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New Lottery: Better Odds, Worse Prizes

Posted March. 15, 2006 03:03,   


New lottery tickets that offer 100 times better odds of winning but less prize money than instant lottery games will be sold beginning next month, according to a Lottery Commission announcement yesterday.

“For the balanced development of the lottery market, the commission is in the final review stage of new ways to raise the chances of winning,” a commission spokesperson said yesterday.

The new lottery game is expected to enter the market next month after the commission decides its final sales strategy on March 17.

The new lottery game will cost 1,000 won per ticket, with smaller prizes of one million, 0.2 million, and 50,000 won for its first, second, and third prizes, respectively. The chances of winning will be increased to one in 1,000 for second prize, and one in 200 for third prize. The likelihood of winning first prize is being adjusted.

The likelihood of winning the half-billion-won first prize in the existing Sports Lottery is one in 50 million, and the chances of winning the second and third prizes of 10 million won and 1 million won, respectively, are 10,000,000-1 and 1,000,000-1.

The commission predicts lottery sales will grow from the current 100 billion won to over 300 billion won from the new lottery game.

Some are critical of the plan, however, saying that the government is encouraging the public to chase easy money by selling lottery tickets with increased chances to win.