China’s lottery craze crosses milestone, sales surge with 7.6% growth

February 12, 2025

China’s lottery craze crosses milestone, sales surge with 7.6% growth

China’s lottery industry crossed a major milestone in 2024, with total ticket sales surpassing 600 billion yuan (€78.9 billion) for the first time in its four-decade history. According to the Ministry of Finance, total sales in 2024 amounted to 623.5 billion yuan (€82 billion), marking a 7.6 percent year-on-year increase. This sustained single-digit growth continues an upward trend observed over the past three years.

The growing popularity of the lottery is evident as a record-breaking jackpot took place in February last year, when a 28-year-old man from Guizhou province won 680 million yuan (€87.4 million), the largest payout in China’s history. By comparison, Hong Kong’s biggest-ever lottery jackpot was recently claimed during the Lunar New Year holiday, totalling HK$188 million (€22 million).

State media emphasised that lottery ticket sales play a crucial role in funding public welfare programmes and sports initiatives. Under national lottery regulations, revenue is allocated to administrative expenses, public projects, and prize payouts.

Young generation embracing lotteries

This development comes as gambling remains largely illegal in China, with the exception of the China Sports Lottery and the China Welfare Lottery. However, younger generations have increasingly embraced instant lottery games such as gua gua le (scratch cards), which saw a surge in sales during the Lunar New Year holiday. Many players see the thrill of participating as worth the cost, even if they do not win.

Apart from Hubei, all provinces recorded an increase in lottery sales in 2024, with Zhejiang, Hunan, Guangdong, and Anhui leading the surge. Experts believe the market still has room for growth, pointing to global trends such as Polymarket, a US-based cryptocurrency prediction platform, which demonstrates the enduring appeal of betting on a variety of subjects.

Chinese testing their luck?

Several analysts have credited the lottery’s success to its entertainment appeal and the increasing variety of games available. “People enjoy testing their luck,” one noted, “and the lottery has become more engaging with numerous new ways to play.”

Despite economic challenges, the lottery industry continues to flourish, as many perceive it as a form of entertainment rather than mere gambling. “Lottery booths remain among the most popular attractions in shopping centres,” added Bob Chen, director at Shenzhen-based venture capital firm Mangrove Capital.

The lottery’s popularity in China also stems from its entertainment value and the allure of instant wealth, especially amid economic uncertainties. The introduction of diverse and engaging games has broadened its appeal, attracting younger demographics.

Analysts hint that economic challenges and a competitive job market drive many, particularly the youth, to seek quick financial gains through lottery participation. As noted by Professor Huang Zhenxing from Shanghai University of Finance and Economics, “In people’s subconscious, the opportunity to get rich through labour is decreasing, so they are more willing to ‘take a chance’ through the lottery to see if they can get rich overnight through luck.”