“Due to economic depression, people tend to dream of making a fortune at one stroke,” Seoul National University Professor Kwak Geum-Joo. It tells us a lot about the economic condition and effect of betting in South Korea. This country is now in competition with the rise of Macau as one of the leading betting grounds. Even during the economic downturn going on in Korea in 2016, the total revenue collected from these casinos, gambling, 토토사이트 and betting were 20.3 trillion ($17.6 billion). It indicates a 7.7 year-over-year increase, and this is just by playing in casinos. Sports betting in Korea brings in almost billions of dollars. The economic effect of sports betting in South Korea is tremendous, and we will be talking about that today.
Betting online is illegal in South Korea. You will rarely find legal betting sites there, but it still doesn’t stop the citizens from betting. The government is so strict on the sports betting laws is to avoid scam and black money. Too much money coming in from here will change the economic graph in a way that may not be an advantage for various companies, teams and lower-middle-class people. Sports betting is a lucrative business. More than 70 billion USD is spent annually, of which 80% goes to football. With this much money, it’s hard to maintain the betting laws and rules, which results in illegal earnings and scams. In 2011 the top South Korean football league, K-League, was overshadowed due to match-fixing issues. And, this resulted in the inception of the alleged suicide of one footballer named Yoon Ki-Won. Though match-fixing in K-League was an open secret, no one was initiating an investigation until this case. Due to the match-fixing, millions of KRW were won and lost, which resulted in various economic shift in the gambling industry. The revenue collection has no accurate data. Even if sports betting and gambling are an all-time ongoing business, there is no guarantee of what might happen and affect the economic sector. Due to Covid the online sports betting undoubtedly has increased more than ever, but this has caused hindrance to the on-land casinos and sportsbooks conducting the sports betting. In its final financial report, the Korean casino resort operator showed that its total revenue was down 58.7% year-on-year at KRW 9.74 billion. Due to this, the economic effect has been drastic.
It can be said without any doubt that if the regulations are correctly followed, sports betting can bring in a lot of money which can help the country in times of crisis. But match-fixing and scandals may work to the other side’s advantage but a disadvantage for the other. Online sports betting has earned a lot of popularity through not being legal. The government must try to impose refined laws and security to avoid big scandals, so the economic condition remains stable.