Horse race betting only allowed through KRA
December 21, 2009, 11:42 am (8 years ago)
Korea Racing Authority numbers released this week indicates that in Korea, the market for illegitimate private gambling on horse races may worth around 30 trillion won ($25.5 billion), 4 times legitimate sales at the state-owned monopoly.
According to the agency, black market incomes could be at around 9.3 trillion won to 30.5 trillion won last year. The Authority stated that the boost in accessibility of Internet betting had caused the increase of black market.
Only via KRA, bets on horse racing in Korea are considered legal, which needs to be regulated by the authority of the government’s Ministry for Food, Agriculture, Forestry and Fisheries and has 3 racing parks in Busan, Jeju and near Seoul. The agency also conducts 32 betting settings, where the public is able to gamble whilst observing real-time televised horse races at the 3 parks.