Analyzing Korea’s Twist in Casino And Speculative Industry

In South Korea, some of the popular activities within the speculative industry include bullfighting, horse racing, casinos, and lottery among others. Usually, each of these activities requires a license from the concerned enforcement agency before they could operate.

License registration of these activities and related industries is a must-have before one could indulge in such business.

South Korea banned online gambling in 2009. The authority claimed that the surge in online gambling by use of the smartphone, internet, and other modes of telecommunication was the primary reason behind it.

It’s worth mentioning here that except Korea, other countries have legalized online gambling in their territories.

If horse racing, casinos, and lotteries can be legal, then why not sports betting?

In fact, some countries are using vacated residential properties and other luxury bungalows in their lands for conducting casino events or facilitating other such gambling games.

These countries gave legal status to the casino games — almost equivalent to semi-industry.

Nowadays, even in Korea, the electric card system is put in place to limit the total transaction of money for online betting. Authorities are effectively supervising such activities from time to time to make sure these activities remain under their ambit.

Steps Taken By South Korea

The Audit Committee was set up in 2007 to look into the prospect of such activities. The committee studied if they can promote online gambling and casino to a semi-industry status. However, they don’t have unlimited power. And no such semi-industry like status has been granted to any such activities as yet in Korea.

The South Korean government then established the illegal gambling monitoring centre to further keep a tab on illegal gambling and betting within its territory.

Another organization, Korea Gambling Problem Management Center, also founded to act as a supportive institution that helps people refrain the online gambling addiction. Such institution minimizes the harmful effect of online gambling on the participants.

However, the authority is strict regarding any promotion of prostitution in the garb of Casino playing. The committee can inspect, and withheld any person whoever indulges in such obnoxious activities.

The Conclusion

Now, with the influx of thousands of foreign tourists within the nation, the time has come to rejig the institution. The authority has to also take into account about the foreigners’ participation in such games.

Higher the participation the greater is the chance of addiction. If required, the authority should charge a fee for prevention and healing charges from Casino-addicted people who need mental healing 바카라 사이트.

As per Casino law (Article 146), Casino operators also have to pay 5% of the profits to the concerned authority. This rate hasn’t been revised in the last 15 years 바카라 사이트 추천.