Gambling in South Korea – Drivers of Perennial Growth
South Korea’s video games market currently ranks as the 4th largest revenue earner globally, after reporting earnings of Korean Won (KRW) 21.83 trillion for 2022. The figure has broken the highest revenue of KRW 9.75 trillion recorded by the industry in 2012. Inasmuch as 71% of the SoKor population are into video gaming, it denotes that more than
36 million local Koreans are into video gaming. The statistics also explains why despite the country’s prohibition against gambling, online casinos and virtual sportsbooks are operating successfully across the country.
Sokor’s Strong Gamimg and Gambling Culture
South Koreans have strong gaming and gambling culture. Although engaging in video games is first and foremost a popular social activity in the country, local gamers are competitive by nature.
As a matter of fact, SoKor is internationally recognized as a leading player in the global esports arena. The reputation is actually a key factor that’s been driving the continuing growth in the country’s video game industry.
Online gaming and gambling are popular past times in South Korea because first and foremost, the citizens are quite fascinated with the persisten advancements in technology, particularly with smart mobile communication devices. Secondly, the country’s high-speed Internet, which is one of the fastest on a global scale, has contributed greatly to the rapid expansion of esports competitions, sports betting and online casino gambling in South Korea.
Characteristics of South Korean Gamers and Gamblers
Generally, an aspect shared by video gamers and online gamblers in SoKor is the mobile-first gaming arena. While more than half (53%) of the country’s gaming population engage in mobile games, there is a perceived overlap; some locals have been noted as playing simultaneously with both their mobile and PC or laptop devices.
The demographics of the drivers of growth in South Korea’s video gaming and online gambling entertainment, debunks the misconception that the main drivers of growth South Korean males. Given that 57% of the gamers are males, the average age of 20% of adult mobile gamers is between 21 and 35 years old. Moreover, the adult males often have children of their own, in ages ranging from 10 to 20 years old. That increases the possibility that their kids are into video gaming themselves.
Not far behind are female South Korean gamers of which the largest size (17%) of participants are between the ages 21 and 35 years old.
While esports betting is quite popular in the country, research studies show that players of these types of video gamers also dabble in traditional 온라인카지노주소 (online casino) gambling and sports betting.
Still, just like the UK, the South Korean government has established a set of guidelines governing betting on video gaming. It has been established that developers and providers of video games must not use in-game cash offers in motivating players and in enhancing player experience.
Enablers of Online Betting and Gambling in South Korea
Although it’s generally understood that gambling online is prohibited, the absence of laws and guidelines governing online betting and gambling creates a favorable condition for local Korean gamblers. As it is, local authorities crackdown and prosecute only the operators of online betting facilities.
Besides, advanced communication technologies like VPN and cryptocurrency payment modes, are providing local gamblers with means to enjoy betting on video gaming and esports competitions, on real-time sports and in online casinos.