25 Feb Prohibited Online Gambling Operators Could Face Lifestyle Sentences in Southern Korea
South Korea is cracking down on illegal on the web gambling operators as rogue Internet gaming is becoming an ever-increasing problem for government and law enforcement officials.
Illegal online gambling in Southern Korea is rapidly becoming a serious issue facing culture and the federal government has had enough.
Later last week Korean officials announced its National Police Agency (NPA) will be cracking down on the forbidden industry starting at the top with the gambling operators.
According to police, online gambling platforms are very nearly exclusively managed and controlled by organized crime.
Previous prices for running an Internet gambling internet site came with a punishment of up to seven years in prison or 70 million won ($61,500) fine.
That will quickly change as running an illegal gambling system will now be classified as participating in a criminal group enterprise, an arrangement that is susceptible to a life sentence in jail.
‘with the charge of criminal group organization, the operators will be subject to harsher punishments of up to life sentences,’ the Korean was told by a NPA official Times.
Citizens of South Korea are largely prohibited from partaking in every sort of gambling activity.
The exception being the , a remote abandoned mining village that’s the only gambling venue in the nation Koreans are permitted to enter.
However, many hotels and resorts in cities favored by tourists and business that is foreign are permitted to provide casino games, though locals are banned from participating.
The nation’s rather clear position on anti-gambling hasn’t stopped both offshore and domestic criminal activity cartels from setting up gambling stores online to focus on the untapped population that is betting.
‘Gambling is becoming a serious problem in Korean society,’ the Korea Herald editorial page wrote a week ago. ‘One of this steps that are first fight gambling is cracking down on … people who arrange gambling in casinos and gambling houses overseas and the ones who run illegal Internet sites.’
Gamblers Face Stiffer Fines
It’s not going to just be the operators dealing with more stringent fines and perhaps prison that is seemingly exorbitant. Gamblers may also be subject to sentences that are harsher they be found guilty of playing at unlawful iGaming sites.
‘we will charge all gamblers without exceptions, regardless of how often they gamble or how much money they bet,’ the NPA said although we have prosecuted only habitual gamblers and gamblers betting a large amount of money in the past.
Of course, targeting the suspected hundreds of several thousand casual online gamblers in Korea would be impossible, the agency saying it will focus on those observed to own gambled at least three times.
Instead of small to no legal prosecution as had been previously the case, gamblers will now face financial punishments and also the chance of prison.
Computer programmers and internet hosting companies who knowingly comply with the organizations that are criminal also be prosecuted.
Korean officials say an unique online that is illegal gambling force will likely be designed to monitor the marketplace and strengthen the police’s ability to control and indict criminals and players.
A recent string of gambling scandals in Korea has been the principal driving force within the federal government being forced to take additional steps in cracking down on the unlawful industry.
Just a week ago a gambling ring had been uncovered, the group suspected of profiting 16 billion won ($14 million) over the last four years.
Governmental Day Trading Gaining Traction as Presidential Election Gets Hot
If somebody thinks Sen. Marco Rubio is the favorite to become the 2016 Republican nominee, political day trading web sites now enable Americans to place little wagers on their forecasts. (Image: Reuters/telegraph.co.uk)
Governmental day trading may be the act of placing real money on predicting the result of sets from the 2016 presidential election to whether Congress will repeal the medical unit taxation.
Prediction market trading dates back to 1999 whenever two Wall Street futures and options brokers founded Intrade.
The power to place tiny wagers on candidates took favor with Americans throughout the 2012 US election that is presidential incumbent President Barack Obama and GOP challenger Mitt Romney.
Unfortunately for Intrade, the united states of america Commodity Futures Trading Commission (CFTC) filed a civil lawsuit in November 2012 against the working platform for unregulated trading.
The action that is legal to Intrade initially blocking US customers while the site’s ultimate demise 90 days later.
Possibly as a result of the surfacing of daily dream sports (DFS) and skill-based wagers being considered clear of the Unlawful Internet Gambling Enforcement Act of 2006, governmental day trading is straight back simply over time for the 2016 election.
Day Trading Over Polls
PredictIt, the Intrade of 2016, ‘allows traders to make predictions on prospective future events by buying shares in the outcome.’ Since its launch 12 months ago, PredictIt has attracted nearly 40,000 traders who have wagered $9.4 million as of mid-October.
Cents in comparison to the behemoth of daily fantasy, but as the race for the White home, or more appropriately, the long, drawn-out two-year endurance marathon heats up, more casual gamblers will likely take a good look at political day trading.
The relative small bets that cap out $850 per trade keeps it a ‘fun’ task according to Microsoft Research Economist David Rothschild.
Players aren’t winning and losing millions of dollars every Sunday as is the way it is on DFS platforms DraftKings and FanDuel. Rothschild also thinks maintaining smaller maximum bets will assist the market stay away of federal government intervention.
Daytrading Over Polls
Governmental analysts, media pundits, and focus group mediators make jobs debating which candidate is performing the best during an election cycle. Every speech and move is analyzed, every poll dissected.
Perhaps the clearest data available on political trends may be discovered at PredictIt and other similar sites accepting wagers on the ultimate results.
According to PredictIt, Florida Sen. Marco Rubio was the winner that is big the third Republican primary debate last Tuesday, his share price jumping 11 cents to 53 cents to win the GOP nomination. Former Florida Governor Jeb Bush was the biggest loser, his stock dropping from 28 cents to just 17.
While PredictIt predicted it just moments and hours after the debate that Rubio soared in the CNBC showdown, it took the polls days that are several verify the inclinations of bettors.
In the key battleground of brand new Hampshire, the second state to vote within the GOP primary, Rubio tripled their support from four to 13 percent and is now placed behind frontrunners Dr. Ben Carson and Donald Trump. Rubio’s favorability also rose 12 %.
‘While it’s easy for pundits to say that the candidate is a ‘lock’ for the nomination or utterly doomed, PredictIt and sites they mouth is,’ Daily Caller journalist Blake Neff concluded last week like it have their odds determined by those willing to put their money where.
New York State Introduces Bill to modify DFS
New York Assemblyman Felix Ortiz, whose bill to regulate DFS would treat the activity ‘the same method we oversee racing and the lotteries.’ (Image: construction.state.ny.us)
The regulation of daily fantasy sports begins.
The states of Illinois and Minnesota introduced bills last week that try to develop a framework for regulation associated with the industry, which has so far operated unhindered by the scrutiny of a governing body.
The New Jersey Division of Gaming Enforcement while Nevada has declared that operators must apply for a sports betting license to offer games there, New Jersey Senator Jim Whelan (D-2nd) said yesterday he plans to present a bill which would make DFS subject to one of the strictest regulatory authorities in the world.
And after this New York State Assemblyman Felix Ortiz (D-51st) has introduced his piece that is own of, bill A08554, which would designate the DFS a ‘gaming activity,’ bringing it under the certification jurisdiction for the brand New York State Gaming Commission.
‘This is an industry that is unregulated a lot of money in play,’ said Ortiz. ‘We should is royal vegas casino safe regulate fantasy activities the same means we oversee racing and the lotteries. It really is our responsibility to guard against compulsive and underage wagering, money laundering and identity fraudulence.’
The bill cites issues that are recent the transparency and fairness regarding the DFS operators in the light associated with the alleged DraftKings ‘insider exchanging’ scandal.
DraftKings is currently the subject of an investigation by both the New York Attorney General and the US Attorney for the Southern District of nyc after it emerged that DFS industry employees are party to insider information that could give them an side over other players in the games.
Until the scandal broke both DraftKings and closest rival FanDuel had permitted their employees to play on one another’s internet sites.
‘Adding fantasy activities to that list [of regulated games] is both reasonable and justified given existing authority over similar types of gambling and it could assist in preventing unjust practices in this booming multimillion buck industry,’ asserts the legislation.
New Jersey Proposal
Meanwhile, Senator Whelan, has sent a letter to this new Jersey regulator, notifying it of his intent to introduce his bill towards the state legislature.
‘I don’t believe we have to impede one’s enjoyment of fantasy sports. However, we now have an responsibility to make sure that fantasy sports competition is fair, impartial, and transparent to everybody else,’ the page read.
‘The Division has done a great job of regulating internet gaming companies and ensuring here are safeguards in destination. We should make certain that those safeguards that are same in place with daily fantasy sports.’
The need to regulate DFS in the light of recent was discussed during a legislative hearing on the proposed legalization of casinos in the state in Georgia this week.
Ca already has a bill up for grabs, which was actually introduced in just days before the insider trading scandal broke september.