Best South Korea Betting Sites

South Korea, officially the ‘Republic of Korea’, is an East Asian country neighboring North Korea, China and Japan. Sports play a big part in locals’ lives; with football, tae kwon do, baseball and racing sports topping their preferences. Footballer Heung-Min Son is probably the most popular local athlete. As regards South Korea gambling; it is illegal for locals to enter all casinos but one. They can only participate in specific forms of betting. These include state-run toto and proto sports betting; as well as horse, dog and boat racing.

Lottery tickets are available everywhere too. It is also illegal for a company to provide online gambling services. So, apparently, no licensed local betting sites exist. However, the law is not harsh on players who bet online. That explains why several international bookies accept South Korean bettors.

Best Betting Sites in South Korea

These are the best South Korean sportsbooks, offering high odds and a wide range of betting markets on football and baseball matches.

Gambling in South Korea - 5 Things to Know

• 1
  The legal gambling age is 19
• 2
  Only specific forms of betting are legal and regulated
• 3
  Locals can only enter one casino, the Kangwon Land Casino
• 4
  Many betting shops operate in major cities, providing state-run forms of betting only
• 5
  There are also numerous dodgy online betting sites that players need to stay away from

General info

⏩Population: 51.000.000

⏩Active players: 6.500.000

⏩Currency: Korean Republic won (KRW)

⏩Regulated gambling products: Sports betting, lottery, casino games

⏩Designated authority: No designated authority

⏩Operator types: Licensed casinos, lotteries, unlicensed online casinos and bookmakers

⏩Status: Semi-regulated

The Law Framework for Sports Betting in Korea

It has not been very long since sports betting in South Korea has been regulated. Up until 1997, only the lottery was available for local players. Since then, horse, boat and bicycle racing have been added to the betting options. Anyone can legally participate in these, and play in designated betting parlors and stands.

The National sports promotion Act of 2017 is the latest piece of legislation towards gambling. As for casinos, they were made legal in 2000. The difference is that locals are not allowed to play in them. Only the Kangwon Land Casino is legally accepting South Korean players. All other casinos are for tourists only.

Moreover, the 'Habitual Overseas Gambler' law dictates that Korean citizens may not even visit casinos in other countries. Difficult to actually apply this law; but it sure does exist and there have been reports of prosecutions of Koreans found gambling in countries like Singapore or the Philippines. Anyone found guilty of habitual gambling could face up to 3 years in prison and/or a fine of $15,000-17,000.

The South Korea online gambling law leaves a small legal window for bettors; allowing gambling for “momentary pleasure”. However, the distinction has never been made absolutely clear, leaving players confused. Furthermore, the law states that online gambling companies are not allowed to operate or be formed in the country.

Nonetheless, for online gambling, South Korea does not apply a harsh stance towards online bettors. That in turn, leaves a vast gray area in terms of their ability to legally access South Korean betting sites. No licensing system is obviously in place and there are no locally licensed betting sites.

Safe Betting Sites in South Korea

There have been many cases where companies have set up illegal betting sites in South Korea. The risk with such sites is two-fold. First of all, the local police have reportedly banned many of them. Surveillance is quite active, and the authorities are constantly trying to clamp down on illegal operators.

So, if you place your bets and money there, it will be lost, and your personal details might come straight to the hands of the police. Moreover, such illegal sites frequently just vanish; especially when players try to withdraw their funds after a winning bet. Distinguishing such sites is not always easy; since they are often imitating the ‘looks’ of international bookmakers.

What you should do is stick to any of the renowned international bookies that we mention in our analysis. These are all reliable bookmakers, licensed by the most legitimate authorities in the world; offering a safe online betting experience.

Plus, they are based outside of South Korea; so, technically they are legal. Still, always keep in mind that if you are ever to be questioned about your gambling; try as much as possible to prove that you are not a habitual gambler.

Sports Betting in Korea

Sports betting is legal, when practiced on the state’s land-based bookies. Still, only two forms of it are available. These are namely toto and proto. Toto South Korea is a pari-mutuel betting type. All the money players wager, adds up.

Then, 50% of it returns to the state for operation costs and taxes, while the rest is shared by players who potentially get all their predictions correct. Proto South Korea is about fixed odds betting. Here the odds for each event are in decimal format. Simply put, if you bet 10 units on an event with odds of 2.00 and you win, you will get 20 units back.

Basketball, baseball South Korea and football betting are all available on the legal local bookmakers. Baseball’s KBO league still attracts much of locals’ betting flow. A tradition in racing also leads many locals to bet on dog, horse and motorboat races.

However, remember that when betting online; more sports are available. You can actually bet on all your favorite teams and sports; with a great variety of extra bets too. For instance, K League 1 South Korea football is available at many bookmakers that you will find listed here.

How to Deposit at Online Bookies

Online betting in South Korea is only typically illegal. You should however avoid transferring funds directly from a bank account or via credit/debit cards to your online betting account. This is due to the fact that you could probably be under scrutiny; having to prove that you are not a habitual gambler. Accordingly, it is advisable to use a VPN software to hide your original IP address.

E-wallets are very popular among local bettors. Skrill, Neteller and Sticpay betting are all prominent in South Korea. Ecopayz is also available. What e-wallets do, is actually allowing you to bet under the radar. At the same time, players may transfer money to and from their gambling accounts at no time.

Bookmakers Accepting Korean Republic Won (KRW)

Before proceeding with info around online deposits and withdrawals; here is the list of all the international betting sites that accept Korean players and allow them to bet using the local currency.

Gambling Framework in Closeby Areas

When it comes to online betting, it is advisable to explore gambling regulations in neighbouring countries. Despite their proximity, these nations may have distinct gambling rules. Understanding them can provide valuable insights and assist you in making well-informed choices while abiding by local legal requirements. Feel free to examine some of our guides below: 

⏩ Top Japanese Betting Sites

⏩ Best Chinese Bookmakers

⏩ Top Hong Kong Betting Sites

⏩ Best Taiwan Betting Sites

The Future of Online Gambling in South Korea

The existing Korean online gambling legislation is rather strict. It is also not exhaustive. For example, online betting is supposedly illegal. At the same time there are no clear provisions on what bettors practically can or cannot bet on. The question that lies here is whether the state will continue to hold a passive stance towards online gambling.

One direction could be regulating it; if it sees the opportunity of taxation as being vital for the economy. On the other hand, a traditional view of gambling as something malicious for its people; does not leave much room for optimism. So, it remains to see what South Korea’s stance will be in the coming years.