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June 19, 2021

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South Korean gaming expands at a sluggish pace

South Korean gaming expands at a sluggish pace
South Korea's gambling and lottery industry grew for the ninth year in a row in 2014, with total sales hitting more than USD 17.64 B, the government said Wednesday.
South Korea | 03/23/2015

South Korea's gambling and lottery industry grew for the ninth year in a row in 2014, with total sales hitting more than USD 17.64 B, the government said Wednesday.

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ccording to official data, gambling-related sales grew 1%, from the year before. The gambling industry covers casinos, lotteries, horse, cycling and boat races and traditional bullfights. The latest data, however, showed growth trailing in recent years. In 2011, sales growth reached 5% on-year. It rose 6.5% in the following year, then dropped to a 0.6% increase in 2013.

For 2015, government officials predict the industry will generate total revenue over US$ 17.8 million, mainly from a rise in demand for lotteries and casinos. Sales of various lottery tickets and sports betting exceeded US$ 2.93 billion each, up 1.4% and 6.5%, respectively, from the year before.

Revenue earned in 2014 by Kangwon Land, the only local casino open to Korean nationals, jumped 10% from the previous year, while that at foreigner-only casinos increased 0.3%. The modest gain by foreigner-only casinos comes in the wake of China’s corruption crackdown.

Betting on horse races, meanwhile, fell 0.7%, which, along with betting on cycling and boat races, declined for the third straight year.

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