What Are the Legal Forms of Gambling in South Korea?

Horse Racing

 

Betting on horse races is the longest form of legal gambling in South Korea. Administered by the Korean Racing Authority (KRA), locals can place bets in horse races through pari-mutuel betting. The maximum allowable bet is only ₩100,000 and only 16 percent of the pool is paid back to the winner. The odds are sadly not as good as most international races, though.

 

 

Lottery

There are several kinds of lotteries in the country. The first legal lottery, the House Lotto, was introduced in 1969 and lasted for two decades. Korean Instant Lottery Scratch Cards were then introduced in 1990. At the start of the 20th century, the 6/45 lottery became the popular lottery in the country.

 

Bicycle Racing

The legalization of bicycle racing took inspiration from Japan’s legal betting system. Unlike Japan, Koreans cannot do off-track betting. Bicycle racing became a legalized form of gambling to promote national sports, particularly among the younger generation. Foreigners are not very fond of betting on bicycle racing despite having better odds than horse racing. This is most probably because websites, programs, and betting slips are only available in Korean.

 

Sports Toto and Sports Proto

 

Toto is a leisure game that targets athletic events and predicts the result before the event is held, and receives refunds by ranking according to the match result (winning result).

 

The sports promotion voting rights introduced in 2001 are composed of a fixed refund rate method and a fixed dividend rate method, of which the fixed rate method is called 'toto' and the fixed rate method is called 'proto'. In general, Toto is a sports betting game that sells voting tickets to domestic and international sports events and gives dividends to buyers who match the results. 토토 The types of Toto consist of a win-win game that wins, loses, and loses sports, a score game that scores and scores, a mixed game that mixes them, and a special game that matches the winner, rank, and scorers. . Prototypes include game-type games that predict the win, loss, or loss of a selected game by selecting only some of the games that you are confident of, and record-type games that match the records of various games such as scores, scorers, and winners of a specific game.

 

Koreans can legally bet on football, volleyball, basketball, baseball, golf, and Ssirum in two ways: Sports Toto or pari-mutuel betting and Sports Proto or fixed odds betting. In Sports Toto, the punters can place their bets into a pool. Half of the pooled bet accounts for operation costs, duty, and profit margins while the remaining half is paid to the winner of the bet.