Gambling Business in South Korea: How to Start
Investors and company owners always want to work in the best conditions. South Korea is a greatly developed country in terms of technology, economy, and trade, which means it is attractive for entrepreneurs.
The opportunities for creating a business in South Korea are great. The citizens love to play online games on real money. Despite this, gambling is still not legalised at the state level, and therefore operators obtain offshore licences.
As a specialist at Casino Market, I want to explain the features of the Asian iGaming industry, namely in South Korea. I will provide you with detailed instructions on how to start a business project in a matter of weeks.
Gaming Sphere in South Korea: the Basics
The state is often included in the lists of the most advanced countries not only in Asia but worldwide. The economic stability in South Korea generates a high standard of living and income for citizens. This is used by many novice and experienced operators.
When South Korea started to develop after the Second World War, society became free. The government initiated several improvements to the economy. At that time, casinos started to gain popularity. Residents had fun and good incomes.
Among the favourite entertainment options in South Korea are:
- sports betting (on dzhangі, sіreum, baseball, horse racing, and golf);
- traditional Korean board games.
In 1960, there were many illegal establishments in the country, so the new stricter laws were issued. Residents were forbidden not only to play in the country but also abroad. All were punished with a fine.
As early as 1967, the government legalised games in regular wagering halls to develop tourism in the country. Until now, the South Korean government uses them for social issues.
With the advent of the Internet, and later mobile phones, wagering took on new colours. A huge number of players around the world have started preferring virtual games to save time and bet whenever they want. These events also affected the gambling business in Korea.
Although online wagering is still in question, both operators and players have found ways to circumvent the strict legislation:
- operators buy licences and are based in offshore territories, but work for a local audience;
- players use foreign sites, or bypass blocking in the country using a VPN service;
- both parties use cryptocurrencies for anonymity and independence of transactions.
7 Steps for Launching Casinos in South Korea
Gaming products offered by providers in the state are exclusive, technological, and modern. Companies that are registered abroad are reputable and popular around the world.
If you want to start a casino in this country, you need to analyse this market and understand the main principles and basics of creating an iGaming product. To begin with, you should know the reasons why South Korea is a target territory.
These are the following features:
- affection from residents and application in gaming culture;
- low competitiveness;
- a large selection of popular entertainment;
- big and various bonuses;
- economic prosperity and high player incomes.
Here are easy instructions for launching a project in South Korea:
- Choose an optimal jurisdiction. First of all, an operator needs to pick a place where to register a new company. Most often, offshore territories are used such as Malta, Curacao, Alderney, and the Isle of Man. Newcomers should look closely at the terms of the licence and the target market.
- Select a reliable casino software supplier. The second beneficial step will be to find a high-quality provider that will guarantee success in a short time. Choose a reputable and popular company to ensure maximum protection, receive an appealing and user-friendly website, and player retention.
- Diversify gaming content. An operator must integrate a decent number of entertainment titles to satisfy any taste of customers. Apart from online slots, you can add games with live dealers, as well as online sports betting options. Also, you may provide free demo versions to keep the customer interested.
- Include diverse payment methods. The financial part of the gaming project is no less important. Players need to use the easiest and fastest methods for both deposit and withdrawal. In addition, South Koreans are comfortable using electronic wallets, and cryptocurrency.
- Create a convenient website. A gaming product should not have flaws but captivate the client at first glance. Therefore, the design must be beautiful and easy to navigate.
- Do the marketing staff. To develop a profitable and attractive platform, effective promotion is significant. This can be done with the help of bonus systems, loyalty programs, CRM tools, e-mailing, affiliate marketing, etc. The main goal is to capture and retain users for a long time.
Wagering in South Korea: The Best Providers
Online gaming is extremely profitable, so many countries in Europe, the United States, Canada, and other regions are passing laws to legalise the business. South Korea has strict rules to combat gaming addiction. The industry develops gradually to protect the local society.
The South Korean government is promoting responsible gaming. Therefore, only the most successful suppliers and aggregators work in the country.
The top 5 iGaming providers for South Korea include:
It is a reliable supplier in the sphere, releasing the most diverse catalogues of entertainment. Slots are Amatic’s strongest point, which it has been developing since 2011.
The brand was founded back in 1993 and was aimed at a wide international audience. The corporation has created a dedicated Amanet division to maintain its reputation by providing licensed operators with the best solutions.
It can be profitable to buy Amatic slots for such reasons:
- 120+ various games with exclusive plots;
- huge popularity on all continents;
- a high average percentage of RTP — 96%;
- a large selection of licenсes (Great Britain, Malta, Romania, Colombia, Spain, Sweden, etc.).
It is a world-renowned brand proposing high-quality HTML5-based slots. With more than 20 years of experience, Greentube is widely spread in all developed countries, especially in Asia, Latin America, and Europe.
Greentube is a subsidiary of Novomatic, which became one of the first software providers for online gaming platforms.
Among the main advantages of the company are:
- a wide portfolio with 300+ content positions;
- great opportunities for mobile entertainment;
- unique themes for all amusement;
- 2D, 3D slots, and VR/AR solutions.
This is a Dutch company that became immediately successful since its foundation in 1999. Playtech develops slot machines that are widely popular among residents of Seoul. The highlight of the brand is card games — the firm is considered to be a leader in that field.
Here are the main reasons for starting a project with Playtech products:
- a high RTP level — 95–97%;
- innovative mobile products;
- great graphics and the simplest interface;
- a branded live dealer studio.
This British company conquers the hearts of both operators and players. The Betsoft brand was founded in 1999 in the city of London, initially to create equipment for gaming halls. In 2008, the firm fully focused on the development of software and online entertainment.
The main advantages of the provider are the following:
- 160+ impressive games;
- high-quality 3D animation, sound accompaniment, and design;
- 82–97% RTP;
- popular international licences.
The product is suitable for both beginners and professional operators to start a gaming company in South Korea. Play’n Go is a successful provider from Sweden, founded in 2005. It is one of the largest suppliers in the world.
Play’n Go is one of the first corporations to produce mobile gaming machines. It has become a leader in this field.
Here are the main advantages of the provider:
- licences in 25 jurisdictions;
- a wide content catalogue of 180 items;
- constant updates (up to 15 new products every year);
- traditional machines with 20–50 lines;
- multi-user game mode.
All Things Considered
Gambling is profitable and attracts many investors around the world. South Korea is a developed country, which has ideal economic conditions for web gaming, as well as a great commitment of residents to such entertainment.
If you want to start a wagering project in this promising state, I recommend contacting Casino Market experts. The aggregator offers turnkey platforms, licensing and marketing services, business plan elaboration, etc.
Contact the firm via:
- e-mail: email@example.com
- Skype: support.casinosupermarket
- Telegram: @turnkey_casino_software
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