Friday September 23, 2011 : Billions of Dollars go to illegal gambling sites says Institute report
According to data from the state-run Korean Institute of Criminology, illegal online sports betting could be worth around 13 Trillion Won ($10 Billion) reports the Korea Times.
The data submitted for an annual parliamentary report by Ahn Kyung-yul, a representative of the ruling Grand National Party, states that 1 019 illegal sports gambling websites are making an average of 12.5 billion Won each.
According to the report the country’s current legalization allows for legal betting on selected sports such as baseball and basketball but bettors may only wager up to 100 000 Won per game through the state-run lottery, Sports Toto.
Ahn Kyung-yul believes lenient penalties have contributed to the increase in illegal gambling sites.
"Currently, those who start illegal Web sites are sentenced to up to three years in jail or receive up to 15 million won in fines," Ahn said. "There should be tougher discipline and the prison term and the fine should be imposed together. To raise awareness and discourage people from using such sites, there should also be a penalty on bettors."