Illegal gambling ring with $1.4bn bets taken down in South Korea

• The Busan Metropolitan Police Agency's Mobile Criminal Investigation Unit conducted an operation against illegal gambling, arresting 23 people
• The unlawful gambling ring placed the mind-blowing sum of more than $1.4bn in wagers
• Using a hedging strategy called arbitrage betting, the group placed wagers on both sides of sports events, earning approximately $2.45m

Police in South Korea took down an illegal gambling ring that placed bets of more than $1.4bn.

The operation was led by the Busan Metropolitan Police Agency's Mobile Criminal Investigation Unit and resulted in the arrest of nearly two dozen people in Busan.

More than $1.4bn wagered

Law enforcement acted on intelligence suggesting that an illegal gambling and organized crime ring had been operating from offices in Haeundae-gu, Busan.

The authorities determined that the criminal group operated from April 2022 until September 2025, surpassing the mind-blowing sum of 2.1 trillion won ($1.43bn) in wagers.

One police official, quoted by The Chosun Daily, commented: "In this case, two organized crime members were deeply involved in the overall operation, and a medalist from the Asian Games national team was mobilized as a 'betting technician.'"

The Busan Metropolitan Police Agency's Mobile Criminal Investigation Unit confirmed Thursday that following raids on several locations, it has arrested a total of 23 people.

The aforementioned number includes a 40-year-old man, who, according to law enforcement, was the leader of the illegal gambling ring.

"We have requested an Interpol red notice for another ringleader who fled to the Philippines and the organization that runs the gambling site," the police official added.

The same police official reaffirmed law enforcement's dedication to combatting illegal gambling and organized crime.

The criminal group used arbitrage betting

An investigation into the actions of the criminal group uncovered that they engaged in two-way betting, an activity also popularly known as arbitrage betting.

The group used illegal gambling websites to place wagers on both sides of games.

Renting offices in various locations in Haeundae-gu, the criminal group relocated every couple of months or so to avoid suspicion or detection.

What's known so far is that the ringleader played a major role by providing funds for the gambling activities, paying rents of the venues used as bases for the operation and providing SIM cards in the names of other people used for account activation.

Arbitrage betting is often punished by gambling companies, with users engaging in such actions often facing account suspensions or failing to withdraw their winnings.

To avoid detection, the organized crime group placed wagers via different accounts.

According to police, the group earned 3.6bn won or $2.45m from the unlawful activities.

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