Overview of South Korea Betting
Most types of betting in South Korea are unlawful however punters can still place wagers on various sports markets through Sports Toto, which is pari-mutuel style betting, or through Sports Proto which offers fixed odds betting. The betting segment is controlled by the Ministry of Culture, Sports, and Tourism and is basically an administration imposing business model aka “Monopoly”. Like most monopolies, the betting alternatives and odds are incrementally less valuable then what typical online bookmakers would offer. This makes online esports betting sites an extremely alluring option. The main issue is that web based gambling is unlawful throughout the entire country.
Popular Esports Markets in South Korea
The popularity of esports in the USA and UK is nothing compared to the acceptance rate in South Korea. As all parts of the world experiences rapdi growth in the esports industry, we are attempting to catch the demand South Korea is seeing in games like Dota 2, League of Legends, Starcraft, and Overwatch. South Korea being the first country to recognize professional esports players has hosted some of the top esports events in the world with some of the largest prize pools. Here is a list of the most played esports games in South Korea:
South Korea Betting Laws & Regulations
The South Korean government strictly monitors online activities and has deemed online betting has illegal. Authorities have been known to block online betting operators, banks will block payments to certain websites, and bettors can receive extensive punishment including incarceration. With this said, monitoring the internet activity for more man 50 million citizens is no easy task, allowing some punters to place bets with foreign esports betting sites.
History of Esports in South Korea
Esports was introduced in the 1960s as a fun past time. It wasn’t until the 90s when innovative countries like South Korea lead the way in helping esports become a recognized sport. The South Korea Governments influence on creating a national broadband network played a huge role in the rapid adoption of video games connected to the internet. The boom of broadband networks has contributed to the adoption of esports and other internet related activities around the world. It allowed players to practice and connect with other top level players which in return created a rapidly developing community of competitive esports players.
Another milestone was set by South Korea in 200 when they established the very first Esports Association, which acted as a partner to the Ministry of Culture, Sports, and Tourism. Since it was introduced it has organized events and competitive culture for over 25 esports games including CSGO, Dota 2, League of Legends, Starcraft, and Overwatch. The South Korean Esports Association has received praise for the introduction of professional players and the generous salaries available for top players.
In 2018 esports in South Korea is as big as ever. With a population of just over 50 million the country hosts global events with thousands of fans watching their favourite players and teams compete.
South Korea Payment Options
To be honest, if you are a citizen of South Korea then the process to sign up to a regulated esports betting site is a little more extensive compared to most other countries. Since the ISPs monitors and has banned the use of foreign bookmakers you will need to use a Virtual Private Network (VPN) to sign up.
Assuming you successfully get access to a foreign esportsbook, the next obstruction you may encounter is trying to fund your account. You will be denied access with your credit card and bank card so we advise you use either cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, or Ethereum or an eWallet like Neteller or Skrill.
Finally you will need to provide ID verification. Most operators will require English ID verification and verified translations of any documents sent to verify your identity.
14 June, 2021