South Korea's GDP currently ranks 11th in the world. So what is the current status of the iGaming market in such a country? Is it a red ocean or a blue ocean for gambling? How receptive are Koreans to iGaming? What is the current situation of being engaged in Korean white label iGaming? Today, the editor of TC-GAMING will give an analysis of South Korea’s iGaming market and Korea white label iGaming, two pieces of analysis on South Korea’s iGaming.

South Korea's full name is the Republic of Korea, with a total population of 52 million. GDP per capita is U$34,757. The economic growth rate was 4.3%. South Korea created the "Han River Miracle" period of rapid economic growth in the 1960s and became one of the "Four Asian Tigers". At the same time, South Korea is one of the 11 countries in the future.

Internet usage in South Korea

Koreans like social networks very much, and half of the population is using CYWorld. However, FB has recently become the platform of choice for active social media users in South Korea. But CYWorld cannot ignore its localization strength. At the same time, Twitter’s users in South Korea are also increasing rapidly, and now have more than 3 million users. South Koreans often enjoy some of the fastest internet connections in the world, with almost half of South Korean internet users watching entire movies over the internet. It is conceivable that South Korea's Internet infrastructure is complete. Korean mobile phone users, Android is their first choice. 60% of smartphone users in South Korea use Android devices.

If you want to enter the Korean gambling market, you basically don’t have to worry too much about South Korea’s network conditions, smartphone devices and other factors. South Korea is an Asian powerhouse in the global digital revolution. This is partly due to Samsung and LG. and other leading technology brands in South Korea. As another digression, about 2 million people in South Korea suffer from "Internet addiction."

What payment methods are available in South Korea?

South Korea's mobile payment market is quite competitive and consists of several major companies. In terms of market share, there is currently no electronic money player that can dominate the market. However, with the widespread use of retail and e-commerce and contactless transactions, With the growth, many companies are using new plans to increase the share of electronic money in South Korea. There are several electronic money payment methods in Korea: Kakao Pay\Naver Corporation (Naver Pay)\Samsung Electronics (Samsung Pay)\Toss\PayCo\SmilePay\Coupang RocketPay\L.Pay\ISP Paybooc and many other electronic wallet payment methods. South Korea is a country with developed Internet. Various payment methods and channels are widely used. Fast and convenient payment channels for iGaming account opening, recharge, bets, and withdrawals can all be completed through cashless online transactions, which also avoids the privacy of players and is a good protection.

The Current Situation of Gambling in South Korea

What types of legal gambling are there in South Korea? What types of gambling do Koreans like?

Theoretically, gambling is prohibited in South Korea, but in order to promote urban development and tourism, South Korea has passed different special laws to allow some gambling. In the 1960s, South Korea used physical casinos to capture tourism and consumption and allowed foreigners to enter casinos. Eight physical casinos were built on Jeju Island. Seoul, Busan and other cities have physical casinos. Therefore, the gameplay of casinos and casinos are not unfamiliar to Korea at all. The existing types of gambling games in South Korea include horse racing, lottery, rowing, casinos, motorboat races, bicycle races, football games, baseball, basketball, golf and other sports events. In South Korea, there are official betting points and methods of local governments. Therefore, people in South Korea have a certain awareness of gambling. Although the Korean authorities have established strict restrictions on Koreans entering casinos, even so, many Koreans still play games through iGaming, turning to overseas gambling platforms to seek better betting limits, and more iGaming platforms. The convenience brought by it.

Korean gamblers are becoming younger

According to the 2021 Korea Gambling Problem Management Center survey. Online sports betting cases ranked first (801 cases), other online betting cases (796 cases), card type 38 cases, and other types 27 cases. It can be seen from this data that young people in South Korea tend to bet on sports. The user accounted for nearly 50% of other gambling games; with the development of the gambling industry, Korean gamblers have appeared in a younger age group.

Korean iGaming revenue

In 2020, news from Seoul's Yonhap News Agency pointed out that iGaming has increased rapidly, with winnings 3.6 times that of official gambling in South Korea. According to the Gambling Comprehensive Supervision Committee of the Prime Minister’s Cabinet, the scale of illegal gambling in South Korea as of 2019 is estimated to be 81.5 trillion won. Compared with the 2016 survey result of 70.9 trillion won; an increase of 10.6 trillion won. This is 3.6 times the amount of legal gambling in South Korea. Domestic legal gambling in South Korea was 22.4 trillion won in 2018. Among them, iGaming accounted for 66.8% of illegal gambling. This data also shows that Korean gamblers prefer to accept iGaming with convenience, security, and privacy for gambling games.

What should you pay attention to when entering the Korean gambling market?

Language habits and culture,

Koreans are deeply influenced by Japanese and Chinese culture. In recent years, Western culture has also begun to enter the horizons of Korean people. They have a deep sense of national pride and identity for their own nation. Therefore, when a gaming platform enters the Korean market, it is necessary to consider the localized visual feel of the gaming platform to avoid users' distrust of the iGaming platform. Increase recognition. Tiancheng Korean Baowang hired 18 local language experts to conduct in-depth translation of the Korean white label iGaming platform. At the same time, local senior product developers collaborated with local senior UI designers to design the Korean white label iGaming platform, allowing you to seamlessly enter the Korean local gambling market.

Summary

As far as the current Southeast Asian gaming market is concerned, due to the impact of China's policies, the gaming market continues to be hit, and at the same time the World Cup is over. The popularity of sports betting has temporarily declined. Taking advantage of this drop in popularity is a good time to expand and enter the Korean gaming market. South Korea has inherent advantages.

1. Korean people are no strangers to gambling (there are casinos in the country)
2. Korean people are very familiar with sports betting methods (the Korean authorities themselves have such sports betting but the amount is limited)
3. South Korean people have high income (more than four times that of Vietnam and Thailand)
4. South Korea’s Internet infrastructure is at the forefront of the world. (South Korea’s science and technology is the driving force behind South Korea’s social and economic development)

TC-GAMING Southeast Asia white label iGaming pays attention to the differences in culture, language, religion, etc. from different countries. From UI to language, local experts conduct in-depth translations. Even the small operation buttons are designed to fit local operating habits. In line with the aesthetic vision and operating habits of local users. At the same time, we attach great importance to user security and privacy. With more than 10 years of network experience and an excellent R&D technical team, we have won the trust of users. Today, our business has spread all over Southeast Asia countries such as Vietnam, Thailand, Brunei, Indonesia, Malaysia, South Korea, and Japan. TC-GAMING can complete the website opening in 10 minutes, allowing you to quickly and seamlessly access the Korean gaming market. Thousands of sports methods and hundreds of game types. There are tens of thousands of electronic games, no matter what the user's preferences are, he can find the type of game he likes on TC-GAMING Korean White Label. It also have 7x24 hours dedicated online operation and maintenance and dedicated services. At the same time, TC-GAMING puts technology first and continuously introduces and updates applicable technologies. Ensure the stable operation of the platform. We can solve your worries and concentrate on market operations. I believe TC-GAMING will be your best partner to enter the Korean gambling market.