Internet betting is feeding the expansion of black market eats

12-22-2009

Korea’s market for illegitimate private gambling on horse races might be reaching 30 trillion won ($25.5 billion). As shown in Korea Racing Authority numbers revealed this week, this amount is in fact 4 times legitimate sales at the state-owned monopoly.

The agency revealed to news publication JoongAng Daily that it calculated black market incomes at around 9.3 trillion won to 30.5 trillion won last year, which is 125 pc to 411 pc the total 2008 legitimate sales at the KRA. The Authority stated that the expanding accessibility of Internet betting had caused the boost of black market.

Only via KRA, bets on horse racing are considered lawful in Korea. And whole process is being managed by the authority of the government’s Ministry for Food, Agriculture, Forestry and Fisheries and holds 3 racing parks in Busan, Jeju and near Seoul. The agency runs 32 betting venues as well, where players are able to gamble at the same time as watching real-time televised horse races at the 3 parks.

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