iGaming is a growing market in various parts of the world, but this activity remains illegal in many countries, like Korea. In place of the standard sports betting options, Korea offers a Toto betting option.
With Toto being a government-approved form of betting, many individuals wonder what makes it different from the sports betting option on regular gambling sites. In this guide, we take a look at Toto betting, how it works, and what makes it beneficial to the Korean market.
What is Toto Betting
Toto is a type of sports betting that is available in Korea. It’s a parimutuel betting option, meaning all bets are added to create a pool from which payouts are made.
To participate in online Toto sports betting in Korea, you must get an entry ticket from a legal operator. In South Korea, Sports Toto is the go-to provider. The company has a government-issued license, and it offers entry tickets for these sports:
- Football: Soccertoto, Soccertoto Special, Soccertoto Match
- Baseball: Basetoto Win-1-lose, Baseballtoto Special, Baseballtoto Special+
- Basketball: Basketballtoto Win-5-lose, Basketballtoto Special N, Basketballtoto Match
- Volleyball: Volleyballtoto Special, Volleyballtoto Match
- Golf: Golftoto Special
You can also find a ticket for Toto Under-over on the Sports Toto website. Here, the goal is to predict if the total score of the event will be over or under the listed scoreline. Each Toto bet ticket usually has a predetermined win condition. For instance, to win a Soccertoto match ticket, you must predict the first-half and final score (including extra time) of a match.
There is typically a fixed amount for each bet. This helps promote responsible gambling by preventing bettors from going overboard for huge payouts.
What is Sports Betting in Korea
Sports betting in Korea is the same as in other parts of the world. Here, bettors can make smart wagers using any amount they want. They can also focus on betting on a single match or multiple matches.
You don’t need a ticket to bet, and the parimutuel betting system isn’t in place. However, getting a legitimate gambling site to enjoy online sports betting in Korea is harder than you think.
Toto Payouts in Korea
Unlike regular sports betting, payouts in Toto are different. In Korea, several factors affect the Toto payouts, including:
- The number of winners
- Total amount in the pool
- Government deductions
- Operator deductions
With Toto bets, payouts largely depend on the number of individuals that place bets. The sum of all bets on an event makes up the pool for the payout. However, a part of the pool is set aside for the operator and the Korean government.
Government deductions from Toto voucher purchases go into the national sports promotion funds to be spent on sports welfare and infrastructure. After the deductions, the amount left in the pool represents the payout to bettors.
Why is Toto More Popular than Sports Betting in Korea
Like many other restricted markets, regular sports betting options are prohibited in the Korean market. For individuals looking to visit online gambling sites, restrictions by internet service providers make it impossible to do so without a Virtual Private Network (VPN).
As a deterrent, the Korean government also has punishments for illegal online gambling. These punishments include fines and jail time for the offender.
Responsible Gaming in Toto
Responsible gambling is a means through which betting platforms ensure the safety of their patrons. Through this initiative, companies can protect bettors from addiction.
In Korea, the government plays an active role in responsible gambling with Toto betting. To achieve this, these are some of the rules set on Toto betting:
- A limit on the maximum winnings of an individual
- A cap on the bet amount or purchase limit of a bettor
- A 19-year minimum age to play
With gambling laws in Korea still very strict, gambling on offshore or unlicensed sites is not a welcome suggestion. As an alternative, Toto betting is a much safer and adequately controlled option.
Despite the tight regulation, it’s worth noting that these laws don’t apply to foreigners in Korea. So, if you’re visiting the country, you can still enjoy gambling online or visit any of the exciting casino venues in the country.
