The Law on the Sports Betting Market in Korea
South Korea is a legal sports gambling nation. In fact, it is one of the world’s leading sports betting destinations. However, it is also a place where you must be aware of the law – and avoid paying out too much or too little. Professional gamblers in South Korea follow very strict laws and are closely monitored by the government. Despite these measures, there are still some loopholes that can be used to your advantage while placing your bets.
For example, the sale and distribution of sports betting odds in south Korea are controlled by a commission called the chemo. The commission’s head is appointed, and decisions are based on merit – not on popularity. While there are some managers that may try to skew the odds in their favor through the rigging, the majority of managers are honest and hardworking. Because of this, it is not uncommon for a manager to lose some money when his bets turn out wrong. To remedy this situation, the management of the stadium will make an announcement prior to each game, or send a statement via radio or television.
Because the management of the stadium is responsible for ensuring that the odds for each game are fair, they are more likely to give these odds than are the individual managers. Most individuals who bet on sports betting events in south Korea will do so using an online bookmaker. However, because online bookies do not have the same costs as the stadiums, they may offer a lower odds.
There are two other types of sports betting law that you should be aware of. One deals with match-fixing. As mentioned before, match-fixing is an offense that is highly punishable in south Korea. If found guilty of match fixing, you could face up to five years in prison.
The second type of law that you need to be aware of concerns the administrative aspects of the sports betting industry in south Korea. Unlike many other countries, the administration of sports betting in Korea is largely controlled by an individual, the Dong Doo. In some cases he can be found controlling two or more sportsbooks at any given time.
While the sports books that he owns have the rights to manage their own affairs, it is the responsibility of the customers to report any instances of match fixing to him. If you witness something suspicious, such as a manager or vendor being paid off to fix a game, you must immediately tell the authorities. Failure to do so can land you in jail, and your account could be suspended by your local sportsbook.
If you want to earn a living from the sports betting market in Korea, then you need to know the law well. It’s a very serious business there, and everyone involved knows the risks. Many have been prosecuted for things they knew nothing about, while others have merely made a mistake. On the positive side, the people running the market are doing everything they can to discourage bad behavior among their customers, especially if they can be proved to be innocent of any wrongdoing. Unfortunately, sometimes in the heat of competition, things turn out to be far worse than anticipated.
As you can see, the law on the sports betting market in Korea is quite complex. The best course of action is to hire an attorney who has experience dealing with these issues. It’s a risk that doesn’t come off too well if you’re found guilty, but the alternative is much worse. If you have ever suspected that you may have been a victim of match-fixing, then it’s a good idea to get legal advice before taking any further action. You never know what you might find out.