In South Korea gambling news, the Nanum Lotto Consortium has been awarded the extended license to run the South Korea lottery for another 5 years, it has been announced. The consortium, which includes gaming technology supplier Intralot, has been running the lottery exclusively since 2007, which success culminating in sales increases of 25% from a single game.
The consortium also includes representation from Eugene Group, Daewoo Information Systems, NH Bank, Windyplan, SG&G, Samsung Publishing, Bixolon, and Youngwoo.
With South Korean gambling laws severely limiting, the lottery has become very big business. As one of only two forms of gambling legalized for locals – although there are casinos for foreign players – Nanum, led by Intralot, have been enjoying their position and look forward to it continuing.
CEO Constantinos Antonopoulos expanded: “We are very satisfied that we will continue this significant project, further strengthening our leading position in South Korea and the wider Asian region. The successful and profitable operation of the South Korean Lottery during the past five years, supported by Intralot’s state-of-the-art technology, led to the renewal of the license of our consortium to operate the national lottery in South Korea.
“We are looking forward to new business opportunities in both South Korea and the wider Asian region, and are well placed to explore them for the benefit of the company’s shareholders.”
With the government cracking down on foreign online casinos in South Korea, gamblers have a hard time finding opportunities, so the lottery is immensely popular. With Korean gamblers also banned from gambling outside the country – although the law is very difficult to enforce – the industry outside of the lottery has never really taken off on the peninsula. With the rest of the world waking up to the potential – especially the tax take – of online and mobile casinos, perhaps South Korea will relax its position in the future.