As the news about the lottery market in China informs, this gambling industry sector has been damaged by the pandemic. This led to a downfall in its revenue.
The country, like the rest of the world, has been fighting against the pandemic, with people being more focused on dealing with the economic crisis than on entertainment. As a result, some verticals of the gambling industry faced financial difficulties.
Lottery is weakened by the pandemic
The first quarter of the previous year became the most unfavorable period for the Chinese lottery. The pandemic led to a 20.8% decline in the sector’s revenue (to more than $51 billion). The Welfare Lottery became the major contributor to the overall revenue but the amount of money it generated was marked by a 24.5% decline. The Sports Lottery has the same situation with a decrease of nearly eighteen percent.
The Welfare Lottery’s profit consists of number lotteries, video lottery, and instant win products. The first services type was the most revenue-generating and brought ¥122.14 billion. However, it is still a drop of 7.5%. Games with instant wins weren’t impacted by the pandemic much and had losses of only two percent. Video lottery suffered most of all with an 84.8% revenue decrease. The Sports Lottery experienced a slight increase (by 4.7%), thanks to its number-based games. Sports betting and video lotteries failed to earn much profit – lack of sports events and closed video lottery terminals became the main reasons for this.
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