{"id":10419,"date":"2025-08-08T13:12:21","date_gmt":"2025-08-08T12:12:21","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=10419"},"modified":"2025-08-08T13:12:26","modified_gmt":"2025-08-08T12:12:26","slug":"ibia-brings-the-korean-betting-market-to-the-global-stage","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2025\/08\/08\/ibia-brings-the-korean-betting-market-to-the-global-stage\/","title":{"rendered":"IBIA Brings the Korean Betting Market to the Global Stage"},"content":{"rendered":"\n<p>South Korea will export K-cycling and K-motorboat racing as global betting markets through the <strong>International Betting Integrity Association (IBIA).&nbsp;<\/strong><\/p>\n\n\n\n<p>This was announced at a ceremony held by the <strong>Korea Sports Promotion Foundation (KSPO)<\/strong> in London, where it reached a gold standard in integrity by signing a <strong>Memorandum of Understanding (MoU)<\/strong> with the IBIA.<\/p>\n\n\n\n<p>The agreement particularly focuses on protecting betting integrity around cycling and motorboat racing, both popular sports among South Korean bettors.<\/p>\n\n\n\n<p>This represents not only a milestone for Korean sports but also for the IBIA, as signing an MOU with an Asian national sports body is the first of its kind for the global integrity organisation.<\/p>\n\n\n\n<p>On signing the MoU with the KSPO, <strong>Khalid Ali<\/strong>, CEO of IBIA, commented: \u201cThis agreement marks an important step forward, not only for KSPO and the integrity of K-Cycle and K-Motorboat Racing, but for the advancement of betting integrity standards across Asia.&nbsp;<\/p>\n\n\n\n<p>\u201cIBIA is delighted to support KSPO in setting a benchmark for clean, transparent and accountable sports betting operations in the region. We look forward to building on this partnership and helping to protect the integrity of K-Sports\u2019 products.\u201d<\/p>\n\n\n\n<p>Besides cycling and motorboat racing, horse racing is also legal to place a bet on in South Korea. Other types of allowed gambling include lottery tickets, sports toto, and land-based wagering at Kangwon Land Casino venues \u2013 with all three verticals being state-run.<\/p>\n\n\n\n<p>South Korea\u2019s betting market recorded around 25.5 trillion Korean won of total sales ($16.3.bn) in 2024, with approximately 22.86 million players on the market.&nbsp;<\/p>\n\n\n\n<p>Cycling and motorboat racing alone brought in annual sales of 1.9 Korean won ($1.28 bn) and 12.5 million users, amounting to around 7.5% of total betting industry sales in South Korea for 2024.<\/p>\n\n\n\n<p>Also welcoming of the hallmark agreement for Korean sports was <strong>Sung-chul Lee,<\/strong> Director General of the KSPO. He remarked: \u201cThrough this agreement, KSPO K-Cycle &amp; K-Motorboat Racing has elevated the status of K-Sports and has taken a leap forward to global standards.\u201d&nbsp;<\/p>\n\n\n\n<p>\u201cI would like to express my deep gratitude to Khalid Ali and the IBIA officials for their cooperation in making this agreement successful. Following this agreement, we intend to supply the KSPO K-Cycle &amp; K-Motorboat Racing products to the international betting market, protected by this important integrity collaboration.\u201d<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korea will export K-cycling and K-motorboat racing as global betting markets through the International Betting Integrity Association (IBIA).&nbsp; This was announced at a ceremony held by the Korea Sports Promotion Foundation (KSPO) in London, where it reached a gold standard in integrity by signing a Memorandum of Understanding (MoU) with the IBIA. The agreement [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":10420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[4,5,1],"tags":[52,13576,167,46,3202,12475,7222,13579,6690,13577,13578,2683,2254,62,13580],"class_list":["post-10419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-gambling","category-news","tag-betting","tag-betting-fairness","tag-cycling","tag-gambling","tag-ibia","tag-international-betting","tag-international-cooperation","tag-k-sports","tag-khalid-ali","tag-kspo","tag-motor-racing","tag-mou","tag-south-korea","tag-sports-betting","tag-sung-chul-lee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IBIA Brings the Korean Betting Market to the Global Stage - SBC EURASIA EN<\/title>\n<meta name=\"description\" content=\"South Korea will export K-cycling and K-motorboat racing as global betting markets through the International Betting Integrity Association (IBIA).\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2025\/08\/08\/ibia-brings-the-korean-betting-market-to-the-global-stage\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IBIA Brings the Korean Betting Market to the Global Stage - 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