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Korean Racing Authority Mulling for Online Betting

The Korea Racing Authority or KCA, a Public Company in South Korea to manage the Horse Racing Industry in the country has come up with a different perspective. Recently, KCA opened up and pushed the effort to introduce online betting for horse racing. It is being told that the efforts are being held to curb the illegal online betting that is rampant in South Korea now.

KRA has organized a debate even in the Korean National Assembly with all the stakeholders. A representative of the KRA of the Responsible Betting department told the media. There has been no conclusive outcome of the debate so far. However, it is believed that the discussion is going in the right direction. The matter is however in very early phases and it would certainly take time for the legislation process.

In South Korea, Online lottery and sports betting are legal. However, for Horse Racing, the betting can only be done at the racecourses. However, it can also be done at the KRA’s Lets’ Run CCC – branded lounges. These are off track lounges but the online horse race betting is still illegal. These lounges are only available for foreigners though. The online casino isn’t legal in the country either.

There are three racecourses in South Korea. These are Let’s Run Park Seoul, Let’s Run Park Busan-Gyeongnam and Let’s Run Park Jeju. The exclusive betting rights and the operation rights are held by the Korean Racing Authority.

As per rule, KRA offers only six types of pari-mutuel bet. These are Win, Place, Quinella, Exacta, Quinella Place and Trio. Someone familiar with horse racing would know about these bets. It imposes 16% of tax on all the bets. KRA takes a 4% commission for the bets of win and place. It takes 11% of commission for all other bets.

Source: https://www.igamingbusiness.com/news/korea-racing-authority-pushes-online-betting

About the author

Debopom Sanyal

Debopom Sanyal

Debopom is a web journalist and news enthusiast. He has been writing about world politics, science, health, finance, and technology. An avid sports enthusiast, Debopom has done his Masters in Finance and Bachelors in Engineering.

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