South Korean Won Casinos
South Korea is easily one of the most technologically advanced countries in Asia. However, their online gambling sector is virtually non-existent – at least from a South Korean law perspective. This does not mean that you can find a wealth of sites accepting South Korean won, though. While most of the casinos are based internationally, they make for the ideal way for South Koreans to bet with KRW online.
The South Korean won (KRW) is only used in South Korea, and despite differing from North Korean won (KPW), they were once originally the same currency, known as Korean won. Today, we differentiate between the two. Officially, the currency is divided into 100 jeon, but like many currencies with “big denominations”, jeon only appears in digital transactions. The Bank of Korea prints the currency, and South Korea itself is one of the world leaders in moving to digital-only transactions.
As touched on, South Korea does not license online casinos itself, so citizens are going to have to look to international betting sites to wager, as these fall outside South Korean law. Fortunately, many are aware of this and readily accept the currency, essentially becoming KRW online casinos. You can find the leading South Korean won casinos below.
Casino List with KRW Currency
About South Korean Won in Gambling
As the South Korean won is one of the most famed currencies for digital transactions, it is a doddle to use at casinos, not just for players in the country but those based across the Far East. Most leading casinos and bookmakers (even those from as far afield as Europe) will permit deposits, withdrawals and sometimes even bets using KRW.
Online Gambling in South Korea
South Korea is a country where virtually all forms of online gambling are illegal. Moreover, the South Korean government goes out of its way to try and block access to operators based offshore. How far they go to do this does tend to vary. For instance, it is estimated that the so-called illegal online betting industry is worth the equivalent of $66 billion (USD). South Korean police do tend to raid businesses engaging in illegal gambling activities, but there does not appear to be any punishments in place for the players themselves.
Because of this, players in South Korea can often access foreign betting sites using nothing more than a VPN. The authorities will try to block players from using South Korean won to make transactions, but this is easily bypassed by using e-wallets, most of which accept KRW as a currency.
Popular Deposit and Withdrawal Methods with KRW
The South Korean authorities have made it clear that they do not permit their banks, such as the Bank of Korea, to process gambling-related transactions online. As a result, South Koreans will often turn to other payment options to wager at online casinos. Below, you will find a handful of those options that are readily used.
- Prepaid cards (VISA and MasterCard, can be set up in another currency)
- Prepaid vouchers (Paysafecard is accepted but cannot be used for withdrawals)
- E-wallets (hugely popular with South Koreans and can include EcoPayz, Neteller and Skrill)
- Cryptocurrencies (officially illegal, but many still use Bitcoin, Litecoin, Ethereum and others)
