Paid to lose
Social gamblers in South Korea called moneymen lose in virtual blackjack and poker to gain a 10% commission.
Ever dreamed about getting paid when you lose at blackjack or poker?
This is exactly what can happen in South Korea. Several websites offer social blackjack and poker in the Asian country. Players play against each others using virtual points or currencies.
According to the law, players may only buy virtual game credit up to a limit of 300,000 won (around $270) a month on any Korean social gambling site. Also, it is forbidden for a gamblers to sell their points to another player.
The money legally purchased each month is clearly not enough for hardcore gamblers. Enter the moneymen. These guys play poker or blackjack online, but they concentrate on losing hands. Their lost virtual points are transferred to the winner, who in turn pays the loss plus 10 percent commission to the moneymen.
10 percent gain on gambling losings
Basically moneymen gain 10 percent in real cash on their losings in virtual currencies. Not a bad deal. Any transaction involving moneyman and commission is illegal and punishable by a prison sentence, but there is not much he authorities can do about it. Even though it is supposed to be an unlawful activity, there are several online lessons offered on how to become a moneyman.
Supposedly, there are over 1,000 moneymen operating in South Korea. Online gambling experts estimate that billions of Korean won are changing hands thru moneymen every month. A beginner moneyman can make about two million won ($1,800) a month, a pro brings home about $91,000 a year.
And what do the the social gambling site in do about it? Actually, moneymen make them a nice revenue. There is a rake to be player after every hand dealt, and the more money is involved, the more the site makes. And they don’t care if you lost intentionally or just had bad luck.