|Staff Reporter |||May 11, 2018 06:14 PM EDT|
Playing the lottery has been a longstanding traditional form of betting where we buy a ticket and put all our hopes into being the winner of the jackpot. All around the world, there are lotteries that people love to play; however, China is going nuts for it, as it has recently become the second largest lottery market in the whole world, only just behind the US. But just how much has the Chinese lotto industry earned, and what is driving the huge boom in popularity?
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Yuan Lucky Ticket
In 2017, according to the Chinese Ministry of Finance, Chinese lottery ticket sales surpassed 426 billion Yuan, which is roughly the same as the financial wealth of the entire city of China's capital, Beijing. The people of China are on the hunt for that one lucky ticket, and there are a lot of different kinds of lottery to choose from. The Chinese Sports Lottery and the Chinese Welfare Lottery are the most popular in the country; in fact, 55% of the funds raised by lotto tickets go directly into the Chinese Welfare Lottery jackpot. One reason why the lottery has become so popular in China is down to how inexpensive lotto tickets are there. At around $2 per ticket, the lottery is made accessible to most of the population of China, so there are millions of participants. Not only does a lot of the money from these ticket sales go into the jackpot itself, but it also helps to raise money for the government to spend on public fund and projects.
There are many different ways for the money to be put to good use, with 60% being used for central government social security funds and 30% going into pension schemes. The Lottery Public Welfare fund uses some of the money made from ticket sales and has currently funded over 300,000 public welfare projects to help the people of China in areas such as social care, healthcare, elderly care, disaster relief and even the Olympics.
The Future of Lottery
Since the Chinese Lottery has become so successful, it doesn't seem to be going away any time soon. In fact, it has been predicted that by the year 2020, China will have a compound annual growth rate (CAGR) of 4.53%, so it will only continue to rise.
We know that China's lottery market is succeeding, but what does it mean for the rest of the world? Countries all around the world love to participate in the lottery, and some countries have better lotto systems than others. For example, the El Gordo lottery in Spain is one of the most highly-anticipated events in the country, where the nation comes together to buy tickets and even have viewing parties to see what they may have won.
These kinds of big-scale lotteries aren't always available in every country, which may lead to people feeling like they are missing out. There is a way to join in the fun, however, as sites such as https://www.lotto.net/ allow players to bet on the outcome of any lottery in the world, which means online lotteries may help to boost lotto interest in other regions as well.
Now that we have seen the huge scale of success for the Chinese lottery market, it will be interesting to see how the rest of the world may compete to try and keep up. Lotteries are great for boosting economies and aiding social projects, as well as being an exciting way to try your luck at winning. Time will tell if this success will be maintained in China and will show us if any other countries can surpass their level of success.
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