The Bicycle and Motorboat Racing, launched in 1994 and 2002 respectively, played a major role in spreading sports leisure culture and creating the National Sports Promotion Fund despite criticism that it caused social costs such as a mass increase in gambling addicts. NGCC established in 2007 has tightened regulations on the legal gambling industry, which led to hinder the development of the Bicycle and Motorboat Racing. In addition, as operation of the Racing and outdoor counters were suspended due to the COVID-19 pandemic from 2020, the Racing industry was at a crossroads of survival. Dramatically, the Bicycle and Motorboat Racing Act was revised on May 2021, enabling online sale of betting tickets on the Bicycle and Motorboat Racing using the Internet and mobile to make a new turning point. Despite the introduction of online sales, there is still a risk of reducing outdoor counters and additional their closures, and increasing the number of visitors and recovering the Bicycle and Motorboat Racing sales are still far away. In particular, it is time to strengthen competitiveness to respond to future environmental changes as sluggish sales of the Bicycle and Motorboat Racing directly affect the creation of public interest funds and local financial support. This study attempted to find methods to copy with an online-oriented business structure. To this end, the operation status and issues of the Racing were analyzed, and methods to strengthen future competitiveness through a legal and institutional review were suggested as follows. First, online only new methods of betting on winners should be introduced. Second, it is necessary to raise the purchase upper limit on online sale of betting tickets on the Bicycle and Motorboat Racing. Third, the use of reserves for business and the reserve ratio of reserves for compensation of loss should be expanded. Fourth, the new outdoor counter model of the Bicycle and Motor Racing should be developed and building requirement should be eased.