It is predicted that if the existing web board regulation is applied to social casino games with a limited profit model and the service is activated, a market worth 500 billion won and 10,000 jobs will be created. This is the first study to analyze the economic effect of legalizing social casino games as a paid service.

According to 'A Study on the Economic Effect of the Web Board Game Market by Introduction of Social Casino Games' conducted by a joint research team of Professor Jeon Seong-min of Gachon University and Professor Kim Tae-kyung of Kwangwoon University on the 22nd, if social casino games take game regulation of current web boards like GoStop, Poker etc. and provide legal service, it is expected to form an annual average of 515.3 billion won. It was analyzed that there are 17,43 job opportunities that increase each year, and the total production increase effect is 721.4 billion won.

The research team also confirmed the effect of reducing illegal online casino users. It is estimated that up to 13.9% of illegal online casino users will be absorbed into the system one year after the activation of social casino games. Social casino games are games that imitate offline casinos and are provided through social networking services (SNS). Unlike offline or illegal online casinos, game money acquired by users cannot be converted into cash.

The government is concerned about speculation and restricts the application of business models to social casino games. In this regard, it has been pointed out that it is excessive to not be able to sell paid goods even though there is no currency exchange function. Regarding the fact that GoStop and Poker, which imitate the same gambling, have a profit model in accordance with the web board game regulation of the Game Industry Promotion Act, the issue of equity due to discriminatory regulation has also been raised.

According to the research results, it is expected that the voices calling for social casino games to be included in the web board game regulations, which are being reviewed before sunset next year, are expected to increase. When the regulations were reorganized last year, sports prediction games were incorporated. The industry believes that applying the same regulations as web board games can prevent over-immersion and speculation, which some are concerned about, by establishing a user protection system. The industry's position is that it can also prevent the increase in social costs caused by illegal gambling.

The government is being cautious. This is because there are concerns about speculation if a profit model is allowed for social casino games. The government's position is that the impact on society cannot be overlooked as it is a game that fundamentally mimics gambling. Unlike in Korea, overseas social casino games are recognized as one of the mainstream casual games. Statista, a German market research firm, predicted that the global social casino market will nearly double from $4.9 billion in 2019 to $8.3 billion in 2026.

Korean game companies are also paying attention. W Games, Netmarble, Neowiz, Sunday Toz, Neptune, Mgame, and Wonder People are paying attention to social casino games as an alternative to the Korean web board market, which has a clear growth limit. Netmarble announced earlier this month that it would acquire SpinX, a global social casino game company, for $2.19 billion. It is the largest M&A in the history of the Korean game industry.

In the global social casino game market, major players occupy about 60% of the total market. These companies are targeting Asia, which has high growth potential. As there is still no clear strong player, if Korean companies jump in based on their web board game operating capabilities, it is expected to promote stable growth and market expansion. Professor Jeon Seong-min said, “It is necessary to understand social casino games and at the same time consider restrictions on game creation and distribution opportunities by domestic game companies. The policy needs to be supplemented in the direction of absorption,” he said.

Reference : "소셜카지노게임 합법화땐 일자리 1만개 창출" - 전자신문 (etnews.com)