Online Sports Betting in South Korea
Sports betting is one of the few forms of gambling that has been allowed in South Korea throughout the years. Until 1997, locals could bet on horse racing, boat racing, and bicycle racing. But in the same year, several other sports became legal, including football and basketball and nowadays, bettors are also able to use online sportsbook sites in South Korea.
|Is online sports betting legal in South Korea?||No.|
|Are sports betting sites in South Korea trustworthy?||Yes.|
|Can I deposit via Neteller/Samsung Pay/Skrill?||Yes.|
|Do online sports betting sites accept KRW?||Yes.|
Online Sports Betting Laws in South Korea
Sports betting is regulated by the National Sports Promotion Act, the Bicycle and Motorboat Racing Act, and the Korean Racing Association Act. Ktoto Inc is responsible for the betting market under a license granted by the Korean Sports Promotion Foundation (KSPO), while the Korea Racing Authority (KRA) provides betting services on horse racing.
However, as of September 2019, there are no legal online sportsbook sites operating in the country, due to the Game Industry Promotion Act (GIPA). But South Koreans usually place bets on foreign platforms that are based elsewhere and that the authorities cannot criminalize. Furthermore, on these websites, they are offered several sports to be on, high odds, as well as regular South Korean online sportsbook bonuses and online sportsbook promotions in South Korea.
Online Sports Betting Payment Methods in South Korea
There are several ways through which bettors can deposit and withdraw winnings. Naturally, so that operators keep providing them with safe and fair environments, every money transaction must be transparent and legitimate. In this way, the credit and debit cards of VISA and MasterCard are usually accepted. But there are also other alternatives, such as Skrill, Neteller, PayPal or Samsung Pay. More information is available on the online sportsbook reviews directory in South Korea.
Online Sports Betting Sites Accepting KRW
Sports betting is very popular in the country, which is why there are several online sports betting sites accepting KRW. This means that South Koreans are exempt from conversion fees when placing bets on sports.