South Korea lottery sales break record high of $2.2 billion USD in H1

Posted: Sep 16, 2020 11:38 Category: Asia , Lottery , Posted by Maria Debrincat

In H1 annuity lottery surged 68.2% year-on-year, reaching the highest level in the past eight years

According to data released by The Korea Lottery Commission on the 16th, the total lottery sales in the first half of this year reached 2.6208 trillion won (approximately US$2.2 billion, an increase of 11.1% year-on-year, setting a new record since the 2005 public data. 

In terms of category, lotto sales accounted for 2.3082 trillion won, the highest proportion. In addition, there are 186.3 billion won in instant lottery tickets, 85.5 billion won in annual gold lotteries, and 40.8 billion won in electronic lotteries. Generally speaking, the worse the economy, the more the lottery will benefit. Lottery sales hit a record high in the first half of the year, this may be attributed to the economic downturn under the COVID-19 pandemic. 

The most outstanding performance was undoubtedly the annuity lottery, in the first half year the sales of the annuity lottery surged 68.2% year-on-year, reaching the highest level in the past eight years.

It is worth to mention that the Korea Ministry of Finance has previously increased the annuity lottery first prize paid regularly every month from 5 million KRW to 7 million KRW, and changed the one-time payment of 100 million KRW to the second prize payment system to be paid regularly every month for 10 years 1 million KRW, and a new lottery mechanism is added to expand the scope of winners. 

The South Korean Lottery Commission also stated that with the expansion of the economy, lottery sales are also increasing, and the reform of the pension lottery system has attracted more attention from lottery buyers. Clearly, there was no obvious relationship between the economic downturn and lottery sales. 

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