The Korea Lottery Commission(KLC) was established on April 1st, 2004 in accordance with the Lottery and Lottery Fund Act (established and announced on January 29th, 2004), in order to manage all lottery products and to enhance efficiency and transparency in disposing proceeds from lottery sales.The KLC had been placed under the Prime Minister’s Office and had been transferred to the Ministry of Strategy and Finance on February 29th, 2008 as part of reorganization of the Korean government.Before the foundation of the KLC. 10 different government organizations. such as the Ministry of Land, Transportation and Maritime Affair and the Ministry of Science and Technology used to operate lottery businesses based on different Acts and regulations. Major functions of KLCFormulate lottery policiesDecide on types and prices of the lottery games, total sales amount of lotteries issued and conditions of the issuance of lotteriesDeliberate on, and adjust the annual plan on lottery issuanceEntrust the lottery operationDecide on prize amounts per tier and percentage of prize payoutsDecide on matters relating to lottery distribution costsDecide on matters relating to allocation of lottery proceeds and their useFormulate basic policies on lottery fund management, establish and modify lottery fund management planDeliberate on, and adjust the plan on the use of lottery proceedsRegulate sales of lotteries and lottery advertisingProtect lottery players and minors
An increasing number of Koreans are turning to lotteries, casinos and other speculative games despite the economic slump, reports Korea Times. According to a survey by the Korea Lottery Commission under the Ministry of Strategy and Finance, the number of Koreans buying lottery tickets earning less than KRW 2 million per month (10.2 percent) more […]
Lottery revenues increased 9 percent year-on-year in South Korea in 2016 driven in part by changing player perceptions, but remain low when compared with other OECD countries, signaling room for further growth. A gradually changing perception of the lottery as something that can provide funds to help society, together with an expanded online offering are likely to spur future growth.