Six Koreans engaged in online gambling were busted in a raid by The Philippines’ finest. Apparently, the police were tipped off by an informant who noticed that the Koreans had an unusually large number of computers in their rooms. The police recovered 14 computer monitors, eight central processing units, two laptops, a hard drive, cellular phones and bank books of their alleged clients. According to The Sun Star (October 20, 2012)
“They took cover here in our country because they are easily traced in South Korea. They are offshoring,” the police official said.
Clients allegedly pay through online transactions with an international bank when a major sporting event, such as basketball or baseball, takes place. They get their money back, plus a share of the pot, if they win.
An online report estimated that the market for illegal sports betting online in Korea could be worth nearly US$10.8 billion.
Wow – US$10.8 billion dollars – kind of makes this major gambling ring bust in Korea seem rather small.