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Plethora Of Slots in Korea

With the talk as of late of the scandal involving slot machines in Korea, it has brought to light the problems that are truly faced in the gambling industry in Korea. In 2004, the market for slot machines was $2 trillion won according to the Korea Game Development and Promotion Institute. Then one year later the amount jumped to $4 trillion won, with the machines only increasing from 13,159 to 14,998. Not a large jump in machines to have had such an impact on the amount of money.

This all seems to occur around the same time as the “Sea Story” game was permitted, which is also the same time when the rules for the gift certificates were changed as well. Members of the government are under fire for allowing the gambling industry to flourish the way it has, and for supposed “influence-peddling” to get more slots approved.

The main problem seems to be the number of gift certificates that were issued, once they became prizes for winning the slot machines. According to the slot machines there were less than $400 billion won. So how do you explain the $23 trillion in gift certificates that had to be printed? The expansion has really been more than Korea can handle, and suicides and bankruptcies have increased dramatically.

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