The Online Gambling market in South Korea has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in South Korea have shifted towards online gambling due to its convenience and accessibility. With the widespread use of smartphones and the internet, more people are opting to gamble online rather than visiting traditional brick-and-mortar casinos. Additionally, the younger generation in South Korea, who are more tech-savvy, are increasingly engaging in online gambling activities. Trends in the market also indicate the growing popularity of online gambling in South Korea. The market has witnessed the emergence of various online gambling platforms, offering a wide range of games and betting options. This has attracted a larger customer base and increased competition among online gambling operators. Furthermore, advancements in technology, such as virtual reality and live streaming, have enhanced the overall online gambling experience, further driving the market growth. Local special circumstances in South Korea have played a role in the development of the online gambling market. The country has strict regulations and laws regarding gambling, with only a few forms of gambling being legal. However, online gambling falls into a legal gray area, allowing operators to cater to the demand for gambling services through online platforms. This has created a niche market for online gambling in South Korea, as individuals seek alternative options to satisfy their gambling desires. Underlying macroeconomic factors have also contributed to the growth of the online gambling market in South Korea. The country has a strong economy and a high internet penetration rate, providing a favorable environment for online gambling operators. Additionally, the government has been supportive of the online gambling industry, recognizing its potential to generate revenue and create employment opportunities. This has led to a more relaxed approach towards online gambling regulations, allowing the market to flourish. Overall, the Online Gambling market in South Korea is expanding due to customer preferences for convenience and accessibility, trends in the market towards online platforms, local special circumstances that create a niche market, and underlying macroeconomic factors that support the industry's growth. As these factors continue to evolve, the online gambling market in South Korea is expected to further develop 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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