South Korean gambling industry pushes for reforms by 2025
Gambling in South Korea: A New Era of Regulation
South Korea's gambling landscape is set for a radical shift as major gambling entities team up with government agencies to shape the industry's future. This collaboration promises a year brimming with policy changes and enhanced oversight.
Key Highlights:
- Major gambling organizations vowing to collaborate with government bodies
- Emphasis on fortifying industry integrity and expanding social contributions
- 2025 earmarked as the year of tackling illegal gambling and juvenile gambling problems
Alliances in the Gambling Sector
In a landmark move, key players within South Korea's gambling industry have pledged to work hand-in-hand with the government's gambling policies. At a New Year's gathering attended by key representatives from six leading gambling organizations and the Gambling Industry Integration Supervision Committee, commitments were made to actively embrace the government's gambling policies.
Notable attendees were Ha Hyung-joo, Chairman of the Seoul Olympic Memorial National Sports Promotion Foundation, and Choi Chul-kyu, the acting CEO of Kangwon Land, South Korea's sole casino catering to locals.
2025: The Year of Reform
This meeting offered a platform for industry leaders to sync their strategies with the policies advocated by the Gambling Industry Integration Supervision Committee for 2025. This cooperation spans across fostering closer connections and communications among gambling operators.
Ha Hyung-joo reiterated the foundation's commitment as a public institution, stating, 'In 2025, we will diligently play our role in the evolving environment and commit ourselves to enhancing the stability of the sports promotion voting rights project. We will also focus on fostering a healthy culture of consumption and expanding our social contributions.'
Addressing Illicit Gambling and Youth Protection
Chairman Shim Do-taek of the Gambling Industry Integration Supervisory Committee denoted 2025 as a pivotal year for addressing illegal gambling and juvenile gambling issues. He urged each entity to actively participate in reaching these objectives.
Noteworthy is the committee's emphasis on youth gambling prevention, evidenced by their plans to hold the subsequent meeting during the youth gambling problem prevention week, slated for May 12-18.
Unified Effort Across the Industry
The pledge from multiple sectors of South Korea's gambling industry suggests a collective approach to rectifying long-standing issues. Boasting representatives from horse racing, sports betting, and casino operations, this cooperative effort encompasses a diverse spectrum of gambling activities in South Korea.
This collaborative effort between the government and industry stakeholders marks a potential turning point for South Korea's gambling landscape, with implications for both operators and gamers in the coming years. As the industry moves towards greater transparency and social responsibility, patrons can anticipate changes in the delivery and regulation of gambling services.
Background Information:
- The revised Game Industry Promotion Act requires foreign-based gaming companies with significant Korean operations to appoint a local representative to ensure compliance with gambling laws and other regulations.[1]
- The regulations also target companies with annual sales of 1 trillion won or at least 100,000 monthly users, focusing on prohibitions of "speculative gaming content" and probability disclosures for in-game items involving chance.[1]
- South Korea's foreigner-only casinos are experiencing a resurgence due to the return of high rollers from China and Japan.[3]
- The government is planning to ease visa restrictions for Chinese group tourists, which could further stimulate the gambling sector.[3]
- There are long-term plans for expanding Kangwon Land Casino, the only casino accessible to South Korean citizens, with a new venue scheduled for completion by 2027.[4]
1.South Korea's gambling industry key players, including representatives from horse racing, sports betting, and casino operations, have pledged to collaborate with the government on gambling policies in an effort to enhance industry integrity and expand social contributions.
2.At a New Year's gathering, Ha Hyung-joo, Chairman of the Seoul Olympic Memorial National Sports Promotion Foundation, and Choi Chul-kyu, the acting CEO of Kangwon Land, South Korea's sole casino catering to locals, pledged to actively embrace the government's gambling policies.
3.Chairman Shim Do-taek of the Gambling Industry Integration Supervisory Committee designated 2025 as a significant year for tackling illegal gambling and juvenile gambling problems, urging each entity to actively participate in reaching these objectives.
4.The new era of gambling regulation in South Korea involves policy changes and enhanced oversight, with the potential for shaping the gambling industry's future through the collaboration of major gambling entities and government agencies, as well as increased focus on social responsibility, transparency, and addressing long-standing issues within the industry.
