Online sports betting site Busted in Korea
Friday April 8,2016 : KOREAN POLICE BUST ONLINE GAMBLING OPERATOR
Online sports betting site handled bets totalling US$780,193.
Police in Ulsan, South Korea reported Friday that a 31-year-old man has been arrested on allegations of operating an illegal online sports betting site with servers in Singapore.
The Ulsan Regional Police Agency told the Yonhap news agency that the website had been active since February 2014, allowing users access to on-the-spot broadcasts of races in South Africa, Macao and Japan.
Investigators claim that the suspect paid 5 million won (US$4306) in a licensing deal with a foreign supplier for the site, and received between 2 and 5 percent of around 900 million won (US$780,193) deposited by some 60 online punters over the life of the enterprise.
Another man, aged 21, was also arrested over his alleged role in promoting the site on major social network services.
In related news, Seoul police have reported the bust of an illegal online sports betting operation which masked some US$5 million in financial transactions from around a thousand gamblers by using fraudulent addresses in Vietnam's Ho Chi Minh city.
Three men have so far been arrested as investigations continue.
