On 25 May 2023, the National Assembly finally passed a revision to the Korea Racing Authority Act that will make it possible to place online bets for horse racing for the first time in Korea. This move is anticipated to help revitalise Korea's horse racing and equine industries, which had been impacted by the COVID-19 pandemic.
With the passing of this new bill, adults will be able to place bets online, with the minimum age for purchasing online betting tickets raised to 21 years old to prevent indiscriminate purchases. Ordinary betting tickets will still be available for purchase by those aged 19 and above.
The limit for online betting tickets will be KRW 50,000 (USD 40) per game, with a maximum of KRW 750,000 (USD 600) per day, which is less than half of the current offline betting amount.
The KRA will test-run the online betting for six months while supplementing the system as needed, with a view to implement online betting in earnest as early as March 2024.
The launch of online betting is anticipated to contribute to the national economy through tax contributions and profits.