As in many other countries, South Korea is seeing a decline in popularity of traditional horse racing. First introduced in 1922, there are now 29 racetracks in the country. Bicycle racing, once a favourite for gamblers, is also showing decreasing tax revenue – down to 351 billion won (US$366 million) in 2005 from 1.4 trillion won (US$1.46 billion) in 2003. Replacing the traditional events are lottery and casino games. The Korean Lottery started in 1969 and the first casino opened in 2000.

Only one casino in the country is open to Koreans – Kangwon Casino at the KangwonLand Resort in Jeonseonngun. An easing of regulations by the Korean Government has led to more foreigners-only casinos being opened, a move criticised by many. Also under fire is the plan to introduce a much higher lottery prize than exists at present. The recent introduction of Lotto 6/45 is credited with the rise in tax revenue.

Last December the Ministry of Culture and Tourism reported a 50% increase since 2002 in adult arcades where simulated horse racing games and low payout slot machines are operated. Internet gambling is also enjoying a boom, with an explosion in growth amongst people in their 20s and 30s. The number of registered users last year was around 24 million with females accounting for 40% of the total. In 2004 online gambling revenue was 234.3 billion won (US$244.3 million), up from 82.4 billion (US$44.2 million) in 2002. In contrast, traditional gambling revenue declined by 25%. (E-06.29.06)

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