The Korea Racing Authority's online horse racing business is expected to reach its revenue cap quota in the fourth week of November 2024, which would temporarily halt online betting, according to data the authority gave to lawmaker Lee Man-hee of the ruling People Power Party, reported on October 24, 20241.
Online horse racing sales reached 627 billion won as of October 201. At the current trend, the online horse racing business is expected to reach that quota in the fourth week of November1.
If that happens, the 2024 online horse racing business would have to be temporarily suspended, and online participation in 294 races would become impossible from outside racecourses and cultural centers owned by the Korea Racing Authority1. Online betting sales are expected to stop for about a month, at the earliest from the end of the following month1.
Lee, a member of the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, said online betting purchases becoming difficult could increase illegal betting transactions, and that the online betting revenue cap quota needs to be improved1.
"현재 추세대로라면 11월 넷째 주에는 마사회의 온라인 경마 사업 매출이 제한 쿼터에 도달할 것으로 보인다"
What it means for players
Online betting on horse racing in South Korea is handled through official accounts, and the cap applies to the authority's online business as a whole rather than to any individual bettor. If the quota is reached, online participation in the 294 affected races would not be possible from outside Korea Racing Authority racecourses and cultural centers1. That would leave on-course attendance as the route the source describes for those races, though the report does not state how on-course sales are treated under the cap. The report does not say whether accounts, balances or existing bets would be affected, and no further operational detail has been reported.
What happens next
Lee has called for the online betting revenue cap quota to be improved1. No decision on changing the quota has been reported.
For background on how betting is regulated and operated in the country, see Betting on Horse Racing in South Korea and Can I Gamble in South Korea?. Details on official accounts are in Official Online Horse Racing Betting Accounts in Asia: Who Can Open One, and the wider regional picture is covered in Horse Racing and Betting in Asia.
