In a recent article I wrote on the Online Sports Betting Chamber of Commerce and its mission statement, it got me to thinking about the online sports betting law in South Korea. One of the reasons that we love South Korea is because it offers a lot of variety, which is probably one of its biggest draws. In fact, many Americans who travel to South Korea often back out of the country due to the incredible amount of variety that they can find there. This post looks into the online sports betting law in South Korea, which could perhaps open up new opportunities for all online sports betting enthusiasts.
The law, which I will look at in this article is the Promotion of Sports and Gaming, commonly referred to as the PSG law. The PSG refers to the Electronic Funds Transfer Company, which is the industry body responsible for setting the standards for online gaming in South Korea. The law was introduced in 2021 and was initially contained within the Unification Ministry’s regulation of gambling and the Internet. However, in July 2021, the Standing Committee on Culture, Sports and Recreation issued a report which called for revisions to the PSG law.
Many believe that the revision was brought about by Seoul-based businessman Shim Soon Won, who was found to have links with the hackers behind the World Bank’s hackings. Mr. Shim Soon has since been detained but continues to run his own online sports betting company. The revision was, therefore, welcomed by the South Korean government, which wanted to strengthen its laws covering online sports betting. It was also hoped that the amendment would reduce the pressure that brokers and other gambling operators were facing from authorities. The new law now covers online sports betting companies, rather than individual betters or companies.
This means that anyone wishing to engage in online sports betting in South Korea has to register with the government-approved broker, which then acts as an intermediary between the online sports betting company and the consumer. The new law specifically states that no online sports betting company can advertise or publicize its service on behalf of a specific individual or a company. Any form of advertisement must be given to the National Olympic Committee, which is responsible for regulating all forms of advertising in the country.
This was clearly intended as an attack against the kind of commercialization that had been going on in the internet since the late 90s – when gambling was only in its infancy, and all forms of advertising were not yet widely used. The new law attempts to put a halt to these kinds of online activities, and has caused some concerns amongst online sports betting companies. This is because it requires them to become more transparent. However, it may be a few years before this law is updated, and online sports betting may again become a place where people can openly discuss their opinions and make investments.
In a country that likes to hang onto its traditions, the Law of the Fatherland is still a huge threat to Korean culture. Most recently, a group of students from Samsung University filed a case against the online gaming site, Steamboat Springs. According to their lawyers, the gaming site discriminated against them based on their Korean heritage. Their case was ultimately dismissed by the Court of Appeal in March this year. However, their lawyer pointed out that there was indeed a violation of human rights, as their case was filed under the Law of the Fatherland, which prohibits discrimination of people based on their race, religion, sex, and even a person’s membership of a particular social club. If the Court of Appeal rules in their favor, it could set a very interesting legal precedent in the country.
The Law of the Fatherland may not be able to solve every problem that arises from online sports betting. But it has created awareness among the public and put the authorities on the alert whenever something fishy is afoot. In the coming years, we are likely to see a lot more legal issues and cases involving online sports betting crooks. This will hopefully make the general public more aware of the inherent risks involved in betting online. It is also possible that new laws will be developed that will make it illegal to operate sports betting online.
So what can you do to stay out of trouble? Stick with sites that are 100% secure, and that allow you to bet using top banking technologies like PayPal. Also ensure that your personal details, especially your bank details, are protected at all times. By following these tips, you should be able to enjoy your online betting experience, and get a much better chance of winning big when you bet on sports.