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Online Casino Gambling Taking South Korea by Storm Despite Illegality

Online casino gambling has simply exploded around the world in recent years, taking both players and operators by storm. South Korea is just one of those places in which regardless of the illegality of online casino gambling, the nation is seeing a steady increase in the amount of online gamblers.
A BBC news report from 2002 proves the gaming addiction that can be attributed to South Korea, which then boasted over 10 million internet subscribers. Today, the South Korea Cultural Information Centre has reported that over 7% of the population is addicted to online casino gambling, as well as an additional several million who play frequently for leisure.
The status of online casino gambling in South Korea is strictly illegal, which makes these figures so significant. The main method by which South Koreans have managed to make their online casino gambling industry so successful despite its illegality is the use of a points system, whereby players gambling online using points via an avatar that is bought, and then sell them to new players for real money to continue the account. The online casinos themselves do not offer cash jackpots or prizes other than mere points, so that they do not break any laws.
The South Korean government is keen on pursuing those who breach online casino gambling laws, yet this is becoming increasingly difficult when so many millions of citizens are contributing. That said, perhaps it is time for the government to reconsider its stance on online casino gambling?

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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