Between 2015 and 2019, the gambling and betting industry in South Korea experienced moderate growth with variability in annual growth rates. The industry surged in 2020, a drop mainly due to the pandemic, which saw a -59.58% decline. Recovery was swift in 2021 with a 129.34% increase, and steady growth continued through to 2023, where the output is expected to stand at 6.858 trillion South Korean Wons, reflecting a 1.78% year-on-year increase from 2022. Over the past five years, the industry showed a CAGR of 1.66%. Looking ahead to 2028, the forecasted five-year CAGR is modest at 1.41%, predicting the market to reach 7.4468 trillion Wons, with a growth rate of 7.25% from 2023. Future trends to watch include the influence of technology on betting behavior, regulatory changes, and market diversification. Ensuring resilience to economic shocks will be critical.
