Online Gambling Laws and Regulations in Korea

 

An optimal payment system for South Korean online casino sites is something to be cautious about. In recent times, it has become possible for Internet-based gambling in Korea to take place through credit cards, which are often used with prepaid MasterCard or Visa. Some websites, however, still accept customers who prefer cash. A significant drawback is that some credit cards only allow limited amounts of money to be withdrawn per day. For some online gamblers this may be sufficient, but for others the lack of access to cash may limit their ability to make high bets on particular games.

As a solution to this problem, several international online casinos have launched websites in Korea. These allow koreans to play poker, blackjack, baccarat, craps, slot machines, and other games at a hosted site. Unlike previous online casino koreans, however, the gaming takes place on a closed-circuit basis in a technologically advanced, perfectly digital casino. Real money plays are not allowed, and all winnings are deposited into a "virtual account," usually based on a predetermined rate of exchange. All transactions are held in secure web-based servers run by licensed banks.

The major new feature that sets Korean casinos online apart from those in the U.S. and Europe is the use of bonuses. In the U.S., and perhaps also in some European countries, bonuses are offered to attract new customers. Bonuses are intended to draw the interest of consumers by providing wagering opportunities that cannot be found in the rules of regular casinos. In Korean casinos bonuses can be used to encourage long-term players, increase chances of winning, and to provide higher payouts than would be possible in non-bonus casinos. In fact, bonuses in Korea may well be the driving factor behind the recent surge of interest in gambling online.

As is the case with other countries, Korean web casinos require certain basic qualities in order to become licensed by the Korean Lottery Commission (KL Commission). The most essential requirement, Korean law stipulates, is that the website must have a good deal of direct and indirect gambling traffic. This requirement has been criticized by some American and European casinos who feel that it is too restrictive for their kinds of business. The lack of legal language in the requirement does not appear to present a problem for most foreign-language websites. It should be noted, however, that a number of foreign-language websites are now available in Korea, and it may be more difficult for them to operate a good deal of traffic.

Another essential requirement of Korean casinos is that they require the player to open an account with the website. An account is required because only deposits into a player's account are permitted; all winnings (which include tournament winnings) and any cash withdrawal must be done through a credit card. This payment method is very simple and allows players the opportunity to make payments in a variety of currencies. 온라인 도박 Korea, a prominent South Korean web casino, is one of those which does not accept credit cards as payment method.

Online Gambling Korea differs from most other countries in the area in that it has its own banking system. All resident residents are required to have a South Korean bank account in order to make deposits. Online Gambling Korea is open twenty-four hours a day, seven days a week. In addition to the normal game play, it also offers slot machines, poker, blackjack, roulette, baccarat, and craps.