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Despite the recent step-up in police captures and convictions, illegal gambling is still a thriving business in South Korea. The government has gradually relaxed or repealed physical gambling laws over the years, nonetheless it continues to ban citizens from betting at casinos within its borders — and even those in foreign countries that they visit (under the ‘Habitual Overseas Gambler’law).
In response to the trend, Las Vegas Sands has made clear that it remains interested in establishing a built-in resort in Busan. Last September, Sands managing director of global development George Tanasijevich said the company would invest as much as 5 trillion won in such a resort near Busan’s Jamsil Stadium, one of many venues for the 1988 Olympic Games. But he also warned that the project won’t go ahead unless the us government eases a long-standing ban on local play.
Most online casinos that accept Korean players will offer a choice of payment methods. These will include ewallets, credit and debit cards. Nearly all these options do not require the player to reveal any personal details, which is great for players who wish to keep their gaming activities private. Many sites also accept Bitcoin and other cryptocurrencies, which can be helpful for folks who want to remain completely anonymous when playing online.
It’s unlikely that’ll happen soon. The ban on locals has depriving the country’s citizens of personal experiences that could offset gambling’s negative image, says Jeju National University sociologist Jun Pyo Kim. And it’s also keeping the economy from leveraging an increasing population of leisure tourists.
A new entrant to industry would face stiff competition from existing operators such as Kangwon Land, which has a monopoly on local play and generated a lot more than $1.28 billion in gross gaming revenue in 2013 (GGR), a figure that accounted for around 80 percent of all the country’s foreign-only casinos’revenues.
The upcoming integrated resorts will have to rely more on non-gaming attractions in order to thrive. They’ll also need to supply competitive prices. But it’s unclear whether which will be enough to attract locals, who are already flocking to neighboring Japan for the first ever legal casinos.
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