Firms Cash In on Video Gambling Craze

When it comes to the “Sea Story” video gambling scandal, “premium gift certificates” used in game rooms for adults are always mentioned in the same breath.

In August 2005, Andamiro Company “pocket money gift certificates” were recognized as premium gift certificates. Now, 19 companies are issuing “premium gift certificates.” As recreation halls for adults mushroom in Korea, the demand for “premium gift certificates” has started to increase. As a result, some trading companies have started to flirt with the business.

According to the Korea Game Development and Game Institute (KDGI), an institute which authorizes companies to issue “premium gift certificates,” gift certificates worth 26 trillion Korean won were issued from August 2005 to June 2006. However, the institute did not disclose the amount of certificates issued by each company.

Currently, original culture gift certificates are also recognized as “premium gift certificates.” Original culture gift certificates are those issued by the Korea Agency for Digital Opportunity and Promotion (KADO), which are usually used for buying books, movie and performance tickets, book culture gift certificates issued by Book N Life, education culture gift certificates issued by Korea Education Culture Promotion Co., and Ticketlink culture gift certificates issued by Ticketlink.

It is known that Internet shopping malls such as Interpark (Interpark culture gift certificate), Daum Commerce (Daum culture gift certificate), and CS Club (CS Club culture gift certificate) are gaining profits by selling gift certificates.

Gift certificates issued by Andamiro, which entered the gift certificate market in 2002, were recognized by the KDGI as premium gift certificates in August 2005. Also, certificates issued by Happy Money, a venture company, and Secutec, a publishing company, were acknowledged as premium certificates.

Currently, Polytec, a trading company turned real estate development company, and Sammi, a special steel production company, are issuing gift certificates.