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After a lengthy delay, the South Korean legislature is heading toward legalising online betting for horseracing in response to pandemic impacts on industry revenue.
A legislative review subcommittee on Wednesday (February 22) approved amendments to the Horse Racing Association Act 2011 that would allow online wagering while raising the minimum age of bettors from 19 to 21 and reducing retail windows, the Yonhap news agency reported.
The subcommittee, part of the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, has sent the amendments to the Legislation and Judiciary Committee, which will send them in turn to the wider chamber.
Two of the four amendments were moved by ruling Democratic Party member Kim Seung-nam, who has been pushing for online wagering reform since at least mid-2020 when the pandemic’s impact began to punish the industry.
The other amendments were advanced by a Democratic Party colleague and an opposition party member.
Online betting on racing and casino games is strictly prohibited in South Korea, therefore marking the amendments as a notable shift in government thinking on online gaming activity, despite the delay in advancing reforms.
Yonhap quoted government officials as saying that the coronavirus pandemic’s impact on horseracing has been significant and enduring, including lengthy closures of racetracks in the first year of the pandemic.
The partial liberalisation of online gambling is meant to “overcome stagnation” in the industry, the report quoted them as saying.
The raising of the minimum betting age and the culling of retail outlet numbers would serve as balancing measures for a government and society that remain highly sensitive to the subject of problem gambling.
