As sports betting around the world is becoming more popular, more people are looking for places to bet on sports. Interestingly enough, this also holds true for Koreans looking for safe and reliable ways to gamble on their favorite sport. Therefore, it is not a surprise to gambling analysts that Offshore Sportsbooks are Getting More Popular with Korean Gamblers.
According to several offshore sportsbook, they saw an increase in sports bettors from South Korea over the previous year. Most of these bookmakers have been reporting an increase of players with Korean IP addresses ranging from 6.3% to 8.6%.
Gambling industry analysts say that increase of Koreans using sports betting websites has been a trend for several years. However, last year was significantly higher than previous year. Therefore, why is sports betting online becoming more popular in South Korea?
What is an Offshore Sportsbook?
Before we begin, let’s define what an offshore sportsbook is. An offshore sportsbook is a sportsbook that operates outside of the gambler’s country. Thus, for a Korean gambler, offshore would mean any bookmaker that is outside South Korea. Furthermore, the most prominent offshore sportsbooks operate in the Philippines and Central America. Contrary to popular beliefs, offshore bookies are legal as they have a license to operate from their respective government. In fact, the larger operations have licenses from several countries and jurisdictions.
Why Offshore Sportsbooks are Getting More Popular with Korean Gamblers
More Betting Options at a Global Offshore Sportsbook – Korean bettors use offshore sportsbooks because they have all the wagers they are searching for. For example, Korean gamblers are only able to do Sports Toto and Sports Proto type of bets. Unfortunately, the betting odds and the prize money is not very attractive for them. Therefore, they must look elsewhere to make profitable wagers with more betting options.
Needless to say, offshore betting operations are happy to cater to them. And have a lot of experience doing it. They know what bettors want and they continue to cater to them. For the most betting options, smarter Korean bettors go offshore.
Easy Access – Another reason why online sportsbooks are popular is because they are open 24/7 every day of the year. Furthermore, location does not matter since they only need to go online to bet on sport.
Better Bonuses and Promotions from Online Sportsbooks – Since offshore sportsbooks operate outside of Korea, they are not subject to local taxes. In turn, they pass on these savings to their players. This means that they are able to offer larger sportsbook bonuses and incentives to players.
Staying Anonymous – Staying anonymous is very important to most gamblers and that is exactly what offshore sportsbook offers. This is because they can use cryptocurrency for banking which allows everyone to remain anonymous.
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