Despite a tough year South Korean punters keep betting
News on 6 Mar 2017
News on 6 Mar 2017
Despite a persistent economic slowdown, South Korean punters continued to place their bets in 2016, media reports from the region indicate, noting that lottery, casino and horse racing revenues all increased markedly.
The sole legal land casino, Kangwon Land posted an almost 4 percent y-o-y rise in sales to KRW 1.7 trillion; lottery ticket sales were up 9.3 percent at KRW3.9 trillion; and revenue from horse racing was marginally up at a still-impressive KRW 7.7 trillion, whilst cycle racing delivered a 1.7 percent sales increase year-on-year to reach KRW 1.9 trillion.
The big money, however, came from land casino operations that are focused exclusively on foreign visitors, which generated KRW 20.5 trillion in sales to create a new milestone.
