2018 is a year to remember for sports lovers and South Korea in particular since the Olympics were held there. Sports lovers from all over the world visited the country to some extent; visitors set camp for the sole purpose of witnessing their favorite sport live. The Olympics led to the boost of the economy of South Korea, and the residents couldn’t hide their joy as they embraced the changes that followed. The gambling industry wasn’t left behind since all over the country were billboards advertising casinos that offered gambling services to foreigners.
Laws around Gambling In South Korea
In South Korea, any gambling isn’t allowed for citizens. It is illegal for a Korean citizen to participate in gambling both in and out of the country. Those found gambling abroad faces sentences in the country when they get back. However, there are forms of gambling that citizens can participate in, such as horse racing and lotteries. This doesn’t mean that visitors can’t gamble; foreigners are allowed to gamble in any casino (check https://exit114.com/ for example) of their choice.
Understanding why Citizens can’t gamble
The 2018 Olympics led to the revisit of the laws around gambling in South Korea. Residents wanted to understand why they weren’t allowed to gamble, but foreigners were. Imagine being in a situation where the laws in your country prohibit you from something you have interest in? Even though there are over twenty brick and mortar casinos in South Korea, only one casino opens its doors for citizens to gamble. The only thing limiting them is that the casino is far from major cities, making it hard for South Koreans to get there.
Why Online Gambling is on the Rise in South Korea
Since gambling isn’t allowed, North Korea has started online gambling sites that South Koreans, as well as people from other countries, can participate in. International companies have also taken the initiative to keep South Koreans busy and earn some cash by introducing casino games online. Global companies can’t face any legal charges making it a plus on their revenue.
Challenges faced by Online Gambling Service Providers
The main challenge that these companies face is that when a citizen of South Korea tries to access the site, most of the time, the connection is slow and, on most occasions, denied access. Providers of online gambling are also at risk of being prosecuted by the government alongside their customers.
According to research, someone of Korean nationality is most likely to become a gambling addict compared to someone from any other country. The Korean government is, therefore, hesitant to legalize gambling or even adjust laws governing gambling for fear of its people becoming addicts. If South Korea were to change these laws, then it would benefit economically from revenue gotten from gaming.