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Korea Racing Authority(KRA) is the sole racing authority in Korea by KRA Law, and is under the supervision of the Ministry for Food, Agriculture, Forestry and Fisheries. KRA aims to contribute to the national finances through horse racing, and to promote support projects for fishing and agrarian villages as well as various social activities, with its earnings. Recently, KRA initiated its support of equestrian events as part of its efforts to expand the businesses in Korean horse industry, which had been focused on horse racing.

Mission

KRA is committed to helping people make good use of their leisure time and to developing Korean horse industry so as to enhance the dignity of Korean horse culture.

Objectives

• To upgrade Korean horse industry
• To strengthen social responsibility
• To reinforce the foundations for sustainable growth
• To establish advanced corporate cultures

Functions

• Operating horse racing
• Promoting improvement and multiplication, development, popularization, utilization, and training of horses, popularizing equitation, and performing businesses to promote horse industry
• Establishing and operating simple sports and recreational facilities in the racecourses
• Conducting businesses similar to horse racing, such as livestock racing
• Providing scholarships to the children of fishermen and farmers, and carrying out projects to improve the welfare of fishing and agrarian villages, and of the neighboring areas of the racecourses and off-course betting outlets
• Conducting local and overseas businesses, including services using professional skills related to the operation of horse racing
• Investing in corporations dealing with horse racing operations and related businesses, and providing them with support

Executives and staff 2011

Profit Structure of Earnings from house Racingtions

• 73% of the gross turnover is returned to the customers as dividends
• Remaining 27% consists of :
  • Taxes (16%), including the leisure tax(10%), local education tax(4%), and special tax for rural development (2%), paid to the central and local governments
  • General horse racing operational expenses (7%)
  • Reserve fund for specific purposes and for investments in the horse industry (4%)