South Korea\u2019s government collected KRW81.8bn (US$70.5m) in tax revenue from the gaming industry in 2020.<\/p>\n\n\n\n\n\n\n\n
South Korea.- South Korean authorities have reported that the collection of gaming taxes declined 82.4 per cent year-on-year in 2020 <\/strong>to\u00a0<\/strong>KRW81.8bn (US$70.5m).<\/p>\n\n\n\n Tax revenue from Kangwon Land Inc<\/strong> plummeted 83.3 per cent from KRW357.8bn to KRW59.9bn in 2020.\u00a0 However,\u00a0that figure was twice as much as South Korea’s 16 foreigner-only casinos combined<\/strong>. Kangwon Land accounted for 14.8 per cent of the country\u2019s 2020 gambling tax revenue.<\/p>\n\n\n\n Gaming tax revenue from the rest of the casinos declined\u00a079.7 per cent to KRW21.9bn<\/strong>. South Korean casinos also need to make contributions to a number of funds. In 2020, such donations totalled KRW322.6m.<\/p>\n\n\n\n Kangwon Land alone contributed KRW268.7bn in fund donations during 2020<\/strong>, down 8.2 per cent year-on-year, while the contribution from foreign-only casinos was KRW53.9m, a decrease of 60.7 per cent.<\/p>\n\n\n\n South Korea’s\u00a0overall tax revenue from gaming in 2020 was KRW404bn<\/strong>, a drop of 82.9 per cent when compared to KRW2.36tn in 2019.<\/p>\n\n\n\n South Korea\u2019s gambling industry<\/strong>\u00a0involves not only casinos and lotteries but also betting on horse racing, bicycle racing, boating and the local version of bullfighting, which puts two animals head-to-head. The\u00a0horse racing segment contributed 62.8 per cent of South Korea\u2019s gambling tax <\/strong>at just over KRW253.7tn.<\/p>\n\n\n\n