake is very high. The country has a well-developed infrastructure that avails high-speed internet that exposes the users to advanced technology, including the 5G.
Consumers learn about new ideas very fast. Gambling is available online on sites like 메이저사이트, and the purchasing power of the locals is high. More than 90% of gamers use their smartphones to gamble. In South Korea, there is a gaming concept known as PC bangs – a venue that offers gaming services. Users can access internet-enabled computers at a fee. These services are widely available in the country, while betting services continue to grow because more people become hooked to gambling.
More South Koreans are learning about online gambling and becoming hooked. As online gaming becomes popular, the variety of gambling opportunities will also expand. Online gambling is providing opportunities for employment and earning government income.
However, plans on how to curb addiction or unlawful online gambling must be put in place. Luckily, the government is proactive on these issues, and South Korea has some restrictions in place. The gambling trends in South Korea indicate that online betting has become popular over the years. Some of the legal forms of online gambling in South Korea are lotteries, horse racing, boat racing, and cycling. These sports attract millions of people who enjoy watching as well as gambling. Even though gambling in a casino is illegal for local citizens, online gaming popularity will not wane anytime soon.