The gambling market in South Korea seems to be growing quickly in recent years, a government report showed Monday, raising the need for the government to crack down on such unregulated and illegal underground practices.
According to the report by the National Gambling Control Commission under the Prime Minister's Office, the illegal gambling market here is 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 figure accounted for about 20 percent of the country's annual budget.
The hike is attributable to increased gambling on illegal gambling sites. A spike in sports-related illegal betting also played a role in increasing the overall figure, the report showed.
Gambling taking place in illegal offline spots came to 19.32 trillion won, which was not included in the 2008 report. Illegal gambling on Internet sites also totaled 17.10 trillion won.
Gambling through privately-run casinos and privately-run betting sites for sports such as horse racing and cycling took up most of the remainder, according to the report.
The report comes as the government is beefing up its oversight on the so-called underground economy where diverse unregulated and illegal activities including gambling are taking place.
The move is intended to establish economic justice but also designed to help the government expand its tax revenue base.
The government is in need of an additional 135 trillion won to make good on President Park Geun-hye's campaign pledges, including expanded welfare programs.
To raise the money, it sets its sights in particular on such underground business activities.