Korea Racing Authority
Overview
The Korea Racing Authority (KRA) is a public institution in South Korea established in 1922, with the main tasks of conducting horse racing and promoting the horse industry. Its headquarters is located in Gwacheon, Gyeonggi Province, and it operates three racetracks nationwide—Let's Run Park Seoul, Busan-Gyeongnam, and Jeju—along with over 20 off-track betting offices. The KRA's core mission includes developing the leisure industry through horse racing, fostering the horse industry, revitalizing rural economies, and returning profits to society. As of 2023, annual revenue amounts to approximately 8 trillion won, with tax contributions from horse racing reaching 1 trillion won, establishing it as one of the leading public enterprises in the country.
Main Content
History and Establishment Background
The predecessor of the Korea Racing Authority was the Joseon Horse Racing Club, founded in 1922, which began with the introduction of horse racing during the Japanese colonial period. After liberation in 1945, it was reorganized into the Korean Horse Racing Association, and in 1984, with the enactment of the Korea Racing Authority Act, it was converted into a public institution. In the 2000s, the horse racing industry experienced rapid growth through legalization and deregulation, and in the 2010s, the enactment of the Horse Industry Promotion Act expanded its role to encompass equestrian sports and the overall horse industry.
Main Businesses
1. Horse Racing Operations: Hosts weekend and weekday races at Let's Run Park, supporting nationwide betting through an online sales system. Races are divided by horse class and include feature races (e.g., Korean Derby, Grand Prix), with over 1,000 races held annually.
2. Horse Industry Promotion: Promotes the popularization of equestrian sports, supports horse breeding and raising, builds equestrian facility infrastructure, and trains horse-related personnel (trainers, jockeys, veterinarians). As of 2023, the domestic horse population is approximately 25,000, with the KRA managing over 30% of them.
3. Social Contribution: Donates a portion of horse racing profits to rural development, scholarship programs, cultural and arts support, and social welfare facilities. As of 2022, annual social contributions amount to approximately 300 billion won.
4. Overseas Expansion: Promotes horse racing exchanges and horse industry cooperation with Macau, Singapore, Japan, etc., and supports the provision of overseas horse racing information and participation in international races.
Organization and Operations
The Korea Racing Authority consists of four headquarters—Planning and Coordination, Horse Racing, Horse Industry, and Management Support—along with over 10 departments. The president is appointed by the government, and the board of directors operates with up to 15 members. As of 2023, the number of employees is approximately 1,500 (regular employees), with over 5,000 indirect jobs created at racetracks and off-track betting offices.
Regulations and Controversies
Horse racing is not free from controversy over gambling addiction. The KRA has introduced addiction prevention education, betting limits (maximum 100,000 won per day), and anti-money laundering systems, but issues of gambling addiction and the illegal horse racing market (private racing, online illegal betting) remain challenges. In a 2020 parliamentary audit, the KRA's excessive marketing costs and executive compensation structure were also criticized.
Latest Trends
In 2024-2025, the Korea Racing Authority is focusing on digital transformation and ESG management. In March 2024, it completely revamped the mobile app 'Let's Run,' introducing AI-based race prediction services and a non-face-to-face sales system. Additionally, it announced plans to install solar power facilities at all racetracks nationwide by 2025 and to advance its carbon neutrality target to 2030. In the horse industry sector, it is expanding the 'National Equestrian Experience Program' to popularize horse riding, and from the second half of 2024, it has launched a new equestrian support project for the disabled. Meanwhile, in July 2024, in line with the government's public institution innovation plan, the KRA is pursuing organizational streamlining and workforce reduction, and in response to declining horse racing revenue (delayed recovery post-COVID-19), it is adopting a strategy to expand non-racing revenue sources (real estate leasing, horse industry consulting). To strengthen crackdowns on illegal horse racing, it plans to introduce an AI-based illegal site detection system starting in 2025.
Related Topics
- [[Horse racing]]
- [[Let's Run Park]]
- [[Horse industry]]
- [[Public institution]]
- [[Gambling industry]]