Mcclain Vest posted an update 1 year, 8 months ago
Last year, the union secretary of the Buk-gu Office of Busan, who embezzled 122.3 million won in labor union expenses 74 times to pay off the debts wasted by illegal sports gambling in Busan, was shocked. In Mokpo, when a 30-something indulged in illegal internet gambling was urged to repay a debt of 50 million won, they robbed a gold and silver room. He was arrested by the police for stabbing the owner of the gold and silver room with a weapon.
Crimes that started with illegal gambling are still happening today. More often than not, the bet participant is the victim. There are no countless operators who shut down the site and “spoil” in order not to pay money to participants who received large dividends through the odd game. They open a new site in a matter of days and re-enter illegal business.
Nevertheless, a large number of betting participants seldom escape from illegal sports gambling. At first, there are many cases where people are not aware that it is illegal except for Sports Toto issued by the National Sports Agency. Later, he knows it’s illegal gambling, but he can’t get out.
The reason why illegal sports gambling is so popular is that it caters to the convenience of consumers. Illegal sports gambling based on mobile can be participated in the game, and it provides betting services on all sports around the world. There is no upper limit for betting.
In addition, the refund rate of illegal sports gambling (the rate of returning to participants excluding profits and funds from betting companies) reaches 90-95%. If you bet 10,000 won, it means 9000~9500 won will come back.
Relatively, Sports Toto’s competitiveness continues to decline. Sports Toto can only be purchased through offline retailers or PCs. Target Gyeonggi-do baseball, soccer, basketball, volleyball, and golf were limited to the five major sports in Korea.
The refund rate, which bettors are most sensitive to, is low. Sports Toto’s actual refund rate is only 60-65%. It is about 30% lower than illegal sports gambling. This is why betting participants take the risk of’illegal’ and jump into the dark market.
The gambling industry integrated supervision committee is devising a number of measures to prevent gambling addiction and excessive immersion. Gaming business experts argue that "legitimate businesses should absorb the demand for betting, which is growing in the dark, while strengthening the ability to crack down on illegal gambling." For this, it is essential to strengthen Sports Toto’s competitiveness, such as mobile betting and expansion of target games.
Above all, the actual refund rate adjustment, which is only 50% Toto and 50~70% Proto, will be the most effective alternative. Sports Toto’s refund rate is extremely low compared to other legitimate speculative businesses such as horse racing (73-80% refund rate) and casino machine games (92%). This is based on the law enforced in 2005 (Article 33 of the Municipal Ordinance of the National Sports Promotion Act).
Amid the rapid growth of the illegal gambling market through diversification, specialization, and speeding up, sports Toto are regretting that they were locked in a bill 15 years ago. One speculative industry expert pointed out that "bettingers are also wary and fearful about the illegal market. However, the difference in refund rates is so great that they often cannot overcome the temptation of illegality. The refund rate needs to be realized."