ACT ON SPECIAL CASES CONCERNING REGULATION AND PUNISHMENT OF SPECULATIVE ACTS

Article 1(Purpose) #

The purpose of this Act is to prescribe the matters concerning guidance for and regulation of speculation-related businesses, and the special punishment of persons, etc., who perform speculative acts by using slot machines or speculative gaming machines, besides speculation-related businesses, in order to prevent the outbreak of an excessive speculative spirit and to preserve good morals.

[This Article Wholly Amended on Aug. 4, 2011]

Article 2(Definitions) #

(1) The definitions of terms used in this Act are as follows:

1. "Speculative act" means any act to cause gain or loss of property by collecting goods or benefits from such property (hereinafter referred to as "goods, etc.") from many people and by determining the gain or loss by coincidental means;

2. "Speculative business" means the business falling under any of the following:

a. Lottery ticket issuing business: The business of collecting goods, etc. from many people by using particular tickets (including those in electronic form issued by an apparatus with data processing capabilities, such as computer programs), and having the winner enjoy gain of property and the other participants suffer loss using such methods as a lottery system;

b. Prize competition business: The business of collecting goods, etc. from the subscribers under the condition that benefits will be given to those who provide correct answers to particular survey questions or make a good guess, and having all or some of the people who have provided right answers or made a correct guess enjoy gain of property and the other participants suffer loss;

c. Other speculative businesses: The businesses prescribed by Presidential Decree, one of which uses equipment or methods deemed likely to attract speculative minds, such as wheel-spinning, lottery, and giveaways, for the purpose of profit-making, in addition to items a and b;

3. The term "manufacturing business of speculative instruments" means the business of manufacturing, remodeling, or repairing machines, machine boards, instruments, or computer programs used in a speculative business (hereinafter referred to as "speculative instruments");