Lottery Sales Grow as Economic Woes Deepen
14 March, 2020
Lottery sales surpassed W4 trillion last year to reach a record high (US$1=W1,219).
The Ministry of Economy and Finance on Thursday said lottery sales reached W4.32 trillion, up 8.8 percent from the prior year. They have been growing every year since 2008.
There were 507 jackpot winners last year with prize money totaling W1.04 trillion. But there is a big difference in conditions of the amount of money they pocketed.
The most notable jackpot winner brought home W4.9 billion in the June draw but only W1.1 billion in the September draw since it was shared between 19 people.
Experts say rising lottery sales reflect the ongoing economic slump, when more people turn to Lady Luck as honest toil does not pay off.
Korea's economy grew just two percent this past year, the slowest since 2009 soon after the global financial meltdown.
However the ministry said, "It really is difficult to locate a particular correlation between lottery sales and the monetary situation. It appears sales grew plus a rise in online sites that sell them since December 2018."
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