According to government reports this week in South Korea illegal gambling in the country has surpassed $66 billion for the first time ever, which the government say desperately needs regulation to avoid money laundering by criminal gangs.
The report by the National Gambling Control Commission under the Prime Minister’s Office, say that the illegal gambling market was estimated at 75.15 trillion won ($66.45 billion) in 2012, up from 53.70 trillion won tallied in a similar report in 2008.
The latest figures given are so huge that is accounted for about 20% of the country’s annual budget.
One of the main reasons for the large increase is online gambling and sports betting now accessible to residents in the country, which is estimated at a total of 17.10 trillion won.
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