Best Online lotteries in South Korea 2022/2023

The Republic of Korea has a reputation for being one of the most technologically advanced in East Asia, after Japan. When it comes to gambling, the only legal activities are lotteries, cycling, boat racing, and horse race betting. South Korean lottery is popular across the country and has been around since mid 20th century.

No matter where players decide to look for lotto games in South Korea, they will find plenty of jackpot sizes and gameplay. Like many economies, South Korea has a national lottery which contributes to an enormous amount of revenue for charitable works. It also empowers many citizens who are lucky enough to win cash prizes.

Best Online lotteries in South Korea 2022/2023
Best Online Lotteries in South Korea 2022/2023

Best Online Lotteries in South Korea 2022/2023

The online lottery in South Korea is equally popular even though betting has been controversial. Lottery games indeed offer a random and fun way to win cash and other prizes if they are played responsibly. There are countless websites for lottery online which Koreans can sign up and play both local and international lottos, depending on their interests.

Trying a broad range of lotto games is good, but it is better to stick to a budget to avoid overspending on lottery tickets. A responsible player knows how to control and manage their spending limit. Moreover, they don't rely on their winnings to make a living.

Best Online Lotteries in South Korea 2022/2023
South Korean players' favorite lottery games

South Korean players' favorite lottery games

More games mean more jackpots, so any online lottery site with more games should be the better option. As well as having access to dozens of lottos with varying prizes and odds, players will also find the ideal games for their needs.

For instance, a lottery site with big games like Mega Millions and Powerball is great, but it subjects players to difficult odds. So, the best online lottery site for Koreans should provide easier and more diverse games. Here are some top choices for the South Korean audience.

Korea KoLotto

In this game, players select 6 numbers ranging from 1 to 45. Drawings are held weekly. KoLotto features lotto wheels that allow punters to wager on a group of numbers with a guarantee of a specific minimum win.

6/45 Lottery

It is an online lottery game with 45 balls. The tickets allow players to pick six numbers only, and the seventh number goes to the draw. Each 6/45 ticket goes for ₩1,000, and winnings below 50 million are subject to a 22% tax. Any prize above 50 million is taxed at 33%.

Bok-Kwon/Pension 520 Lottery

The Bok-Kwon lottery is based on pre-printed tickets. Drawings happen every Wednesday. It comes with fixed odds, and all winnings are taxed at 22%.

South Korean players' favorite lottery games
Payment methods in South Korea

Payment methods in South Korea

Operators of South Korean lotto are committed to providing transparent payment methods to remain competitive. Online lottery sites licensed locally may not accept credit cards, but the method is available on offshore sites. In this regard, Visa, Amex, and MasterCard are commonly used for deposits and withdrawals.

But that's not all; Koreans find popular e-wallets like PayPal, Skrill, and Neteller reliable and efficient. Bank transfer, bitcoin, local cards, and KakaoPay are also available on many lotto sites for Koreans.

As mentioned earlier, the Korean national lottery is also conducted via the internet. As such, the best online lottery platforms accept KRW. In addition to avoiding conversion fees, playing in the local currency can help players manage their spending better.

The use of digital currencies like BTC has helped many bettors to play the lottery online without revealing their identities. Crypto payments are decentralized, meaning they are not regulated by the central bank or the local government.

Payment methods in South Korea
History of lotteries in South-Korea

History of lotteries in South-Korea

Gambling has been part of the lifestyle in Korea since its creation as World War 2 was coming to an end. The Republic of Korea was an American colony that voted to separate from the Northern side, which was part of the Soviet Union.

Initially, traditional board games like ssireum and janggi dominated the Korean Peninsula. Following the inauguration of a new government, tough legislation on games of chance was enacted. South Koreans could not even gamble in foreign countries as per the Habitual Overseas Gambler law.

History of lotteries in South-Korea
The official Korean lottery

The official Korean lottery

The south Korean lottery started in 1948 when the country participated in the London Summer Olympics. It was a way of raising funds to help athletes.

The first national lottery (House of Lotto) was officially initiated in 1969 and lasted for 20 years. When the Asian Games and the Olympics were held in Seoul in 1983, the Olympic Lottery was made the national lottery. Also, in the 20th Century, the 6/45 lottery had taken the gambling industry by storm.

As of 1990, instant lottery scratch cards were already introduced in the country. Another popular game, Korea KoLotto, came out in 2002. The Korean Lottery Commission came into existence under the Lottery Fund Act in 2004, which is responsible for licensing Korean lottery operators. By 2007, the government-appointed Nanum Lotto Inc. as the official distributor of all kinds of South Korean lotto games.

The official Korean lottery
Lottery nowadays in South Korea

Lottery nowadays in South Korea

Lotteries are a regulated industry controlled by the Ministry of Economy and Finance in conjunction with the Korea Lottery Commission. Today (as of 2022), the Dong Hang Lottery is authorized to operate the National Lottery. Like other developed nations, the betting sector focuses on positively impacting the public by maximizing their winnings and minimizing the gambling problem.

Even better, players can access the best lottery sites in Korea and from abroad. Online lottery accounts for about 90% of lottery sales. Scratchcards and other forms of lottery hold about 10% of the entire market. One of the lotto games that is increasingly popular is the Bok-Kwon (Pension 520), launched in 2011. Data show that the online lottery has been growing since 2020, even when most Koreans are working from home.

No South Korean law prohibits international companies from offering lotto games to their citizens. But Koreans should be careful when playing at these sites because the government will not offer consumer protection.

Most punters use VPNs to access the best online lottery sites because the S. Korean authorities have slowed connections or blocked them. A VPN masks the user's identity and changes their web address so they can access geo-blocked websites.

Lottery nowadays in South Korea
Future of lottery in South-Korea

Future of lottery in South-Korea

Even with the government's tough approach to online gambling, there have been notable improvements in the relaxation of gambling laws, especially in recent years. In 2012, for instance, Seoul hosted a high-stake event that was sponsored by one of the well-known betting sites in the world.

More than 250 players contested in the event, having contributed ₩3 million each. The winner took home ₩145 million, which is equivalent to $131,000. So, what does this mean for the future of online gambling, particularly online lottery sites?

The Republic of Korea is keen on keeping up with a monopoly on lotteries, considering a significant portion of the proceeds from the activity is spent on the sports industry and charity. Despite increasing illegal betting, online lottery sites are still a thriving business. If the government eases online gambling laws, there is no doubt that the economy of South Korea will see a great improvement.

Lotto ticket sales are shifting towards digital formats. With increased smartphone penetration and faster internet connectivity, there's been a rise in mobile-based lottos. Soon, almost all lotto players will be playing their best online lottery within the comfort of their personal spaces.

Future of lottery in South-Korea
Lottery acts South Korea

Lottery acts South Korea

Licenses for lottery operators are granted under the Lottery Fund Act. The same law also governs online lottery sites in the Republic of Korea. Under Article 4 Section 2 of the Lottery Fund Act, no person is allowed to sell lotto tickets to end consumers at a value exceeding the price prescribed by the Korean Lottery Commission or more than 200 tickets at a go within the limit of the Presidential Decree.

Furthermore, lottery sellers must verify the age of players. The amended Act 11048 of 2011 states that no one should issue lottery tickets to a juvenile (as defined by Juvenile Protection Act).

In the Specialized Credit Finance Business Act Article 2, selling lottery tickets by credit cards is prohibited in South Korea. The only exception is a lottery that is hard to buy with cash as directed by the Presidential Decree.

Still, under the Lottery Fund Act Article 6, operators of online lottery entrusted by the Korea Lottery Commission shall not sell lotto tickets to make a profit. Plus, they cannot offer online lottos on platforms other than the designated places by the contract.

Lottery acts South Korea
FAQs

FAQs

How many kinds of lotteries are available in South Korea?

Korean lottery can be categorized into traditional (like raffle tickets) and electronic (played online and through telecommunication networks).

What determined the odds of winning a lottery?

Each lottery is unique. The odds of winning depend on the number of participants and how the lotto game works. Generally, the odds of online lotteries are better than traditional lotteries.

Who determined the winning numbers?

Drawings for online lottos are entirely random. An online lottery site has no control whatsoever over the winning combinations.

How often do jackpots occur?

In some lotto games, jackpot winners are announced every week. The jackpot rolls over to the next draw if no winner is picked.

In what currency do online lotteries process payouts?

While international lotteries are open to a global audience, they pay out winners in standard currencies such as USD, EUR, and GBP. Local lotteries may disburse winnings in KRW to make it easier for domestic players.

FAQs

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