Korea is a country that is known for its technological advancements and its thriving economy. However, one area of the Korean culture that is often overlooked is that of horse racing and betting. While it may not be as popular as in other countries, horse betting is still a popular pastime in Korea. In this article, we’ll take a look at the history of horse betting in Korea, the current state of the industry, and the potential for future growth.
History of Horse Betting in Korea
Horse betting has a long history in Korea, dating back to the Joseon Dynasty in the 17th century. Horse racing, known as Ssirum, was a popular form of entertainment for the wealthy elite. Betting on horse races was also common, with the wealthy placing wagers on their favorites.
The popularity of horse betting continued to grow throughout the 19th and 20th centuries, with the first racing track being built in the city of Busan in 1943. This was the first of many tracks that were built across the country, with the most famous being the Seoul Racecourse, which opened in 1971. Horse racing and betting remained popular throughout the 20th century, and the industry continued to grow.
Current State of Horse Betting in Korea
Today, horse betting is still popular in Korea, although it is not as popular as it once was. According to the Korea Racing Authority, there are currently 15 racecourses in Korea, with most of them being located in the greater Seoul area. The total amount of money wagered on horse races in Korea in 2020 was over 6 trillion won ($5 billion).
Horse betting in Korea is mainly done through the Korean Racing Authority’s website, which offers a variety of betting options. These include betting on the winner of a race, the exact order of the race, and the top three finishers. The minimum wager is 1,000 won ($0.84) and the maximum is 10 million won ($8,400).
Potential for Future Growth
The potential for future growth in the horse betting industry in Korea is high. The industry has seen steady growth over the past decade and there is no reason to believe that this trend will not continue. Additionally, the Korean government has expressed its support for the industry and has introduced several measures to encourage growth.
One of these measures is the introduction of a tax incentive scheme for those who make wagers on horse races. This scheme provides a tax break for those who bet more than 10 million won ($8,400) on a race. This has led to an increase in the amount of money wagered on horse races in Korea, which is expected to continue to increase in the future.
In conclusion, horse betting is still popular in Korea, although it is not as popular as it once was. The industry has seen steady growth over the past decade and the Korean government has introduced measures to encourage further growth. With the right strategies, the horse betting industry in Korea has the potential to continue to grow in the future.