Same day, different holiday: Mid-autumn festivals across East Asia
N.Korea could use nuclear weapons at any stage of conflict: Pentagon
Yoon hosts luncheon meeting with Korean atomic bomb victims in Hiroshima on Chuseok
Swimmer, gamers celebrate Chuseok with gold medals
Memorials commemorating Itaewon crowd crush to be erected at accident site
The many regional flavors of songpyeon, a Korean holiday dessert
With teammate's help, inconsolable shooter regroups in time to win bronze
Opposition leader proposes meeting with Yoon amid growing party feud
NewJeans hits 1 bln streams mark on Spotify with debut album
Whisky imports surge 40% through August, suggesting record-breaking year
Video games sales forecast to reach 17.8 trillion won in 2011By Korea Herald
Published : Dec. 11, 2011 - 21:36
Sales of six legal gaming sectors including lottery, casino and horse-racing are expected to reach 17.8 trillion won this year, equivalent to more than 1.5 percent of the country’s gross domestic product, according to the data compiled by the National Gaming Control Commission.
The figure would likely bulk up to a total of 76.3 trillion, or 6.5 percent of GDP, if illegal gambling sales estimated at 58.5 trillion won are included, the commission said.
The expected jump in gambling sales come on the heels of a boom in the lottery market.
South Korea launched a “pension lottery” in July, which pays out prize money to winners in installments over 20 years. It is gaining popularity here amid a grim economic outlook.
The commission predicted total lottery sales to reach 3.1 trillion won this year, surpassing the government’s target ceiling for the first time since 2009.
The gaming industry for Asia’s fourth-largest economy is huge.
Its sales for 2008 only trailed Greece, Italy and Canada among the members of Organizations for Economic Cooperation and Development.
Articles by Korea Herald
S. Korea wins bronze in pistol mixed team event for 14th shooting medal
Traffic heavy on expressways following Chuseok
S. Korea to extend $5 mil worth of fertilizer aid to Ukraine via U.S. agency