Casino Lotteries are Booming in South Korea

Korea Times from South Korea reports that lotteries and casinos are flourishing in contrast to a decline in the traditional industry's foundation of horse and bicycle racing.

The Korea Institute of Public Finance reported that the government earned 279 billion through taxes and other quasi-taxes from the lottery sector in 2005, up from 246 billion earned in 2004. Also, the casinos businesses paid more in taxes, 279 billion won in 2005, 246 billion won in 2004.

The Korean Institute of Public Finance said that this is happening because of the introduction of Lotto 6/45 and the operation of a casino for Koreans, Kangwon Land. The reverse of all this is that two traditional leaders in the gambling world, horse and bicycle racing, are losing popularity.