Despite the overall economic decline in 2020, South Korean households spent 7.2% more on lotteries. Login Casino follows the latest lottery news, now presenting the essential results and trends stated in the South Korean report.
South Korean Statistical Information Service came up with detailed figures concerning the country's lottery sector in 2020. The average $0.52 monthly per household showed a 7.2% increase compared to the results of 2019. The survey excluded those households who didn't buy lottery tickets.
This increase goes in parallel with the 2.3% decline of households' consumption expenditures during the previous year. According to the officials, such a difference confirms that the financial crisis boosts human desire to buy more lottery tickets and more belief in luck. This behavioral phenomenon became especially actual for groups with the lowest income, who spent the most on lotteries.
Lotteries are popular in South Korea
The survey also found that more than half of the citizens had participated in lotteries. Out of almost 57% of total lottery fans, 23.7% were buying tickets once a month, while another 21.8% tried their luck weekly.
Overall, the most popular lottery in South Korea, Lotto, finished 2020 with a 9.3% increase and earned about $4.22 billion.