Gross sales surge to $3.3 bil. as residents search monetary reduction
By Lee Kyung-min
Kim Solar-mee, a mom of two in her 40s, mentioned she buys lottery tickets each from time to time when she goes grocery buying.
“The considered me successful the lottery makes me neglect — nevertheless temporary it could be — about how I’ve to push via every single day simply to make ends meet.”
Her husband makes a good residing in an workplace job.
However she can’t keep in mind the final time she purchased one thing simply to get pleasure from herself — not to mention a trip even for a few days.
“I’ve two youngsters to feed and dress. It’s not that what I purchase every single day is dear, however the general value of residing has soared and is staying that means for too lengthy. I all the time discover myself continuously worrying about cash. After which I feel: ‘wouldn’t this all go away if I gained the lottery?’”
She and her husband took out a mortgage on a floating fee, and the month-to-month curiosity has surged within the years for the reason that COVID-19 pandemic.
“When the rate of interest went down firstly of the pandemic, we thought we might breathe. However years after that was simply all about paying curiosity that jumped each month for I don’t keep in mind how lengthy. After which there was inflation. Merely placing meals on the desk and having a roof over our head was a problem,” Kim mentioned.
Equally, a 20-something man surnamed Jang, mentioned he buys about 5 1,000 gained lottery tickets about each two or three weeks.
“I purchase them on Sunday hoping that I’ll win like everyone else. That’s the solely positive supply of hope for the subsequent couple of days till Saturday when the winners are introduced,” Jang mentioned.
The college graduate has but to discover a job. He has tried a number of associates of the nation’s giant conglomerates. A few of them had interviews, however didn’t give a ultimate discover of employment.
“I used to be not on the prime of my faculty, however was within the 30 percentile give or take. I hear how individuals all the time say touchdown a job is tough as of late. However blaming circumstances can solely encourage me up to now. Then I learn the information that some kindergarteners are gifted billions of gained from their dad and mom and grandparents, and I find yourself pondering the one means for me to have that type of cash is that if I win the lottery,” he mentioned.
Kim and Jang are amongst many driving lottery ticket gross sales in Korea.
In response to the Ministry of Financial system and Finance, lottery gross sales within the first six months of this yr got here to 4.25 trillion gained ($3.3 billion), up 26 p.c from the earlier yr and 62 p.c from 2020.
An analogous determine within the second half of the yr will translate to an annual determine properly exceeding the ministry’s 2024 goal of seven.29 trillion gained.
The January-June gross sales determine for lottery tickets first topped 3 trillion gained in 2022, up steadily from 2.62 trillion gained in 2020.
Almost 70 p.c was offered on-line, adopted by printed tickets.
Lottery winners will have the ability to declare a mixed 2.26 trillion gained this yr, up 30.1 p.c from final yr’s 1.74 trillion gained.
Korea sells about 110 million tickets each week legitimate for the next week’s draw.
About 12 winners get first place on common, individually netting round 2.1 billion gained every.
They’ll declare the money remaining after a withholding tax is deducted.
A tax fee of twenty-two p.c might be utilized for these successful between 2 million gained and 300 million gained.
The determine will climb to 33 p.c for individuals who win over 300 million gained.
About two-thirds of gross sales proceeds are used to offer monetary help for low-income teams, individuals with disabilities and ex-convicts with housing, job coaching and scholarships amongst different social security internet applications.
Round half are claimed by ticket winners and the remaining 7 p.c are used for promoting and different bills.
