KSPO K-Cycle & K-Motorboat Racing, led by General Director Mr. Sung-chul Lee, held an official signing ceremony for a Memorandum of Understanding (MOU) with the International Betting Integrity Association (IBIA). The event took place at the seminar room of the Korean Cultural Centre in the UK.
This agreement marks a significant milestone for sports integrity in South Korea, as it represents the first collaboration of its kind between IBIA and a national sports organization from Asia. It demonstrates South Korea’s commitment to aligning with global best practices in betting integrity and highlights the country’s growing engagement with the international regulated sports betting sector.
In 2024, South Korea’s betting market generated total sales of 25.3 trillion won (approximately €15.7 billion), with around 22.86 million users. This firmly positions the industry as a key contributor to public leisure and state funding. Within this landscape, K-Cycle & K-Motorboat Racing recorded 1.8859 trillion won (approximately €1.17 billion) in annual sales and attracted 12.5 million users through both online and offline channels—representing roughly 7.5% of the national betting industry’s total. Since its inception, the platform has played a major role in promoting national sports and expanding public funding by contributing around 1.9464 trillion won (approximately €1.21 billion) to the National Sports Promotion Fund.
At the event, Mr. Sung-chul Lee stated:
“Through this agreement, KSPO K-Cycle & K-Motorboat Racing has elevated the status of K-Sports and taken a major step toward international standards. I sincerely thank CEO Khalid Ali and the IBIA team for their collaboration in making this agreement a reality. Following this partnership, we plan to bring KSPO’s betting products to the international market, supported by this vital integrity framework.”
IBIA is the leading global voice for integrity in the regulated betting industry, representing many of the world’s largest licensed operators. Established in 2005 as a non-profit organization, IBIA operates a worldwide monitoring and alert system that tracks transactional betting activity to detect suspicious patterns, covering markets that generate over $300 billion in annual sports betting revenue. The association works closely with major sports bodies like FIFA, UEFA, the ITIA, and the IOC, as well as regulators worldwide, in the fight against betting-related corruption. IBIA also publishes regular integrity reports and requires all its members to adhere to strict standards of due diligence and operational transparency.
Khalid Ali, CEO of IBIA, commented:
“This agreement is a meaningful step forward—not just for KSPO and the integrity of K-Cycle and K-Motorboat Racing—but for the advancement of betting integrity standards across Asia. IBIA is proud to support KSPO in setting a new benchmark for clean, transparent, and accountable sports betting operations in the region. We look forward to strengthening this partnership and safeguarding the integrity of K-Sports products.”
Professor Jae-kwang Shin of Seokyeong University added:
“This agreement with IBIA is a crucial gateway into the global betting market, and meeting its standards is a rigorous process. The fact that KSPO is among the first in Asia to achieve this is a remarkable accomplishment for South Korean sports. It also opens the door for KSPO to become a leading figure in the betting industry throughout Asia and gives the organization an excellent opportunity to connect with IBIA’s extensive global network.”
Through this agreement, KSPO K-Cycle & K-Motorboat Racing has committed to working within IBIA’s monitoring and reporting framework. This collaboration will enhance its ability to detect and respond to suspicious activity in the betting market, reinforcing South Korea’s sports integrity system and ensuring alignment with internationally recognized standards. With support from IBIA’s global monitoring platform, KSPO aims to build trust among stakeholders and promote a secure and transparent betting environment both domestically and abroad.
The successful conclusion of this MOU was also made possible through the efforts of FnS Co. Ltd., led by CEO Ho-young Choi—a sports consulting firm that has maintained a close partnership with KSPO and has actively pursued international opportunities over the past three years. The firm’s extensive network in the UK and Europe played a key role in facilitating this agreement.
Attendees at the signing ceremony included Sung-chul Lee, General Director of KSPO K-Cycle & K-Motorboat Racing; Myung-ho Jeon, Senior Manager at KSPO; Ho-young Choi, CEO of FnS Co. Ltd.; and Professor Jae-kwang Shin of Seokyeong University. Representing IBIA were CEO Khalid Ali and Jason Foley-Train, Head of International Development.
