South Korea’s sports betting industry is part of a national project introduced in October 2001 to ensure the success of the 2002 FIFA World Cup Korea-Japan. It was implemented to legalize sports betting via the National Sports Promotion Act; and for the purpose of creating a national sports fund for domestic sports development programs. That being the case, the Act paved the way for the establishment of Sports Toto, to exclusively provide South Koreans with a regulated venue in which to participate in sports betting activities.
Sports Toto therefore is the only legal organization that can provide sports betting services to citizens looking to place wagers on various locally held athletic events; such as, but not limited to soccer, baseball, volleyball, basketball and golf. This also denotes that by virtue of the National Sports Promotion Act, only Sports Toto has the legal authority to offer betting markets for different sporting events that take place in the country.
Any other entity facilitating betting activities in South Korea and offering fixed-odd probabilities, whilst accepting wagers and paying out winnings on behalf of other people in exchange for fees, is engaged in an illegal gambling business. This of course includes offshore-based, online gambling companies and their local web-based representatives, even if they are licensed by gambling regulators of other countries.
Despite South Korea’s known reputation for being a highly technologically advanced country, Sports Toto has not taken any steps to offer betting services online. To ensure that Korean citizens will use only Sports Toto, Internet Service Providers (ISPs) in the country have been ordered to block and deny access to all online gambling sites.
However, due to advanced communication technologies, Korean sports enthusiasts are able to access offshore-based online 토토사이트 using a mobile device app, which connects them to a secure messaging system that runs on a Virtual Private Network (VPN).
Sports Toto and Its Gambling Services
Actually, Sports Toto is more than just a legal sports betting site because a large portion of the proceeds from gambling operations goes to the Korea Sports Promotion Fund. it’s a special financial resource used by the government in funding promotions of various sports projects and professional sports competitions held in Korea.
In a way, Korean gamblers participating via Sports Toto, are contributing to the development of South Korea’s local sports. They can do so by placing bets on pari-mutuel games (Athletic Toto), or by wagering on fixed-odds (Pro Toto).
Athletic Toto or Pari-Mutuel Betting
A portion of the wagers placed under the pari-mutuel betting system are pooled. The amount that goes to the pooled money is based on a predetermined percentage of the total wagers staked by a Sports Toto customer.
Once the sports competitions have taken place and the winners have been officially declared, those who placed winning bets get to claim a share of the pooled money taken from all bettors. However, only fifty percent (50%) wll be available as prize money because the other 50% will go to the Korea Sports Promotion Fund.
Sports Toto Fixed Odds Betting
Sports Toto’s offers of fixed-odds betting vary, and usually depends on the sport on which a wager is staked. Betting markets include:
1. 1×2 Sport if a Sports Toto customer simply wants to make wagers on a home (1), draw (X) or away (2) result.
2. Correct Score Sport – This entails wagering on final score predictions, usually of two or three game matches.
3. Single Match ~ This betting market is for a single game match on which a wager can be won by anticipating the final scores of the first-half and the final match up.