The Online Casinos market in South Korea has been experiencing significant growth in recent years, driven by changing customer preferences and favorable local special circumstances.
Customer preferences: South Korean customers have shown a growing interest in online casinos due to the convenience and accessibility they offer. Online casinos provide a wide range of games and betting options, allowing customers to enjoy their favorite casino games from the comfort of their homes. Additionally, the availability of mobile applications has made it even easier for customers to access online casinos on the go. The younger generation, in particular, is more inclined towards online gambling as they are more tech-savvy and prefer the convenience of digital platforms.
Trends in the market: One of the key trends in the South Korean online casino market is the increasing popularity of live dealer games. Live dealer games provide an immersive and interactive experience, allowing players to interact with real dealers through live video streaming. This trend has gained traction as it bridges the gap between online and offline gambling, providing a more authentic casino experience. South Korean online casinos have been quick to adopt this trend to cater to the preferences of their customers. Another trend in the market is the integration of cryptocurrencies as a payment method. Cryptocurrencies offer enhanced security and anonymity, which appeals to customers who are concerned about the privacy and safety of their financial transactions. South Korean online casinos have recognized this trend and have started accepting cryptocurrencies as a form of payment, attracting customers who prefer this mode of transaction.
Local special circumstances: South Korea has a unique regulatory environment when it comes to online gambling. While online gambling is illegal for South Korean residents, there are exceptions for certain forms of gambling, such as sports betting and horse racing. However, South Korean customers are not prohibited from accessing offshore online casinos, which has created a thriving market for international online casino operators. This regulatory loophole has contributed to the growth of the online casino market in South Korea.
Underlying macroeconomic factors: The South Korean economy has been performing well in recent years, with a stable GDP growth rate and a strong consumer base. This economic stability has provided individuals with disposable income to spend on leisure activities, including online gambling. Additionally, the high internet penetration rate and widespread use of smartphones in South Korea have created a conducive environment for the growth of the online casino market. The combination of these macroeconomic factors has contributed to the increasing popularity and growth of online casinos in South Korea.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services.Modeling approach:
Market size is determined through a Top-Down approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, number of internet users, and internet consumption.Forecasts:
We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, and 4G coverage.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is reweighted for representativeness.
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