‘Sports toto’, the only legal sports betting business in Korea is the public business in which people can purchase tickets to bet on the results of sports games(soccer, basketball, baseball, volleyball, and golf), and the winning amount is refunded when they correctly predict the results.
‘Sports toto’ attracts a higher level of public attention to sports, and it is different from the general lottery businesses in that it does not depend entirely on luck.
There are two types of ‘Sports toto’. ‘Toto’ is a pari-mutuel game under which people receive a payout in accordance with the actual result. 50% of the total sales are divided by the number of winners to determine the amount of payout. And ‘Proto’ is a fixed odds game under which people are able to participate in certain games of their choices from a list of matches. They are able to confirm the amount of payout in advance by a fixed payout rate.
The issuance of ‘Sports toto’ is entrusted to K-toto Co.,Ltd for operation, and is offered through about 6,500 nationwide stores and one internet site(www.betman.co.kr).
All profits are distributed to the National Sports Promotion Fund which is used for sport for all such as the construction of public sports center, professional sports such as supporting sports organizations and various international competitions, etc.
The ultimate goal of the business is strengthening Korea’s base as a strong sports country by forming an environment in which everyone can enjoy the benefits of sport welfare.