KSPO K-Cycle & K-Motorboat Racing Holds Betting Integrity Sharing Agreement MOU Signing Ceremony with IBIA

Director Sung-chul Lee, the KSPO K-Cycle & K-Motorboat Racing Director, held a betting integrity monitoring agreement MOU signing ceremony with the International Betting Integrity Association (IBIA) at the seminar room of the Korean Cultural Centre UK on Tuesday, 5th August.

The MOU with IBIA represents a landmark moment for South Korean sports integrity, marking the first cooperation of its kind between IBIA and an Asian nation sports body, underscoring the significance of this new collaboration. The agreement demonstrates a commitment to aligning with global best practices in betting integrity and serves as a significant step in South Korea’s broader international engagement with the regulated sports betting sector.

In 2024, South Korea’s betting industry market recorded total sales of 25.3 trillion won (approx. €15.7 billion) and approximately 22.86 million users, establishing itself as a major foundation for public leisure and public fund creation. Among them, K-Cycle & K-Motorboat Racing recorded annual sales of 1.8859 trillion won (approx. €1.17 billion) and 12.5 million users (online/offline total), accounting for about 7.5% of the total betting industry sales in South Korea. Since the introduction of the system, K-Cycle & K-Motorboat Racing has contributed greatly to the promotion of national sports and the expansion of public finance by raising approximately 1.9464 trillion won (approx. €1.21 billion) for the National Sports Promotion Fund.

At the event, General Director Sung-chul Lee stated, “Through this agreement, KSPO K-Cycle & K-Motorboat Racing has elevated the status of K-Sports and has taken a leap forward to global standards.” He added, “I would like to express my deep gratitude to CEO 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 & K-Motorboat Racing products to the international betting market, protected by this important integrity collaboration.”

IBIA is the leading global voice on integrity for the regulated betting industry, representing many of the world’s largest licensed operators. A not-for-profit organisation established in 2005, IBIA manages a global monitoring and alert network that tracks transactional activity to detect suspicious betting patterns across its members’ markets, which generate over $300bn in sports betting revenue per annum. The association works closely with major sports bodies like FIFA, UEFA, the ITIA and the IOC, as well as regulators worldwide, to support the fight against betting-related corruption. Committed to transparency, IBIA publishes regular integrity reports and requires all members to meet strict due diligence and betting integrity standards.

Khalid Ali, CEO of IBIA, commented: “This 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. IBIA 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 portect the integrity of K-Sports’ products.”

Professor Jae-kwang Shin of Seokyeong University commented, “The agreement with IBIA is an essential gateway for entering the global betting market, and the process of meeting its standards is quite challenging. The fact that this agreement with KSPO was one of the first in Asia is a remarkable achievement for South Korea’s sports and can be seen as a great accomplishment.” He also evaluated, “In the future, the KSPO will be able to play a significant role as a leader in the betting industry in Asian countries, and this also provides KSPO with a good opportunity to engage with IBIA’s vast global network.”

Through this agreement, KSPO K-Cycle & K-Motorboat Racing has committed to working in alignment with IBIA’s monitoring and reporting framework, strengthening its ability to identify and act on suspicious activity in the betting market. The partnership serves to reinforce South Korea’s sports integrity infrastructure and ensure compliance with internationally recognised standards. With the support of IBIA’s monitoring platform and global network, KSPO aims to build confidence among stakeholders and support the integrity of the betting environment both domestically and abroad.

The completion of this MOU also involved FnS Co. Ltd. (CEO Ho-young Choi), a sports consulting firm that has maintained a strong cooperative relationship with KSPO and has been actively pursuing international opportunities over the past three years. The firm’s extensive network across the UK and Europe played a particularly effective role in facilitating this agreement.

The signing ceremony was attended by Sung-chul Lee, General Director of the KSPO K-Cycle & K-Motorboat Racing Headquarters, Myung-ho Jeon, Senior Manager of the KSPO, Ho-young Choi, CEO of FnS Co., Ltd., and Professor Jae-kwang Shin of Seokyeong University. From IBIA, CEO Khalid Ali and Jason Foley-Train, Head of International Development, were present.