The Online Sports Betting market in South Korea has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: South Korean customers have shown a growing interest in online sports betting, as it provides them with convenience and accessibility. With the advancement of technology and the widespread use of smartphones, customers can now easily place bets on their favorite sports events from the comfort of their own homes. The availability of a wide range of sports and betting options further enhances the appeal of online sports betting for customers in South Korea.
Trends in the market: One of the key trends in the online sports betting market in South Korea is the increasing popularity of live betting. Customers are now able to place bets in real-time while the sporting event is taking place, adding an element of excitement and engagement. This trend is driven by the desire for immediate results and the thrill of making quick decisions based on the unfolding game or match. Another trend is the growing number of online sports betting platforms and apps that cater specifically to the South Korean market. These platforms offer localized content, language support, and payment options that are tailored to the needs and preferences of South Korean customers. This localization strategy has been successful in attracting and retaining customers in a highly competitive market.
Local special circumstances: One of the unique aspects of the online sports betting market in South Korea is the strict regulation and legal framework surrounding gambling activities. While online sports betting is legal in South Korea, it is heavily regulated by the government. Only a limited number of licensed operators are allowed to offer online sports betting services, and customers are required to verify their identity and age before being able to place bets. These regulations aim to protect customers from fraud and ensure responsible gambling practices.
Underlying macroeconomic factors: The growth of the online sports betting market in South Korea can also be attributed to underlying macroeconomic factors. South Korea has a strong economy and a high level of internet penetration, providing a favorable environment for the development of online gambling activities. Additionally, the popularity of sports, particularly soccer and baseball, in South Korea contributes to the demand for online sports betting. The success of South Korean teams in international competitions and the increasing popularity of domestic sports leagues further fuel this demand. In conclusion, the Online Sports Betting market in South Korea is experiencing growth due to changing customer preferences, such as the demand for convenience and accessibility, as well as local special circumstances, such as strict regulation and localization strategies. The underlying macroeconomic factors, including a strong economy and the popularity of sports, also contribute to the growth of the market. With these factors in play, the online sports betting market in South Korea is expected to continue its upward trajectory in the coming years.
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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