SEJONG, Jan. 31 (Korea Bizwire) — South Korea’s lottery sales reached an all-time high in 2024, with revenue approaching 6 trillion won, according to data released by the Ministry of Economy and Finance and the Korea Lottery Commission.
The annual sales figure of 5.96 trillion won continues a pattern of record-breaking growth that began nearly a decade ago. The lottery’s trajectory has seen dramatic shifts since its inception, with sales initially surging to 3.8 trillion won in 2003, its second year of operation, sparking concerns about gambling addiction.
These concerns prompted the government to implement regulatory measures, including reducing the rollover frequency for winning prizes and halving ticket prices from 2,000 won to 1,000 won in 2004. These changes initially drove annual sales down to around 2 trillion won.
However, sales have steadily rebounded since then, crossing the 3 trillion won mark again in 2014 with 3.04 trillion won in revenue. The upward trend continued, with sales exceeding 4 trillion won for the first time in 2019 at 4.31 trillion won, and reaching 5.11 trillion won in 2021. At the current growth rate, sales are expected to exceed 6 trillion won next year.
While year-over-year growth rates had been declining – from 9.3% in 2020 to 2.4% in 2023 – last year saw a reversal with growth rebounding to 5.4%.
In 2024, 763 players won the top prize, with jackpot amounts varying dramatically between drawings. The largest individual payout came in the November 23 drawing (round 1147), with eight winners each receiving approximately 332.3 million won. In contrast, the July 13 drawing (round 1128) saw 63 winners, with each receiving just 42 million won, leading some to question whether the lottery still offered life-changing wins.
Second-tier prizes, awarded for matching five numbers plus the bonus number, also showed significant variation. The September 21 drawing (round 1138) paid 88.79 million won each to 50 winners, while the December 14 drawing (round 1150) awarded just 19.69 million won each to 226 winners.
The highest weekly sales volume was recorded for the February 10 drawing (round 1106), with 126.6 billion won in tickets sold. The lowest weekly sales occurred during the August 3 drawing (round 1131), with 109.1 billion won in sales.
Ashley Song (ashley@koreabizwire.com)