As economy slowed, Lotto tickets hit all-time highSales of Lotto tickets in Korea hit an all-time high in 2019 on their increased availability amid an economic slowdown, data showed Thursday.
Total Lotto sales totaled 4.3 trillion won ($3.6 billion) last year, up 8.8 percent from 2018, according to the data from the Ministry of Economy and Finance and the Korea Lottery Commission.
The growth rate was up from a 4.4 percent increase in 2018 and a 6.5 percent gain in 2017. It also marks the first time that yearly sales of Lotto, the most popular offline lottery ticket in the country, have topped the 4 trillion won mark.
The ministry attributed last year’s rise to an increase in the number of sales outlets and the start of online selling. Analysts also said the country’s sluggish economy was responsible.
Last year, the number of outlets for Lotto tickets grew by 324 to 6,839 across the nation.
Korea’s economy grew 2 percent on year, the slowest gain since a 0.8 percent gain in 2009.
Sales of Lotto tickets, which made its debut in 2002, soared to 3.82 trillion won in 2003, when a buying frenzy gripped the nation after a winner took a record prize of 40.7 billion won that included money carried over from previous drawings.
Sales then plunged 13.7 percent to 3.29 trillion won in 2004, as the government restricted the carryover of prize money to one time only and halved the price of each game to 1,000 won.
Total sales continued to drop, falling to 2.26 trillion won in 2007, before rebounding to 3.04 trillion won in 2014. Since then, Lotto sales have been on a steady rise.
According to a ministry survey, about 62 percent of the respondents said they had bought Lotto tickets at least once.
More in Economy
Average selling price of Seoul apartments hits 1 billion won
New legislation on online shopping proposed by FTC
Cash is truly king in time of coronavirus
When settling for a studio apartment is too expensive
Bill creates new rental protections for small businesses