Korean Legal Sports Betting Concern of Government

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A (20), who lives in Seongdong-gu, Seoul, fell into online sports betting when he was in high school and owed 10 million won in debt. He was troubled by illegal advertisements that exchange ‘game money’ used for betting into cash. The sports betting he was immersed in had no limit on the amount of betting, so the more money he lost, the more he became obsessed with purchasing game money. In the end, he borrowed money from his friends to purchase the items needed to acquire game money, and when even this was insufficient, he made a deal with his debts. The debt snowballed to the point where he could not afford it.

To prevent such side effects, the government plans to limit the one-time game limit of sports betting online to 50,000 won. According to the Ministry of Culture, Sports and Tourism on the 6th, the ‘Partial Amendment to the Enforcement Decree of the Game Industry Promotion Act’, which includes sports betting in the scope of game products that simulate the contents of betting or dividends through information and communication networks, was recently announced.

Unlike web board games such as cards and hwatu games played online, sports betting was not included in this category. An official from the Ministry of Culture, Sports and Tourism said, “The number of games that can be bet on sports is increasing, but there are no regulatory provisions that apply to it.” did it,” he said. Minister of Culture, Sports and Tourism Park Yang-woo also said, “It is necessary to regulate speculative game products, such as gambling, by distinguishing them from leisurely games to be enjoyed in a healthy way.”

In online sports betting, users can participate in betting only on game products that have been classified by the Game Management Committee. There are 23 game products that have been rated, and 11 of them are in operation. Users receive game money by purchasing paid items from authorized sites or by charging coins. You can bet on winning, losing, or losing predictions on sports events.

Even if you receive a dividend, game money has no value as cash and it is illegal to exchange money. It is different from Sports Toto, which can exchange bets and dividends in cash according to the National Sports Promotion Act. However, it is also pointed out that countermeasures are urgently needed as game money is being turned into illegal gambling, such as voice cashing.

Kim Dae-hee, Ph.D., Korea Sports Policy Science Institute, said, “Some online sports betting game products are openly advertised that money can be exchanged through portals or advertisements on the site.” It is necessary to investigate and supervise whether there is a close connection structure with the operator,” he emphasized.

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