Lottery activity in South Korea surged in 2016 in spite of, or because of, a souring economy.
Official lottery figures won’t produced right until February, but Monday brought the launch of a survey by the Korea Lottery Fee beneath the Ministry of Strategy and Finance, which showed just about 56% of participants purchased at least 1 lottery merchandise in 2016. Lotto, the country’s most popular lottery merchandise, reported sales growing nine% in 2016 to KRW three.55t (US $3b), a new record.
Lottery participation between these generating fewer than KRW 2m (US $1,seven-hundred) per month just about doubled to 10.2%, which critics are currently slamming as an indicator of the lottery preying on these with the least discretionary earnings.
Nonetheless, Ministry officials mentioned there was “no verified correlation amongst financial slowdowns and lottery sales,” and the figures showed the best lottery participation price (fifty two.1%) between persons in the best financial bracket (over KRW 4m/month) and the 2nd-best participation (24.1%) between these generating amongst KRW 3m-4m.
A little fewer than 30% of participants reported enjoying the lottery the moment a month, though about 21% performed just about every week. But about ninety% of lottery gamers devote fewer than KRW 10k ($eight.50) each individual time they buy lottery goods.
Questioned why they participate in the lottery, forty one.6% mentioned they favored the point that lottery revenue went to help fewer fortunate customers of Korean culture, though 30.6% mentioned the lottery presented them expectations of hope and 17% mentioned it was simply just a variety of amusement.
LOTTERIES Seen Far more FAVORABLY THAN CASINOS
Koreans hold a far more favorable watch of their lotteries than other kinds of gambling. Questioned regardless of whether lotteries had been speculative, fourteen.eight% of participants agreed. That selection surged to ninety one.5% when applied to betting on horseraces, though ninety three.5% uncovered casino gambling to be associated with a larger hazard of decline.
Kangwon Land is the only 1 of South Korea’s 17 casinos that lets area citizens to gamble, but the casino was lately the issue of a very unflattering Bloomberg short article that centered on gambling addicts in the communities bordering the mountain vacation resort.
Kangwon Land acknowledges that there are about 500 present citizens of the nearby town of Sabuk who are homeless as a consequence of gambling losses. In accordance to a 2016 survey of 300 area problem gamblers by Kwandong College, the common ‘casino panhandler’ is a male in his fifties who formerly lived in Seoul but now cannot depart Sabuk thanks to his gambling losses.
In its defense, Kangwon Land’s supporters place out that the casino – which was launched to boost the area economy following the closure of a mining operation – has contributed over KRW 6t ($5.1b) in tax revenue considering the fact that it opened in 2000 and the vacation resort also presents most of the jobs in the area communities.
Kangwon Land is getting ready new ‘cooling off’ measures to offer with problem gambling activity, including banning entry for up to three months for persons who cannot handle their wagering.