Korean horse racing action reaching global enthusiasts

Shirley Pulis Xerxen January 24, 2024

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Korean horse racing action reaching global enthusiasts

The Korea Racing Authority has signed a ground-breaking deal with Sports Information Services (SIS), a provider of 24/7 live betting services, bringing content with premium Korean horse racing fixtures from the heart of South Korea to a global audience.

The collaboration promises to deliver a lineup of 202 fixtures annually from the renowned tracks of Busan and Seoul. With a staggering 1800 races added to SIS’ content arsenal, horse racing enthusiasts around the world can look forward to an enhanced betting experience from one of the world’s most esteemed racing territories.

SuHyeong Lee, Head of International Races and Relations at the Korea Racing Authority, shared in the enthusiasm, saying, “SIS is renowned throughout the industry for delivering the best international racing content, and we are thrilled to be able to expand the visibility of our racing through this deal. We firmly believe this will successfully widen the popularity of horse racing from Korea and are sure that our offering will be well received globally.”

Conall McSorley, Head of International Horse Racing, EMEA at SIS, expressed excitement about the expansion, stating, “Korea has long provided quality racing, and by enhancing our content offering to include fixtures from Busan and Seoul, we are providing operators and their customers with the broadest range of betting opportunities from around the world. SIS is very familiar with the Korean racing product, and with our specialist traders pricing markets, we are sure that both operators and bettors will respond positively.”

Online betting in South Korea

On May 25, 2023, the National Assembly of South Korea approved a revision to the Horseracing Act, allowing online betting on horseracing for individuals aged 21 and above.

Lawmakers in South Korea justified the amendment by pointing to the impact of the pandemic on the country’s horseracing industry. The Korean Racing Association (KRA) faced staggering losses, amounting to 12.6 trillion won ($9.5 billion), due to disruptions caused by the pandemic. This had a ripple effect on breeders, support services, and a multitude of employees, leading to a significant decline in tax revenue. Faced with the industry’s dire financial situation, the government opted to set aside its reservations and embraced the legalisation of online betting as a strategy to revitalise the racing sector.

The modified act outlines a plan for an electronic bookmaker system and introduces measures to safeguard online bettors and prevent addiction. To ensure a smooth transition, online betting is operating as a pilot project before full implementation in 2024, a year following the act’s official promulgation.

The legalisation of online betting on horse racing in South Korea has been an ongoing topic. However, apprehensions surrounding problem gambling had impeded strong industry endorsement of such a measure. The severe repercussions of the COVID-19 pandemic on Korea’s horseracing sector, marked by extended closures of racecourses during the height of virus transmission, forced the government to reconsider its stance.

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