Koreans flock to casinos and lottery outlets

An increasing number of Koreans are turning to lotteries, casinos and other speculative games despite the economic slump, reports Korea Times.

According to a survey by the Korea Lottery Commission under the Ministry of Strategy and Finance, the number of Koreans buying lottery tickets earning less than KRW 2 million per month (10.2 percent) more than doubled in 2016.

Koreans earning between KRW 2 to 3 million per month also saw a surge from 12.5 percent in 2015 to 13.5 percent in 2016.

The survey also showed that Koreans were becoming more positive about lotteries, with 65.7 percent saying they intended to buy lottery tickets (up from 58.7 percent), while 41.6 percent said they liked the idea of helping underprivileged by buying lottery tickets.

Sales of Lotto tickets, the country’s most popular lottery, rose 9 percent to a record high of KRW 3.6 trillion (US$3 billion).

Koreans also appeared to spend more at casinos, with Kangwon Land – the only locals-permitted casino recording KRW 438.1 billion in total sales in 16Q3, up 6 percent from the same quarter in 2015.