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KOREAN INTERNET GIANT FINED
According to reports in the Korea Times, the Korean Internet group NHN has been penalised for "...its antitrust behaviours and dubious online gambling business."
The newspaper reports that the Fair Trade Commission ordered NHN, which operates the giant Naver portal and the Hangame online gaming site, to pay 227 million won (almost GBP 111 000) in antitrust fines last week after accusing the group of monopolistic practices in the Internet market. The FTC will be keeping a close eye on the group's future activities.
It is the first time that the FTC has acknowledged NHN's monopolistic status in the Internet market, the newspaper reports. Many expect that the company will be the subject of further prosecution if the FTC and other government agencies take additional corrective action.
NHN accounted for 48.5 percent of the Internet portal market in terms of 2006 revenue, mainly through the Naver portal which processes more than 70 percent of search enquiries from Koreans.
Kim Taek-jin, founder and CEO of NCsoft, an online game company, and Ahn Chul-soo, founder of computer security company Ahnlab, are among the people who have been critical of NHN's behaviour, accusing it of not allowing access to the Naver database by other search engines.
It appears that Naver is not taking the hit lying down, issuing a press statement vowing to take the issue to a court of law, and hiring the largest law firm in Korea as its legal representation. The company's position is that it is unfair to regard the Internet portal industry as a monopolistic market because there is no entry barrier to new players and its services are basically free.
The report suggests that further damage to NHN could result if the government starts to probe its online gambling activities at Hangame, where it is claimed that users play poker and blackjack against each other, using cyber currency. This, it is alleged, can be easily cashed out via online black markets. The police have been asked by unidentified NGOs to investigate this aspect of Hangame's operations, amid claims that the site is deliberately fostering illegal activities.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?
Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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