South Korea’s gambling industry continues to defy the odds, despite the economic downturn the country is facing.
For the second year in a row, the gambling sector grew 7.7 percent to reach KRW20.3 trillion (USD17.6 billion) in 2016 from a year earlier, according to The National Gambling Control Commission. The figures include revenues from Gangwon Land, cycle racing, horse racing, boat racing and sports promotion voting right system, or Sports Toto.
The nation’s casinos earned the lion’s share of 2016’s gambling revenue, reporting KRW28.04 billion (USD24.21 million)—a jump from the KRW20.5 trillion reported in 2015. Foreigners-only casinos contributed KRW1.2 trillion, while state-run Gangwon Land reported KRW1.7 trillion in sales.
Sales of lottery tickets also grew 9.3 percent on-year to reach KRW3.9 trillion as lottery participation among those making less than KRW2 million (USD1,700) per month nearly doubled to 10.2%.