There’s a real chance that esports will soon be on the table as the betting market in Korea keeps on ramping up.
The world widely recognizes South Korea as the cradle of esports. Since 2000, the country has dominated major titles and showcased events on television, effectively normalizing competitive gaming. Nonetheless, the heavily-regulated betting industry of the country has never allowed gambling on esports matches. Traditional sports and racing events have been the only option, but that could soon change. Previous statistical analysis and lobbying efforts mean that Koreans may soon be able to legally place bets on esports as early as 2026.
A statistical analysis from iGaming Today shows that the Korean gambling market hit $9 billion in the previous year. Experts expect it to rise to $10.5 billion by 2030.
Blackjack, baccarat, as well as Asian games such as tai sai and pai gow make up the majority of the gambling market of Korea. As 17 of 18 casinos in Korea are designated only for foreigners, almost all gambling is online. The state-operated sportsbook Sports Toto is the only way to conduct legal sports betting. Authorities heavily regulate Sports Toto. It sets limits on how much money players can gamble.
Esports betting is illegal in Korea. Players can only bet on traditional sports and racing by a government sportsbook. Nevertheless, there’s a reason to suspect that Korea will soon legalize esports betting.
The speculation comes from Inven, a Korean publication. It reported that the Korean e-Sports Association submitted a policy suggestion to the Democratic Party of presidential candidate of Korea, Lee Jae-Myung, requesting the creation of an esports betting platform. The state-backed Esports Toto would make moneylines for esports match betting. KeSPA stated that opening up esports betting would further support the industry and boost Korea’s digital economy.
