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South Korean Police Make Huge Online Gambling Bust

Tuesday March 22,2016 : KOREAN POLICE IN MAJOR ONLINE GAMBLING BUST
 
Two arrested as US$4 million intrnet gambling enterprise is shuttered.
 
The South Korean National Police Agency revealed in a press statement Monday that two men alleged to be the operators of an illegal and as yet unnamed online gambling website have been arrested and the business shut down.
 
Police spokesmen claimed that over the eighteen months the financial betting site had been in operation it had accrued profits of 4.6 billion won (US$4 million) on turnover of around 14.5 billion won.
 
On the website, members bet on potential fluctuations in the Korea composite stock price index (Kospi) 200, forecasting how much the index might rise or fall.
 
The two men arrested were identified under the very common Korean names of Lee and Kim; the former handled customer relations and support, and the latter was the CEO and technical executive.
 
The police claim that Kim began operating in October 2014 from an apartment, quickly building the business into a successful enterprise that allowed him to improve his personal financial circumstances.
 
His downfall came when an employee sent email messages to some customers passing himself off as the cyber investigations bureau of the national police; alarmed punters contacted state authorities, which triggered a federal investigation.

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Gambling News :

Pokerstars Now Lead Sponsor of Global Poker League - Alex Dreyfuss Global Poker League has received a significant boost from the announcement by Dreyfuss Mediarex Sports and Entertainment company Friday that online pokers biggest operator, Pokerstars, has signed on as lead and exclusive GPL sponsor.

Betconstruch invests in Ucrafts - BetConstruct may have also been attracted by the obvious interest in Ucrafts business - the start-up has already gained 5,000 subscribers in just a few months of commercial activity.

Plus500 Founders Selling Off Shares - Alon Gonen and Gal Haber respectively sold 7.2 million shares, retaining a 10.4 percent interest in the company; and 2.6 million shares, retaining a smaller stake of just 3.6 percent.

Rush Golf Live Launches - Virtual sports provider Inspired Gaming has announced the launch of its latest product - Rush Golf Live - with Betfred the first operator to carry the game.

British Basketball League in Deal With Perform - The British Basketball League has agreed a six-year deal with Perform, a digital sports content and media group, for the distribution and sale of all global media-related rights.

Ashley Sandyford Sykes Sharing Slot Expertise - Sandyford-Sykes has experience in the development of over a hundred popular online slot titles and led the Quickfire development team at Microgaming.

2016 WPT National Marrakech High Roller Results - Spanish poker pro Nabil Cordoso boosted his career earnings by a useful $66,873 this week when he was awarded the first prize in the PMU.fr WPT National Marrakech High Roller event in Marrakech.

GreenTube and Chopsticks In Partnership - Novomatic Interactive subsidiary Greentube has announced that it has signed a partnership deal with the Gibraltar-based mobile app developer Chopsticks In The Apps Ltd through which it will organize distribution of Chopsticks games through its online, mobile, social and land-based channels.

DraftKings Investigating Collusion Complaint - The stigma of cheating has surfaced again in the daily fantasy sports sector following allegations that two players colluded in a million dollar contest at DraftKings.

Singapore Gambling Exemptions Granted - The issue of certain state-linked commercial organisations being granted exemptions from Singapores tough anti-online gambling laws has been on the table for the past few months and has been the subject of opposition complaints; protest petitions and general argument.

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