Illegal gambling in South Korea soared to US$66 billion last year, according to a new report by the country’s National Gambling Control Commission.
The amount represents a 40% increase over the last five years and is believed to stem in large part from sports betting and gambling in private homes, the report says.
Daily newspaper Chosun Ilbo says opinions are mixed on how to solve the problem, which pumps large amounts of money through the underground economy. Some support harsher crackdowns while others advocate for legalization and taxation.
The country has been the scene of an epidemic in betting-related corruption in sports, and sweeping investigations into match-fixing in football have resulted in scores of suspensions, lifetime bans, fines and prison sentences over the last two years.
The government, meanwhile, concerned about unemployment and tepid economic growth, is attracting international interest from casino operators with an array of tax and investment incentives to promote resort-scale gaming development in and around the city of Incheon.
RelatedPosts
