South Korea is a rich country that is still feeling the effects from the COVID-19 pandemic. In fact, the casino industry took many losses in revenue and is still in recovery mode. Needless to say, they are looking for solutions and lawmakers are suggesting making Online Gambling in South Korea legal.
South Korea has a total of 17 casinos and 16 of them only cater to foreigners. The sales revenue from these casinos were KRW178.29 billion (US$151.3 million) in the first half this year. Last year, the revenue was KRW597.8 billion for the full year which means casino revenues are improving. However, they are nowhere near the revenue from 2019 when they made KRW1.45 trillion in revenue for the entire year.
Online Gambling in South Korea for Foreigners
In order to boost revenue gambling revenues, one lawmaker is suggesting the legalization online gambling for Foreigners. Back in April, Representative Lee Sang-Heon made the proposal as a partial amendment to the tourism promotion Act. The proposal itself would introduce remote casino services for foreigners. However, the reports did not clarify what they mean by “proxy gambling” as it could have several meanings.
Some believe that it could include the availability of online casinos for foreigners. Others believe it could mean designating a person to play for a client or by using live dealer casino technology. No matter the interpretation, it could greatly help the Koran Gaming industry whose revenue are down by almost 60%.
According to online casino reviews news source, there will probably be a lot of opposition to this solution. This is because the Ministry of Culture, Sports and Tourism fears that South Korean nationals could use these services.
Furthermore, the government ministry also has concerns about possible “diplomatic friction with other countries.
Lee says that his proposal would allow casino patrons to lodge remote bets by means of an accredited on-site agent. In addition, he mentions that foreigner-only gambling venues in South Korea have no sales caps. And he would be able to ensure compliance by implementing a range of refreshed security measures.
Overall, he believes that the Korean casino industry provides many jobs for the country. In addition, “a decrease in sales would lead to an employment crisis for casino workers”. Therefore, it is a crisis that needs a solution.