The best betting site in Korea – Gambling regulations

gambling regulations in Korea

An overview of gambling in  Korea

According to BookieExpert.com survey on sport industry in Korea,  the first thing that would probably be easy to see  are Korean Toto and Proto which are the two main predators in the gambling industry of this country. These two famous alternatives offer competitive and fixed odds. There is no other options for you, or if maybe there is but you just should not trust those shady sites and not regulated and licensed by any trust authorities. It might risk some money of you. Korean Toto and Proto companies offer betting on soccer, basketball, baseball, volleyball and golf which are legal and well licensed for players.

Now let’s have a look how the two companies operate betting online and any trusted online betting which we should place our bet.

The top Asian bookies in Korea

When it comes to betting, we surely are talking about South Korea. You can go to our list and see which bookie support Korean language, offer accounts in South Korean currency or accepted local bank transfer with no fee. If there no difficulty for you to find a bookie what has all of these features, then you should go for it. To make sure that you won’t go wrong, we recommend a bookie which is highly- regarded and trusted and well-covered all those – above features. 12Bet  is the easiest Asian company to deposit with. Everything you need to do is to go ahead and register an account, click live chat and ask that operator about banking methods. Or if you are patient enough you can just visit the site’s banking methods. Then simply transfer the money via online transfer.

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If you are only interested in Football, then you definitely should look for any Asian bookies. We just made a list for you to choose from. There you can see Korean leagues, plus English Premier League (EPL), La Liga, Serie A, Bundesliga, and all others.

If you are interested in what sports that the two domestic firms Korean Toto and Proto offer, we’ve got covered here:

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Popular sports in Korea

You might want to have a look at other populart sports at other countries: Gambling in Asia

sport betting in Korea

Sports Toto

This firm requires you who wagers join a pool. wITH THE 50%/50% policy. 50% is hold by the firm to go to duty, operation costs, and their profit margins. The remaining 50% is paid to those who win. This is th list as well as some explaination:

Toto Soccer – For soccer (football) there are 3 different games offered.

  • 1X2 Game – Choose home, away or draw in 14 soccer matches.
  • Correct Score Game – Predict the correct score of 2 or 3 matches.
  • Single Match – Predict the final first-half score, and final match score in a single match

Basketball Toto – Basketball also offers three Sports Toto games.

  • Win/5/Loss Game -For 14 matches choose between Home by 6+ points, Either team to win by 5 or less point, or Away to win by 6+ points.
  • Correct Score -Predict the correct score margin in 2 or 3 matches.
  • Single Match – Predict the first half and final score margins of a single game.

Baseball Toto – For baseball there are four different games offered.

  • Run and Run – In 4 matches predict the number of home runs and final score of each team.
  • Trebles – predict the winner of 3 baseball games
  • Ranking – this betting slips has several teams and you select which 3 will have the highest score.
  • Single Match – Predict the number of home rules, strike outs and total runs for each team in a single match.

Volleyball Toto – This pairs two matches together and you make 4 wagers between the two.

  • 1) correct set score
  • 2) margin of victory in the first set (2, 3, 4, 5, 6 or 7+) for both games.

We only cover for you the major sports offered by Toto company, there are some other small sports, for example: Golf Toto or TOTO OX which is created to raise some fund for the company. 

Sports Proto

They offer same numbr sports liek what Toto does. However, sports Proto is fixed odds betting. They offer some really better odds compared Toto. Especially, when it comes to considering the odds offered by bet365.

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NBA Basketball – For this I compare the point spreads in NBA match between Toronto Raptors (home team) vs. Washington Wizards (away team) using the point spread. The odds were:

Sports Porto – Home -5.5 points 1.66 Away +5.5 points 1.74

Bet365.com – Home -5.5 points 1.91 Away +5.5 points 1.91

KBL Basketball – For this I compare a match between Anyang KGC (home team) vs Seoul Knights (away team) that involved a point spread.

Sports Porto – Home +5.5 points 1.79 Away -5.5 points 1.62

Bet365.com – Home +5.5 points 1.94 Away -5.5 points 1.82

You can see that Korea is such a appealing country to place your bet. Not only you can place your bet with the two domestic firms, but you can also freely to choose any trusted foreign online bookies.

1XBet: A Top Choice for South Korea Gambling

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1Xbet – We confident to introduce them to you one of our favourite ad trusted betting site, it does offer all top-notch features like in play betting, or pre-match on many K-League, Korean Cup, League Cup and National League soccer matches – so 1xBET is truly is good choice for you if you want to start betting there.

The wagering requirements all also various for you which depend on match winner,total goals, first to score, correct score and many different types of proposition bets. This online bookie will allow you to find the best odds on baseball.

E-wallet

We recommend you if you are interested in 1Xbet or any fully licensed foreign sportsbooks , then you have to use their most popular currency which is Euro and set up an e-wallet such as Neteller which is a famous e-wallet available to South Korea

There are some other options for you too, Let’s have a look at the table below:

Payment MethodTypeWithdraw Time
Read more
neteller logoNeteller2 or 3 business daysRead more
Help2pay logoHelp2pay5 or 10 business daysRead more
Astropay2 or 3 business daysRead more
Ecopayz3 up to 7 business days Read more
Skrill2 or 3 business daysRead more

So if you have any problem with one of the e-wallet here, you always have ither alternatives that welcome you.

What Are The Betting Regulations in South Korea?

Okay, We think this is one of the most important part, Even though Korea are quite open to gambling, we need to consider their regulations to make sure we won’t get caught in any problems. Like for example, betting illegally on a unlicensed website:

  • Article 246 of the Criminal Act states that any person caught engaging in any betting activity for the purpose of earning a profit is punishable by a fine of not exceeding five million won.
  •  Gambling activities for momentary pleasure are allowed.
  •  Those who are categorized as habitual gamblers can receive a prison sentence of up to three years or be required to pay a fine amounting to 20 million won.

To date, it is legal to gamble:

  •  bicycle racing
  • horse racing
  • basketball
  •  baseball
  • football
  • golf,
  • volleyball,
  • Ssirum,
  • Traditional wrestling regarded as the national sport of the country.
  • lotteries.
  • Sports Toto and Sports Proto

The country has in total  30 land-based casinos and three horse racing tracks, however, they are not available yet for Korean, You can try it there you are not!. Because betting land – based is so limited, that’s why online betting is popular amongst the locals.

Conclusion

The bottom line is, if you’re looking for the best South Korean betting odds and markets, then you need to sign up with online bookies. With our top selected bookies, then you find some luck there.

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