South Korea Gambling Revenues Up 7.7 Percent to $17 Billion for 2016
Gambling revenues in South Korea continued to grow for a second year in a row despite a slowing economy. According to the National Gambling Control Commission, the gambling sector grew 7.7 percent in 2016 from the previous year to reach $17.6 billion. Most of the revenues came from the land bases casinos.
Lottery tickets grew 9.3 percent to reach KRW3.9 trillion and lottery participation nearly doubles to 10.2 percent with the sector that earned less than $1700 per month
Many experts believe that the rise in gambling is a result of the economic downturn and people wanting to speculate to improve their fortunes in a single stroke of luck. According to psychology Professor Kwak Geum-joo the reasons for the gambling boom are,” Due to economic depression, people tend to dream of making a fortune at one stroke. It is necessary to boost social mobility in order to reduce such sentiments.”
Currently South Korea has 17 casinos but only the Gangwon Land is open to local Koreans. Additional casinos are planned including the opening of Paradise City which will be one of the largest foreign only gaming resorts in Korea.