Even though the South Korean Won isn’t the most popular currency in the world, it is still being used by a large number of people who like to gamble at local and foreign betting sites.
Thanks to this article, you will find out which websites are accepting the South Korean Won as a deposit and withdrawal currency, in addition to the different payment methods that they offer for it. We will also share information with you about the gambling tax laws in the country.
Where can you bet using South Korean Won?
|Up to £30 in
|New Customers only. Bet £10* & Get £30* in Free Bets. Sign up, deposit between £5* and £10* to your account and bet365 will give you three times that value in Free Bets when you place qualifying bets to the same value and they are settled. Free Bets are paid as Bet Credits. Min odds/bet and payment method exclusions apply. Returns exclude Bet Credits stake. Registration required, T&Cs, time limits & exclusions apply. #AD
|Bet £5 Get £20
|T&C: New customer offer. Place 5 x £10 or more bets to receive £20 in free bets. Repeat up to 5 times to receive maximum £100 bonus. Min odds 1/2 (1.5). Exchange bets excluded. T&Cs apply.
|Money Back up to £40 + £10 Casino
|18+ begambleaware.org. New customers only. Min deposit £10. Money back as bonus if first bet loses. Wagering requirements: all sportsbook 3x at min. odds of 1.40 (2/5), casino 50x. Unless forfeited the sportsbook bonus must be wagered before using the casino bonus. Bonus expires 7 days after opt-in. Full T&C's apply...#AD
* T&C’s apply, 18+. Click on Bet now to view the offer!
As we said, this currency isn’t very popular, so there is only one bookmaker which offers their customers the opportunity to use it, however, it is still an excellent website, and we recommend going to our bookmaker reviews section to see for yourselves.
BetVictor – This gambling site offers a large selection of betting markets so that they can satisfy all of their customers’ demands. Besides, you can make deposits and withdrawals using the KRW, and they are the only ones in the gambling industry who give you this option. Unfortunately, there is only one deposit method that customers can use – debit card. You can also make withdrawals with them, so you don’t have to worry about that. Keep in mind that when you deposit in South Korean Won, the money will be converted to another currency (most often it’s United States Dollar) when it gets transferred to your account. So come along and enter BetVictor!
Gambling Tax in South Korea
In the past, there was a very strict gambling policy in the country, but this didn’t affect the gambling tax laws. The state makes money from taxing the gambling operators and not the players, which means that you don’t have to pay any tax on your gambling winnings. The taxes collected from the bookmakers go back into sports, for example, the stadiums used in 2002 World Cup were financed thanks to this money.
What payment methods should people who want to deposit in South Korean Won use?
South Korean citizens didn’t want to gamble before, mainly because it was illegal, even in places such as casinos or foreign betting website. Now the laws aren’t so strict, but some people still have their concerns when it comes to online gambling.
We haven’t heard of any prosecutions against gamblers who used their debit card to make a deposit, so as long as it stays that way, people will continue using it.
Still it may be risky to use your debit card in South Korea due to the anti-gambling laws. That way the authorities can easily track you, so consider the eWallet as another payment option for gambling.