Lotteries, Casinos Booming in South Korea

SOUTH KOREA – As reported by the Korea Times: "In what is seen as a harbinger of change in the pecking order in the legal gambling industry, lotteries and casinos are booming in contrast to a decline in the traditional industry's mainstay of horse and bicycle racing.

"According to the Korea Institute of Public Finance, the government earned 279 billion via taxes and other quasi-taxes from the lottery sector in 2005, up from 246 billion won in 2004.

"…The casino industry has also paid more in taxes, 279 billion won in 2005, 246 billion won in 2004.

"…The trend is ascribable to the introduction of Lotto 6/45 and the operation of a casino for Koreans, Kangwon Land, the institute said.

"On the contrary, horse and bicycle racing, two traditional leaders in the gambling industry, are losing popularity…"