South Korean Online Casino News Latest Updates


02/28/2012
By Maria McCoyGoogle

The current legal situation in regarding online gambling in South Korea is complicated.  On the one hand, it is not illegal to play or operate online casino games.  On the other hand, it is illegal to collect revenue from such online casino websites.  To those familiar with the former understanding of the 1961 Federal Wire Act, this situation may sound like déjà vu.  This odd situation led to the creation of a weird hybrid online grey market.  Considering the fact that South Korea has one of the largest online gaming markets on the planet, its situation is particularly unique.

The South Korean iGaming market works on virtual money.  Though the virtual money can be redeemed for real money, since the official stance of the Korean government is that online gambling for money is illegal, there is no protection.  When a player wants to redeem his or her virtual winnings for real cash, the “grey” market quickly becomes a “black” market – and like any other black market – it has fraud, blackmail, intimidation, and theft.  There is no one to turn to because the connection between the virtual gambling and the real money is frowned upon by the authorities.  The authorities have gone through the trouble of taking action against illegal gambling rings here and there, but the results are not much.

To make matters worse, the current situation doesn’t seem to be bothering anyone in Korean government.  No legislative action has been taken to regulate online gambling.  While countries around the world are promoting the creations of top online casino markets for reasons of consumer protection and tax revenues, South Korea is letting the status quo remain.

online casino reviews predict that the Asian market is poised to double itself multiple times over in the coming years.


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