Analysis of Korea's Sports Betting Market (Tremendous Market Size)

Sports betting has taken off globally in the last few years as it has become more popular year after year for a while now. The pandemic definitely has been a main cause of the rise in sports betting interest as many people have been spending more time indoors looking for a new hobby or activity and a connection to the outside world. Sports betting is a booming market in South Korea in a country that totals almost 52 million citizens and increased adoption of the activity has been no different than anywhere else. The total sports betting market cap has totaled an outstanding 25376738835.29$ per year as of 2021. While this is a great total amount of money being spent on sports betting, most of the gambling done in South Korea is illegal and the only sports betting that is actually legal is from sports betting books that are authorized by the South Korean government.

Illegal sports betting has been a big problem in recent years and as the total sports betting market has grown in South Korea, so has the amount of illegal betting and illegal sports betting sites. These illegal sports betting sites offer a wider range and different payout structures than those sanctioned by the South Korean government but those sanctioned sites were made with those specific features for a purpose. The two current sites that are legal in Korea are Sports Toto and Sports Proto that both offer different forms of sports betting. These sites do not provide all sports that South Koreans are interested in betting on, however. Some of these illegal sites offer additional sports as the most popular in South Korea are football and baseball. Although there is also growing interest in sports such as golf and one of the newest most popular sports in South Korea is esports. 

It is a big issue and important that South Korean citizens abide by these sports betting laws and only play on these regulated sites. Many people who venture outside of these sites run the risk of getting ripped off or having their money and information stolen. With so many unregulated sports betting sites out there it is hard to control under South Korean law how people are accessing and betting money with these other sites. Many illegal sites are pulling huge sums of money that is negatively affecting the South Korean economy and country as a whole.

South Korea isn’t against sports betting altogether but it is looking to make laws to better enforce and regulate sports betting to promote a healthy sports betting culture in the country. With so many citizens currently using these illegal sports betting sites it has proven to be a tough task for the South Korean government to control it. Regulation on sports betting seems necessary for this growing market in South Korea but it is proving to be harder to control this growing problem in the country. Using these legal sites is a secure and safe way to currently bet in South Korea.