Horseracing accounts for the biggest share
South Korea: Gambling industry generated USD 54.6B over the past 15 years
The Korea Taxpayers Association analyzed records from the National Gambling Control Commission and revealed that half of the money was collected through taxes,
2017-04-13
Reading time 31 seg
The Korea Taxpayers Association analyzed records from the National Gambling Control Commission and revealed that half of the money was collected through taxes,
Horseracing brought in the biggest portion, 37.5%, followed by the lottery (25.4%) and casinos (12.3%), the data indicated. Multiple taxes, including leisure, regional education and agricultural tariffs, are levied on all of the games, except for the lottery and sports betting, whose proceeds are deposited into related funds.
According to the association, tax revenue from the gambling industry more than doubled during the period, from 1.17 trillion won in 2000 to 3.42 trillion won in 2015, while the related funds increased nearly eightfold, from 454 billion won to 3.42 trillion won.
Profits increased about fourfold, from 1.3 trillion won in 2000 to 5.84 trillion won in 2015.
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