South Korea may allow iGaming
South Korea authorities are assessing the possibility of operating online lottery platforms.
South Korea.- National authorities are considering the implementation of iGaming services for the lottery sector, according to Korea Times. Gaming operators in South Korea would be able to include live online lottery services in their platforms, after the Ministry of Strategy and Finance announced the plan on Tuesday.
The iGaming industry would be expanded regionally with an online version of Lotto game, the most popular choice in the South Korean regulated market. It is expected online bets on Lotto would only represent a minimum percentage of the total sales. Nationwide legislators may take the measure effective by the end of the year.
As Korea Times reported, the latest move was proposed to the government by the Korea Lottery Commission in 2016 and has been discussed in the recent months. By the end of the year, the online services would be operating with specific conditions. The online sales would not be able to surpass the 5 percent of the total wagers at first, players must be over 18 years old and authorities would limit the amount of bets a buyer could do.
Lotto tickets currently cost WON$1,000 (less than US$1) and winners approximately obtain 60 percent of the initial bet. The other 40 percent is destined to a national fund in order to fund social programs. Last year, the Korea Lottery Commission reported that Lotto generated WON$3.55 trillion, meaning 3.55 billion tickets.
