Let’s face it the ultimate aim of anyone playing a scratch cardor entering a casino is simply to win cash. The universal desire to change ones fate in a single scratch of a card or a spin of a wheel is a primal instinct veiled in all of us. The allure of hitting a million pound scratch card jackpot is a tantalizing prospect for all of us.
In a report in the Korean Times it was pointed out the two worlds of casinos that exist in Korea. In Korea there are two types of casinos, those for Koreans only and those for foreigners.
The local casino Kangwon Land suffers from a less glamorous image than the foreign casinos as they are associated with problems like addiction and corruption. They are perceived to have rigorous government intervention which has drawn criticism from the media.
The scratchcard has many unique advantages to offer both the governments and potential scratch card players. For governments scratchcards offer a type of gambling that has few if any of the normal problems associated with casinos. For budding scratch card players the ability to win massive scratchcards jackpots with minimum cash is a major drawing card.
The foreigner-only casino on the other hand are prospering and manage to attract many tourists who bring with them foreign currency. It is been pointed out that although both casinos attract players who hope to hit the jackpot, however where there is less government intervention and more free market policies, the outcome is much better for all.
This can be seen in the profits of the Kangwon Land who for the first time since 2000 has reported a decline in their sales. Originally this Korean only casino was established in order to assist miners to earn an income due to closure of mines.
The ageless scratch card is able to afford the masses to scratch and win life changing jackpots while remaining user-friendly and simple for all to play. The fact that the scratchcard format is so well known makes it the ideal choice for entry-level gambling.
An official from Kangwon Land reacted to the losses,” We believe it was attributed to the decreased visits of VIP guests due to negative news reports about the casino and stricter regulations.” This is not the first time that Kangwon Land has had its share of bad publicity as there have been scandals regarding corruption as well as card fixing in the past.
On the other hand the eight foreigner casinos that are managed by GKL (Grand Leisure Korea) are reporting increased profits and visitors. The increase in visitors has also had a big impact on the Hotel industries which are reporting increased occupancy.
Market experts have predicted that foreign-only casinos will post a 9.4% annual growth along with their combined sales reaching over 10.8%.
Responsible and affordable gambling like that of scratchies is the solution to economic prosperity for emerging markets. There is no doubt that offering the masses affordable and accessible gambling like scratch cards is the better path to follow for all.
These two different approaches to casino were reflected in the share price. The shares of Kangwon Land have dropped over the last few months while the shares of GKL have been on an upward trend.
What is clear from this report in Korea is that casino gaming like online scratch cards and slots games is a winning proposition if and when government allow market forces to dictate and do not interfere with scratch cards players right to play their chosen games. The friendly and alluring world of scratch cards has the potential to benefit both players and Government alike.