[Sejong= Asia Economy Reporter Kim Hyunjung] Kim Unam, the newly appointed chairman of the Korea Racing Authority (KRA), identified the reconstruction of the horse industry, which has been plunged into crisis due to the spread of COVID-19, and the revival of online betting tickets as top priorities. Chairman Kim plans to leverage his experience as a three-term lawmaker and his long-standing interest in the horse industry to help the KRA, which is mired in trillions of won in deficits, find a breakthrough.
In an interview with Asia Economy on the 4th, Kim said, "Since COVID-19, the KRA has been in crisis, and overcoming this situation is currently the most important task," emphasizing, "The solution is the revival of online betting ticket sales." He explained, "Since online betting tickets were sold in the past, we are aiming not to establish but to revive them. We plan to analyze the reasons for the discontinuation of sales and propose alternatives regarding concerns about gambling addiction and youth access in cooperation with related government departments."
At the inauguration ceremony held at the KRA headquarters in Gwacheon with a minimal number of attendees, Kim also expressed his aspirations for the legalization of online betting ticket sales, ▲ establishment of institutional systems for sustainable management and internal management innovation, and ▲ diversification of management to enhance the competitiveness of the horse industry. Chairman Kim stated, "We will concentrate the entire organization's capabilities on introducing online sales and creating a customer-friendly environment," and expressed his intention to systematically promote this by establishing a ‘Horse Racing Industry Development Committee’ directly under the chairman to establish a roadmap for sustainable management.
Online betting tickets were suspended in July 2009 due to criticisms and regulations from the Gambling Industry Integrated Supervision Commission (GIISC) that they promote gambling addiction, and are currently only circulated in the illegal horse racing market. A bill to amend the ‘Korea Racing Authority Act’ to promote the online sale of betting tickets (proposed by Kim Seungnam of the Democratic Party) is currently pending in the National Assembly. The main point is to establish grounds to allow the sale of horse racing betting tickets, including electronic ticketing.
Whether online betting tickets, which previous chairmen also advocated for, will be fully revived remains uncertain. Former chairman Kim Naksun also formed a task force team for online betting ticket sales in 2019 and attempted to resume sales but failed to realize it during his term. However, Chairman Kim, who is also from Jeju Island, has shown great interest and deep understanding of the horse industry, having led the passage of the ‘Horse Industry Promotion Act’ in 2011 as its main proposer, creating an atmosphere of expectation both inside and outside the industry.
Internal conflicts, such as restructuring following recent jockey fatalities and last year’s suspension of horse racing, are also immediate challenges for Chairman Kim. Shortly after his appointment on the 28th of last month, he visited Jeju Racing Park, the KRA headquarters in Gwacheon, Gyeonggi Province, and Seoul Race Park, where he also held talks with the labor union. Regarding this, Kim said, "There was no friction or conflict with the union, and the dialogue was concluded well," adding, "Since I have not yet received any work reports, I will discuss operational directions through future dialogues."
Kim, who was inaugurated as the 37th chairman of the Korea Racing Authority, graduated from Sehwa High School and Jeju National University and is a three-term lawmaker who served in the 17th, 18th, and 19th National Assembly. He also served as chairman of the National Assembly’s Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee. The chairman of the KRA is appointed by the president upon the recommendation of the Minister of Agriculture, Food and Rural Affairs after a public recruitment and executive recommendation committee process, according to the Act on the Management of Public Institutions. The term is three years.
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