Gambling revenue grows in South Korea

The Asian country reported good results for the second year in a row.

South Korea.- According to the National Gambling Control Commission, South Korea reported US$17.6 billion in gambling revenue in 2016. The number represents a 7.7 percent increase compared to the same period a year before.

Local casinos totaled US$24.2 million in gambling revenue, up from the US$17.7 million registered in 2015, whilst foreigner-only casinos contributed approximately US$1 million. The numbers include revenues from sports promotion, boat racing, horse racing, cycle racing and Sports Toto, among other things. Lottery ticket sales experienced a 9.3 percent year-on-year increase with US$2.2 million, and the report established that participation of citizens with incomes lower than US$1700 increased by 10.2 percent.

“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,” said ,” Kwak Geum-joo, a psychology professor at Seoul National University. According to Yonhap, the economic deterioration that South Korea is experiencing contributed to the gambling industry growth.