Cash-strapped North Korea okays horserace betting

North Korea’s embattled regime has reportedly okayed betting on horse racing in a bid to generate some badly needed revenue.

On Friday, North Korea’s state-run KCNA news agency heralded the arrival of real-money gambling on that weekend’s races at the Mirim Horse Racing Club near the country’s capital Pyongyang. Reuters quoted Korean Central Television reports indicating that visitors aged 12 and over were allowed to participate in a raffle-based betting system, provided they wagered using international currency such as Chinese yuan or US dollars.

Gambling is traditionally off-limits to North Korean residents, who until Saturday could face up to three years of hard labor if caught gambling on racing. In 2013, shortly after supreme leader Kim Jong-un assumed power, he justified the arrest (and subsequent execution) of his uncle Jang Song-thaek on allegations that he was involved in numerous forbidden activities, including gambling.

North Korea still has a few brick-and-mortar casinos in operation, but they are accessible only by the few brave international tourists who dare visit the Hermit Kingdom. One of these venues is located in the basement of the Yanggakdo Hotel in Pyongyang, and is run by a division of Macau casino operator SJM Holdings.