As reported by Korea JoongAng Daily, Lottery sales in South Korea hit an all-time high in the first half of 2020, with the sale of lottery products increasing year-on-year by 11.1% to reach 2.6tn Won ($2.2bn) through the end of June.
According to data released earlier in the week by the Lottery Commission, which falls under the jurisdiction of the Ministry of Economy and Finance, the figures represent the largest financial amount sold since the commission started compiling related data in 2005.
In addition to representing the largest financial figure recorded, It also marks the steepest first-half increase since 2017, when sales rose by 17.7% year-on-year.
COVID-19 has been cited as a possible reason for the increase in sales as lottery products tend to sell well during times of economic weakness. The sales results figures could indicate that more people were betting on the chance to hit the jackpot in order to help them through the pandemic recession.
By category, Lotto sales hit 2.38tn Won, scratch-off lottery tickets sales came in at 186.3bn Won and internet lottery sales capped off at 40.8bn Won. In terms of rises, sales of pension-type lottery tickets saw a 68.2% increase with 85.5-billion-Won worth sold in the first half – the most since records began in 2012.
Introduced in 2011, the pension-type lottery gives the winner a fixed amount of money over a 10 to 20-year period. The monthly prize for winners was increased in April from 5 million won to 7 million won.
Profits from the sale of tickets hit 1.72tn Won, up 9.6% when compared to the same period last year, and it marks the first time Lottery Commission profits broke 1tn Won in the first half.
Money raised goes to the Lottery Fund, which supports low-income families, independence fighters and welfare programs.
