Chinese people are increasingly obsessed with lotteries.

Whenever Shi Xiangyu visits a city in China, he tries his luck at local lottery shops – a practice that has become increasingly popular across the country in recent years.

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

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

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

According to SCMP , increasing uncertainty and the unstable recovery of the Chinese economy have affected incomes, making many people increasingly interested in lotteries.

Data from China's Ministry of Finance shows that lottery revenue totaled nearly 476 billion yuan (approximately 1.6 trillion VND) in the first 10 months of the year, a 53% increase compared to the same period last year.

This means that, on average, each person spends 340 yuan (approximately 1.16 million VND) on lottery tickets, out of a total population of 1.4 billion in the country.

According to business data provider Qichacha, the number of registrations for lottery-related companies in China increased by 38% in the first 10 months of 2023, compared to the same period a year earlier. Over the past five years, the number of similar registrations has increased by 188%, and each registered company is likely to open at least several new lottery booths.

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

"People appear to be shifting from a 'relatively risk-averse' mindset to a 'relatively risk-seeking' one. The slow economic recovery is impacting people's incomes, leading them to take risks by buying lottery tickets, hoping that luck might lead to sudden wealth," Anbound researchers said in a report.

Consumers and investors are grappling with China's post-Covid economic recovery, which has been hampered by domestic and international headwinds as well as turmoil in the real estate market.

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

All forms of gambling are prohibited in China except for Sports Lottery and Welfare Lottery, with traditional forms being lottery draws and instant scratch-off tickets.

Data from China's Ministry of Finance shows that sports betting also increased by 68% in the first 10 months of 2023 compared to the same period last year.

Hua Yu (Source: SCMP)

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