In an endeavor to generate some badly needed revenue, North Korea’s beleaguered regime has, according to reports, given the okay to betting on horse racing.
It would appear as though North Korean residents are now able to bet on local horse races as the country tries to find new sources of hard currency amid escalating international sanctions.
In order to capture some of the individual wealth generated by growing private markets for goods and services, King Jong-un, the North Korean leader, has been building resorts, swimming pools and other luxurious leisure facilities.
According to North Korea’s official KCNA news agency, Sunday, 15th October 2017 saw a number of races taking place at the Mirim Horse Riding Club which is one of Kim’s first leisure developments situated near the country’s capital Pyongyang.
Korean Central Television reported that visitors aged 12 and over were allowed to participate in a raffle-based betting system, on condition that they wagered using international currency such as US dollars or Chinese yuan.
Until Saturday, gambling was off-limited to North Korean residents who could face up to three years of hard labor if caught gambling on racing.
North Korean citizens do not have any access to internet sites based outside the country and thus have no online gambling access whatsoever.
In the year 2013, shortly after King Jong-un came into power, he justified the arrest and subsequent execution of his uncle Jang Song-thaek on allegations that he was involved in a number of forbidden activities which included gambling.