Esports betting gains ground in South Korea amid market growth

With South Korea’s gambling industry experiencing a surge, the push for the legalization of esports betting continues to gain momentum.

According to a report from iGaming Today, South Korea’s gambling market reached $9 billion in 2024 and is projected to grow to $10.5 billion by 2030. This growth is fueled largely by online gambling, with citizens turning to games like blackjack and baccarat.

At present, legal betting in Korea is restricted to traditional sports and horse racing through Sports Toto, the government-regulated platform. Esports, despite its immense popularity, remain excluded from this gambling framework.

“Esports Toto” eyed in South Korea

South Korea has long been recognized as a powerhouse in global esports. The country helped pioneer the competitive gaming boom, with professional leagues and televised matches in games like StarCraft and League of Legends airing since the early 2000s.

Esports culture is deeply ingrained in Korean society, yet betting on these matches remains prohibited under current laws. Momentum is now building for esports to finally gain entry into the legal betting sphere.

Korean gaming outlet Inven recently reported that the Korean e-Sports Association (KeSPA) has formally proposed Esports Toto, a new esports betting platform. The proposal was submitted to Democratic Party presidential candidate Lee Jae-Myung, signaling rising political interest in the initiative.

KeSPA’s argument hinges on both cultural and economic grounds: legalizing esports betting could invigorate the local esports industry while contributing to South Korea’s broader digital economy. The association envisions Esports Toto operating under government oversight, mirroring the structure of Sports Toto but tailored specifically for competitive gaming.

This isn’t the first time the idea of esports betting has surfaced in Korea. In early 2024, Naver reported that discussions took place between Sports Toto, KeSPA, and LCK organizers. These talks explored the possibility of incorporating League matches into the Sports Toto system during the Spring Split. Although the plan ultimately stalled, it marked a notable step toward institutional acceptance of esports betting.

Riot Games, developer of both League and VALORANT, added fuel to the fire by updating its sponsorship policies to allow betting-related sponsors for esports teams. This could ease regulatory resistance and encourage further investment in the sector in South Korea.

Future of esports betting in South Korea looks bright

With the rising public interest, increased lobbying from KeSPA, and a booming digital gambling market, esports betting in South Korea seems increasingly inevitable. Esports Toto could become a reality within the next two years if the proposal gains political traction.

Legalization would create a new revenue stream and deepen engagement in a nation that helped define the modern esports era, potentially positioning South Korea as a global leader in regulated esports wagering.