North Korea Permits Gambling To Raise Money
6 years ago20 Oct
North Korea has hit the gambling news headlines once again as reports that the reclusive nation has changed its policy to allow racetrack betting â an activity which at one time risked 3 yearsâ hard labour under the repressive regimes strict laws.
Recent international sanctions related to their missile and nuclear program, however, has forced dictator Kim Jong Un to look at new avenues to raise much-needed capital, according to a CNBC report this week.
North Koreaâs state-run KCNA news agency showed hundreds of spectators in attendance at a series of races which took place at the Mirim Horse Racing Club near Pyongyang on Saturday, Reuters reporting that âvisitors aged 12 and over were allowed to bet on jockeys in a raffle-based systemâ, citing Korean Central Television.
The racetrack is reported to be one of Kim Jong Un's âmost prominent leisure developmentsâ, Na Jeong-won, head of the North Korea Industry-Economy Research Institute in Seoul, explaining that:
"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."
Back in July we reported on the claims that the Kim Jong-un regime was targeting gambling websites in order to raise funds for their nuclear weapons programme.
The South Korean Financial Security Institute claimed the impoverished nation to the north has âcarried out a series of devastating cyber-attacks around the world to steal cash, as well as classified military and government documents,â with the US government backing the astonishing claims.
According to Reuters, the horse races âfeatured mostly white-grey horses. In North Korea, white horses have traditionally been seen as a propaganda symbol closely linked to the ruling Kim family.â
They also report that the sanctions introduced against the nation has seen bans placed on crucial exports for Pyongyang â including coal, seafood and textilesâ, leading the nation to find other sources of foreign money.
The accompanying rhetoric between Kim and US president Donald Trump has alarmed many people in the region and beyond, fears that an all-out war might break out if the sanctions donât reign in the North Korean leaderâs nuclear plans, or if Trump decides on a pre-emptive strike.
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