Online Horse Race Betting in South Korea is Being Discussed
South Korea has one of the biggest horse racing industries in Asia. Recently, the country’s biggest regulator of this industry, called the KRA, began calling for the legalization of online horse race betting in South Korea. This group believes it will help to lower rates of illegal gambling in the country.
It’s an exciting development for horse racing fans in this country. Now is the perfect time to look at the current online gambling laws in South Korea. Let’s also check out what the KRA has planned for the future!
Online Gambling Laws in South Korea, Explained
South Korea has the 11th largest economy in the world. As you might expect, there are a huge number of individuals in this country who love to gamble. Unfortunately, online gambling laws here remain extremely strict.
The government of South Korea has made it clear that most online gambling options are illegal. Many forms of land-based gambling, however, are allowed. Today, there are nearly 20 casinos spread around the country, one of which is legally able to offer gambling options to South Korean citizens. A huge new casino is also being built on Jeju Island over the next few years.
In the 90s, the government created a state-run gambling service called SportsToto. This platform allows its players to make sports wagers inside shots and other establishments. It recently began offering its services online, as well.
“Illegal” online gambling has been on the rise here for years. The government’s attempts to block internet gambling companies aren’t as successful as some thought. Many of the biggest online gambling sites in Europe are available in this country.
This week, a major gambling regulator announced some huge plans for the future.
KRA Calls for the Legalization of Online Horse Race Betting in South Korea
Land-based horse race betting is legal in South Korea. This industry is hugely popular, drawing in thousands of bettors every single month. The Korean Racing Authority (KRA) has announced that it wants to launch online horse race betting in South Korea, as well.
Right now, the only legal forms of online wagering in South Korea are on sports or the lottery. Both of these forms of gambling are monitored by the government. The KRA now plans to have online horse race betting legalized.
Three horse race tracks are currently operating in South Korea. The KRA oversees each one. At the moment, this group only offers six types of horse race wagering options including win, place, quinella, exacta, quinella place, and trio. This form of gambling is taxed heavily by the government.
This regulatory body claims that it recently held a debate on the subject at a Korean National Assembly. Official legislation has not yet been filed. Hope is that soon, lawmakers will begin taking a closer look at this form of gambling.
Gambling Competition is Growing Around Asia
South Korea has a fairly successful gambling industry. Amazingly, the one casino here that’s able to accept Korean nationals generates more revenue than all the other casinos combined. Soon, however, nearby countries may begin taking away from this country’s gambling industry.
Last year, Japan . Soon, three casino-resorts will begin operating in this country. Many analysts claim that Japan will grow to become the third-largest casino market in the world.
Even the Philippines is becoming a major casino destination. Many different land-based gambling venues are now operating here. The government is currently working on new ways to better regulate its online gambling industry.
The legalization of online horse race betting in South Korea could help this country compete with Japan and the Philippines. We’ll need to wait and see how lawmakers feel about these newly proposed laws.
Do you think online horse race wagering should be legal here? Let us know in the comments section below!
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