Market Insights Advertising & Media Esports

Esports Betting - South Korea

South Korea

In South Korea, revenue in the Esports Betting market market is projected to reach €140.6m in 2024.
Revenue in this market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 7.22%, leading to a projected market volume of €199.2m by 2029.
While the United States generates most revenue with a projected market volume of €668.8m in 2024, in South Korea is also a significant player in this market.
The average revenue per user (ARPU) in South Korea is expected to amount to €93.6.
In South Korea, the burgeoning esports betting market reflects the country's deep-rooted gaming culture and increasing consumer interest in competitive gaming events.

Key regions: India, Sweden, United Kingdom, Asia, Germany

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Analyst Opinion

The Esports Betting Market in South Korea is seeing minimal growth, impacted by factors such as limited government regulations and cultural norms surrounding gambling. Despite this, the market is still experiencing growth as more consumers become aware of and adopt online betting services.

Customer preferences: As the popularity of esports continues to rise in South Korea, so does the demand for esports betting. However, with increasing concerns over gambling addiction, there is a growing trend towards responsible gambling measures, such as self-exclusion programs and age verification procedures. This reflects a shift towards a more socially responsible approach in the esports betting market, driven by cultural values of discipline and self-control in South Korean society.

Trends in the market: In South Korea, the Esports Betting Market within the eSports Market has seen a significant increase in popularity and revenue. This growth can be attributed to the rise of online streaming platforms, such as Twitch and AfreecaTV, which allow viewers to watch and bet on live esports matches. Additionally, the country's well-established gaming culture and advanced technology infrastructure have also contributed to the market's success. This trend is expected to continue as more esports tournaments and leagues are organized, drawing in larger audiences and increasing revenue streams for industry stakeholders. However, there are potential concerns regarding the regulation and impact of gambling on young audiences, which may lead to stricter government policies in the future.

Local special circumstances: In South Korea, the Esports Betting Market within the eSports Market is heavily influenced by the country's deep-rooted gaming culture and government support. The high level of internet penetration and advanced technology infrastructure also contribute to the growth of this market. Additionally, the strict regulations on traditional sports betting have led to the rise of Esports betting as a popular alternative. South Korea's strong gaming community and competitive Esports scene further drive the demand for Esports betting, making it a unique and thriving market.

Underlying macroeconomic factors: The Esports Betting Market within the eSports Market in South Korea is heavily influenced by macroeconomic factors such as technological advancements, regulatory support, and investment in digital infrastructure. Countries with favorable regulatory environments and strong investment in esports technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the growing popularity of esports and the increasing demand for online entertainment options are driving the growth of the Esports Betting Market in South Korea.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Esports betting market, which comprises revenues from online betting on Esports events. All figures are based on net revenues and exclude agency commissions, rebates, and production costs.

Modeling approach / market size:

The market size is determined through a bottom-up 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., Consumer Insights), 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 various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

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 market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. 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). Consumer Insights data is reweighted for representativeness.