SEOUL: Lottery sales in South Korea have shown a significant increase, reaching an all-time high in the first half of 2024, with a 7 percent rise from the previous year.
According to Yonhap News Agency, the sales of lottery tickets during the January-June period of 2024 amounted to 3.62 trillion won (US$2.67 billion), up from 3.38 trillion won in the same period last year. This growth is part of a continuing trend, with a notable 38 percent increase over the past four years. Historical data indicates a steady rise from 2.62 trillion won in the first half of 2020, to 2.94 trillion won in 2021, and 3.15 trillion won in 2022.
The sustained growth in lottery sales is attributed to the reduced operations of other gambling sectors such as casinos and horse racing, which were impacted by the COVID-19 pandemic. Additionally, public perception of the lottery has seen improvement. A survey conducted by the finance ministry’s lottery committee revealed diverse plans among Lotto winners in 2023 for using their prize mo
ney: 35 percent intended to invest in real estate, 22 percent planned to pay off debts, and 12 percent aimed to support their families.