Korean Poker Players Are Paid to Lose in Social Gambling

Korean moneymen convert virtual gambling currency into real cash

South Korean gambling laws - GamingZion

Whenever a government tries to put a ban on real-money gambling, people try to find a way to get around the regulations. South Korean gambling laws only allow a certain amount of virtual cash to be processed in a month in social gambling, but clever players found a way out.

According to a report by the Joongang Daily, some virtual South Korean online poker players and other social gamers want more virtual cash than the 300,000 won (around $270) they are allowed to legally purchase for real money in a month for playing.

To circumvent the system, some Korean players called ‘moneymen’ are actually paid to lose as much as they can by avid gamblers. Might sound ridiculous at first, but remember the monthly limit imposed by Korean gambling authorities.

When a player loses his money, his virtual credit virtual credit can be transferred to the winner. The winner, who is actually a purchaser, usually pays a ten percent commission for the transaction and uses the money for further gaming.

Gambling in virtual currency makes real-money in South Korea

By now, many players are accumulating game points with the intention to sell them to ‘moneymen’. According to reports, billions of real money Korean won is exchanged every month in various moneyman deals.

According to the law, the exchange involving moneyman is an illegally monetization of the social poker system. It is also illegal for a player to sell their points to another player. Gamblers may only buy virtual game credit points with a personal credit card but by law, all ‘not for real money’ must limit accounts to 300,000 won per month.

One moneyman of the estimated 1,000 operating in the country told the South Korean gambling news that “even a beginner in this job could easily earn around two million won (about $1,800) a month. I have seen cases in which some made over 100 million won (about $91,000) a year.”

Moneymen risk jail if caught, however, lessons for how to become one are advertised on the internet. Born to lose, live to win.

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