[THE INVESTOR] South Korea‘s tax revenues from the local gambling industry increased 4 percent in 2015 from the previous year, data showed on June 27.

According to the National Gambling Control Commission, taxes collected from gambling-related businesses, including casinos and horse race betting, reached 2.42 trillion won (US$2.06 billion) in 2015, compared with 2.32 trillion won a year earlier.



Tax revenue from casinos rose 12.1 percent on-year to 478.8 billion won, while that from horse race betting edged up 1.6 percent to 1.45 trillion won.

Taxes collected from betting on bicycle racing rose 5.1 percent on-year, with those from bullfights soaring more than 300 percent.

Only tax revenues from motorboat race bets dropped 0.9 percent.

Sales of the gambling industry have been on a steady rise over the past year. Last year‘s sales grew 1.7 times from those in 2006. Compared to 2014, sales rose 3.1 percent to 20.5 trillion won.

However, industry experts said revenues may this year as the government has announced a series of tax increases on betting on horse racing, bicycle racing and motorboat racing.

(theinvestor@heraldcorp.com)