The Korea Racing Authority (KRA), the public company set up to oversee South Korea’s racehorse industry, has initiated efforts to allow electronic horse race betting in the country in the hopes of restricting illegal online gambling.
A representative from the Responsible Betting Department of the KRA has said that the KRA aims to allow online racing betting and said the authority held a discussion at the Korean National Assembly with participants on both sides of the debate.
Although online lottery and sports betting are both legal in South Korea, horse racing betting can only be done at racecourses or off-track betting lounges designated by the KRA’s LetsRun CCC, which are only open to foreigners. Online casinos are not legal in the country at present.
The KRA operates and holds exclusive betting rights over the three racecourses of South Korea: LetsRun Park Seoul, LetsRun Park Busan–Gyeongnam and LetsRun Park Jeju.
Six forms of pari-mutuel bets are provided by the KRA: win, position, quinella, exact, quinella, and trio. Both bets receive a tax rate of 16 percent, while the KRA takes a commission of 4 percent on wins and places and a commission of 11 percent on all other bets.
Online racing legislation in South Korea has not yet been filed and the KRA said the issue was still in the process very early.