Mcclain Moody posted an update 2 months, 3 weeks ago
Illegal currency exchange for sports betting games is expected to be dealt with at the 21st national audit. Due to the nature of betting games, speculativeness is inevitable, and the fact that the currency exchange market is actually being formed raises concerns that the distribution of sports betting games may be a social problem.
According to data submitted by the Game Management Committee by Lee Sang-heon (The Democratic Party) of the National Assembly’s Culture, Sports and Tourism Committee on the 5th, it was confirmed that currently 51 sports betting games have been classified and actually 26 games are in service.
The problem is that there are illegal money exchangers among these games. According to Lee Sang-heon’s office, it is possible to easily exchange money in sports betting games currently in service.
In Korea, legal sports betting is only made on Sports Toto and the official Internet sales site “Betman”. This is because of the speculative nature of sports betting, and the same reason is that the current Game Industry Promotion Act and the Special Act on Speculative Behavior Regulations strictly regulate speculative behavior and speculative games.
In particular, Article 28 of the Game Act prohibits aiding in speculative behavior using games, and Article 32 also contains content prohibiting the currency exchange business. Violation of this was specified to be punished by imprisonment for up to five years or a fine of up to 50 million won.
However, most sports betting games are claiming to be "legitimate because you are betting with game money, not real money." The game company, which announced the release of sports betting games in the future, said that it would be okay if there were only’Pick Exchange’ and’mini-games’, where currency exchange is mainly conducted.
"As long as the illegal currency exchange market has been confirmed, the classification of sports betting games should be reviewed from the beginning," and argued, "I strongly urge the Ministry of Culture, Sports and Tourism and the Game Management Committee to prepare measures."
On the other hand, Congressman Lee will address the speculative issue of sports betting games and disclose actual currency exchange data at the state audit.