Chinese people are increasingly addicted to the lottery.

Every time he sets foot in a city in China, Shi Xiangyu tries his luck at local lottery shops - a place that has become increasingly popular across the country in recent years.

“There are more and more lottery shops everywhere, which excites me even more,” said the 28-year-old. “Some cities even issue their own scratch-off tickets.”

“Seeing others win makes me want to try my luck too, or sometimes just play for fun,” Shi added.

Lottery revenue in China increased sharply in the first 10 months of 2023. (Photo: SCMP)

According to SCMP , the growing uncertainties and unstable recovery of China's economy have affected incomes, making many people more and more passionate about the lottery.

Data from China's Ministry of Finance shows that lottery revenue totaled nearly 476 billion yuan (about 1.6 quadrillion VND) in the first 10 months of the year, up 53% over the same period last year.

That means, on average, each person spends 340 yuan (about 1.16 million VND) to play the lottery, out of a total population of 1.4 billion in this country.

Registrations of lottery-related companies in China rose 38% in the first 10 months of 2023 from a year earlier, according to business data provider Qichacha. Similar registrations have increased 188% over the past five years, and each registered company can open at least a handful of new lottery booths.

However, researchers at Anbound, an independent consultancy based in Beijing, said that “the boom in lottery revenue signals a long and challenging road to economic recovery ahead.”

"People seem to be shifting from a 'relatively risk-averse' to a 'relatively risk-seeking' perspective. The slow economic recovery has affected people's incomes, leading them to take risks buying lottery tickets, hoping that luck can lead to unexpected wealth," Anbound researchers said in a report.

Consumers and investors are struggling in China's post-Covid economic recovery, which has been slowed by domestic and international headwinds and turmoil in the property market.

All 31 provincial-level jurisdictions in China saw lottery revenue surge in the first 10 months of the year, with Guangdong, Jiangsu and Zhejiang leading the growth.

All forms of gambling are banned in China except for the Sports Lottery and the Welfare Lottery, with traditional forms being lotteries and "instant" scratch-off tickets.

Sports betting also increased 68% in the first 10 months of 2023 compared to the same period last year, according to China's Ministry of Finance.

Hua Yu (Source: SCMP)

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