South Korea's gambling revenue hits 17.6B in 2016
The figure incorporates revenue generated by lottery, betting and casino gambling, but excludes the proceeds generated by the jurisdiction’s foreigner-only casinos.
Lottery ticket sales rose sharply, climbing 9.3% to a 13-year high of KRW 3.9tn, while state-run casino Kangwon Land, the only resort that accepts South Korean nationals, reported total sales of KRW 1.7tn, an increase of 3.8% on its results for 2015.
The Korea Racing Authority also posted revenue growth, generating KRW 7.7tn in 2016, representing a year-on-year increase of 0.2%.
The rise in gambling revenue against the backdrop of the country’s current economic downturn has been attributed to a growing number of people turning to speculative wagering.
Kwak Geum-joo, a Psychology Professor at Seoul National University, told Yonhap: “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.”
South Korea’s casino sector will receive an additional boost this year with the planned April 2017 opening of the Paradise City resort near Incheon Airport.
UAE Lottery announces second AED 5 million winner in two months
Zitro to present FANTASY cabinet and Asia-focused game lineup at G2E Asia in Macau
Zitro Digital appoints Thiago Valadão as Commercial Director for Brazil
HIPTHER appoints Elena Stepanyatova to lead event content and production across conference portfolio
MGM Resorts posts record first-quarter revenue as profit slips on weaker margins
CT Interactive expands portfolio, boosts Bulgaria presence in April
IDX selected to power 250 gaming tables with X-Trend system at the Westside Resort
Racing and Sports partners with Altenar to enhance global racing offering
Altenar wins Best Online Sportsbook Provider 2026 at SiGMA South America
Wazdan earns triple nominations at AffPapa iGaming Awards 2026 for excellence in slots and branding
