Record lottery sales in Korea as figures approach 6 trillion won in 2024

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Record lottery sales in Korea as figures approach 6 trillion won in 2024

People stand in a queue to buy lottery tickets in Nowon District, northern Seoul, on Jan. 1, 2024. [YONHAP]

People stand in a queue to buy lottery tickets in Nowon District, northern Seoul, on Jan. 1, 2024. [YONHAP]


Record lottery sales in Korea reached 6 trillion won ($4.16 billion) last year, according to the Ministry of Economy and Finance.
 
According to the Finance Ministry and lottery operator Dong Hang Lottery on Thursday, lottery ticket sales reached 5.95 trillion won last year, marking the highest figure ever recorded. 
 

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Although the annual sales growth rate had been on a downward trend — 9.3 percent in 2020, 8.6 percent in 2021, 7.9 percent in 2022 and 2.4 percent in 2023 — it rebounded to 5.4 percent last year.
 
At this rate, sales are expected to surpass 6 trillion won next year.
 
Last year, a total of 763 people won the first prize. The jackpot amount varied significantly depending on the draw, with the largest payout occurring in the 1,147th draw on Nov. 23, 2024. Eight winners each received approximately 3.32 billion won.  
 
The draw with the highest number of lottery ticket purchases was the 1,106th draw on Feb. 10, when nearly 127 billion won worth of tickets were sold in a single week.
 
On the other hand, the lowest sales were recorded in the 1,131st draw on Aug. 3, with over 109 billion won worth of tickets sold.
 
Lottery sales surged in 2003, the year after its launch, reaching 3.8 trillion won amid a frenzy. However, concerns over gambling addiction led the government to reduce the number of times the jackpot could roll over to second place if not won.  
 
In 2004, the price per game was also lowered from 2,000 won to 1,000 won, causing annual sales to drop to the 2-trillion-won range.
 
Sales gradually increased again, surpassing 3 trillion won in 2014, reaching 3.04 trillion won. Since then, records have been set each year. In 2019, sales exceeded 4 trillion won for the first time, reaching nearly 4.31 trillion won and in 2021, they crossed the 5-trillion-won mark, reaching over 5.11 trillion won.  

BY KIM MIN-YOUNG [[email protected]]
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