South Korea has one of the strictest internet policies in the world, which extends to online betting. The current laws ban the practice of online sports betting, and punitive measures can be taken against those who gamble online.
However, South Korea’s government isn’t currently actively prosecuting sites or punters, so it’s possible for South Koreans to still place bets on offshore websites.
Find out more about Korea’s laws regarding online betting, the types of games you can place your bets on at offshore sportsbooks, and how to fund an account for online betting in South Korea.
South Korean betting sites
South Korea has two options for live betting on sports, but they could be better choices. Fixed-odds and parimutuel betting are available on soccer, basketball, volleyball, and golf. However, the odds of winning a significant amount of money could be better than overseas sportsbooks.
Online sports betting sites offer better odds and more options for sports enthusiasts. Online betting sites offer better odds of winning the FIFA World Cup than in South Korea. A more comprehensive range of sports can be bet upon. You can also bet on American and English football leagues via offshore sports betting websites.
Check out the offers available on each site before you make your first deposit. Many sites offer a great welcome bonus, allowing you to deposit as much or more than you have. To learn more, visit the promotions section at your favourite site.
Are Sports betting legal in South Korea?
Online sports betting in South Korea is illegal. If caught betting on unlicensed sportsbooks, they can be fined up to KRW 5,000,000 ($4,370 US).
A person convicted of “habitual gambling” could face three years imprisonment and a fine of up to KRW 20,000,000 ($17,840 US).
The Criminal Code does, however, make an exciting exception. It states that “gambling which can be just for momentary pleasure” is exempted from prosecution. That means that anyone who places bets online will not likely be prosecuted.
South Korean law doesn’t distinguish between recreational and regular gambling. South Korea is well-known for its censorship and ability to interpret its laws as they wish.
ISPs must also block the IP addresses of sportsbooks to make them inaccessible to the average bet.
What are the most popular sports to bet on in South Korea?
South Korea’s top two sports to bet on are soccer (football) and baseball. The most popular sport in South Korea is football. Bettors focus on the K-League and major international tournaments like the FIFA World Cup or the AFC Asian Cup. Bettors also enjoy betting on foreign leagues like the English Premier League.
Koreans love to wager on baseball. Many bets are placed on the KBO League, Olympics, and Major League Baseball in North America.
South Koreans also regularly wager on horse racing, basketball and golf. The NFL, NBA and MMA are all popular international sports.
Are Bettors required to pay taxes on their winnings?
The good news? South Korean sportsbook owners will not be required to pay any taxes on winnings. Only lottery winnings are subject to tax under South Korean law.
If South Korea changes its position on sports betting, laws could change.
How to Make a Deposit at a South Korean Sportsbook
To be able to play regularly at a Korean sportsbook, you’ll need to go through some extra steps. First, South Korean ISPs have banned most sportsbooks. You will need to use a Virtual Private Network (or VPN) to gain access.
Because they can be traced, you won’t likely be able to use any funding options linked to bank accounts or credit cards. Online gambling is illegal, so you won’t be able to make deposits using these options.
To make deposits, you’ll need to use e-wallets. Skrill and Neteller are the most popular e-wallets used by sportsbooks. We recommend that you use them to make your deposit 아바타배팅.
Most sportsbooks do not accept the South Korean won. We recommend depositing in euros, as nearly every site accepts them. Conversion fees may apply to funds converted from won to euro.
Next, you must go through some hoops to verify your ID. Numerous sites will require ID verification in English and translations of documents to verify your identity.
You will need to use your e-wallet accounts for both withdrawals and deposits. Another reason we recommend Skrill and Neteller for deposits is because they are both secure. It simplifies what can be a complex process.