The Korea Racing Authority, led by President Woo Hee-jong, said it will run an "intensive illegal horse-racing reporting period" for three months from Saturday through Oct. 31 to prevent public harm from illegal horse racing and foster a healthier racing culture.
Illegal horse-racing sites lure users with high payout rates, sign-up bonuses and promises to cover losses. However, such sites have no institutional safeguards to protect users or guarantee payouts. In practice, when users win large sums, the sites often block their IP addresses, delete their accounts or unilaterally refuse refunds — a form of fraud commonly known as "eating and running."
Users who place bets on illegal sites also face criminal liability under the Korea Racing Authority Act, which carries a prison term of up to five years or a fine of up to 50 million won ($36,000).
The Korea Racing Authority pays reporting rewards to members of the public who flag illegal horse-racing sites. The reward amounts are: 100,000 won per racing-type site, 30,000 won per integrated site (raised to 100,000 won during the intensive reporting period) and 10,000 won per subdomain. During the intensive reporting period, the reward for integrated sites will be temporarily raised from 30,000 won to 100,000 won per report.
Reports can be submitted through the "Illegal Horse-Racing Reporting Center" on the Korea Racing Authority's website. Reporting is open year-round, with the intensive reporting period running from Saturday through Oct. 31.
"Active reporting by the public is the single most important factor in rooting out illegal horse racing," President Woo said. "The Korea Racing Authority will also do its utmost to create a healthy and safe racing environment by strengthening cooperation with relevant agencies and intensifying surveillance of illegal sites."
yjc@heraldcorp.com
