225 Views

Racetrack wagering comes to North Korea

In an effort to collect foreign currency from some of its wealthier citizens, the government of North Korea has reportedly begun allowing well-off residents to wager on the outcome of horse races being held at a new riding facility located near Pyongyang.

According to a report from the Reuters news service, the Mirim Horse Riding Club held an inaugural horseracing meet on Sunday with race-goers over the age of twelve permitted to wager on jockeys via a raffle-type system using foreign currencies such as United States dollars and Chinese renminbi.

The news service explained that North Koreans once risked up to three years in prison for gambling but the new horseracing policy was initiated by the regime of leader Kim Jong-Un as a series of international sanctions tied to the Asian nation’s pursuit of nuclear weapons begin to bite.

Citing North Korea’s state-owned Korean Central Television and Korean Central News Agency, Reuters reported that hundreds of spectators visited the first-ever horseracing event at the Mirim Horse Riding Club to watch races that involved mostly grey-white horses, which have long been used as a propaganda symbol by the ruling Kim family.

North Korea reportedly already has foreigner-only casinos in Pyongyang as well as in a special economic zone it runs with China near the northern city of Rason.  The Mirim Horse Riding Club is a former military training center that was unveiled in 2013 complete with seven outdoor riding courses alongside a pavilion, restaurants and a sauna.

“Kim has been pushing for vanity projects for a theme park, sky resort and the horse riding club for the sake of propping up the people’s well-being but their real purpose was to earn foreign currency,” Na Jeong-Won from the North Korea Industry-Economy Research Institute in Seoul, South Korea, reportedly told Reuters.

The news service reported that the Mirim Horse Riding Club moreover features an indoor training facility as well as a stable of approximately 120 horses that foreign tourists can ride for up to one hour after paying an entrance fee of around $35. Reuters speculated that this charge could be as low as $10 for North Korean citizens although this would still put such experiences beyond the reach of most average workers.

“There seems to be growing demand for such leisure activities among North Koreans as the gap between the rich and the poor has been widening,” Na reportedly told Reuters.

Racetrack wagering comes to North Korea was last modified: October 18th, 2017 by Adam Morgan


Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Latest Posts

Partypoker announces Powerfest festival schedule with $35m up for grabs
Poker
287 views
Poker
287 views

Partypoker announces Powerfest festival schedule with $35m up for grabs

admin - October 30, 2017

From September 3rd to the 24th, online poker room partypoker will be offering members the chance to compete in the popular series known as Powerfest. This year’s…

New Hampshire Lottery’s online move worrying Massachusetts
Gaming Law & Legislation
365 views
Gaming Law & Legislation
365 views

New Hampshire Lottery’s online move worrying Massachusetts

admin - October 30, 2017

Lottery officials in Massachusetts have reportedly expressed concerns over New Hampshire’s recent legalization of keno along with the neighboring state’s plan to begin selling its own gambling…

New law passes allowing sports betting in Andalusia
Gaming Law & Legislation
225 views
Gaming Law & Legislation
225 views

New law passes allowing sports betting in Andalusia

admin - October 30, 2017

In Spain, the Andalusia Gambling Regulations have reportedly been approved by the Governing Council. The Regional Government expects the new gaming rules to raise about €1.65m a…

American Gaming Association study highlights the importance of tribal sector
Economy/Finance
239 views
Economy/Finance
239 views

American Gaming Association study highlights the importance of tribal sector

admin - October 27, 2017

A new investigation from the American Gaming Association trade group has discovered that the casino industry supports some 635,000 tribal jobs while having an economic impact worth…

Caesars subsidiary secures new $265 million add-on term loan facility
Economy/Finance
211 views
Economy/Finance
211 views

Caesars subsidiary secures new $265 million add-on term loan facility

admin - October 25, 2017

A little over two weeks after emerging from bankruptcy and the Caesars Entertainment Operating Company Incorporated arm of American casino giant Caesars Entertainment Corporation has announced that…

Tasmania announces plan to outlaw lottery betting
Gaming Law & Legislation
279 views
Gaming Law & Legislation
279 views

Tasmania announces plan to outlaw lottery betting

admin - October 24, 2017

New legislation is reportedly rapidly being written by the Tasmanian Government to ban lottery betting on the island state off Australia’s south coast. In what has been…

Reminder for PKR.com customers: PokerStars has your back
Poker
278 views
Poker
278 views

Reminder for PKR.com customers: PokerStars has your back

admin - October 21, 2017

Players who found their funds locked up in administration when PKR.com went bust can get their money from PokerStars. In early May the pioneering PKR.com was removed…

Partypoker to offer double guarantee with Title Fight beginning in October
Poker
250 views
Poker
250 views

Partypoker to offer double guarantee with Title Fight beginning in October

admin - October 19, 2017

At partypoker, players of the online poker site have a plethora of gaming options to choose from. Cash gaming, tournaments and promotions are all on offer. As…

Enrique Razon offloads 3.18% of Bloomberry Resorts Corporation
Economy/Finance
273 views
Economy/Finance
273 views

Enrique Razon offloads 3.18% of Bloomberry Resorts Corporation

admin - October 18, 2017

In the Philippines, billionaire businessman Enrique Razon has reportedly earned approximately $74.58 million after selling off 3.18% of his stake in local casino operator Bloomberry Resorts Corporation.…

Sands China and MGM China Holdings contribute to Typhoon Hato relief efforts
Macau
195 views
Macau
195 views

Sands China and MGM China Holdings contribute to Typhoon Hato relief efforts

admin - October 15, 2017

Last week, Macau was in the path of Typhoon Hato, a massive tropical storm that ripped through the area damaging casino resorts, homes and businesses. The storm…