China is known for having some of the strictest gambling laws in the world. In this country, nearly all forms of traditional gaming are banned. Interestingly, the Chinese government does allow lottery gambling. Unfortunately, China’s lottery industry is struggling right now.
This year is shaping up to be one of the worst in the history of China’s lottery. Today, we’re going to look at exactly how much revenue from the lottery dropped this year. We’re also going to discuss the gambling markets in nearby countries.
Let’s get into it!
History of China’s National Lottery System
China is notorious for its harsh laws towards the gambling industry as we just mentioned, almost all forms of gambling are completely prohibited in this state. In the 1980s, officials in this country began to realize that change was needed. Many people were choosing to gamble here illegally.
In 1987, the government launched the Welfare Lottery. It represented a major change. Lawmakers were finally willing to offer some forms of gambling. They recognized how much money could be earned from this industry.
In 1994, China launched its second lottery option. This offers individuals the opportunity to place “bets” on sports. Since these gambling options became available, they have grown extremely popular. Revenue from China’s lottery industry has increased almost every year.
This trend may be changing, though. New reports are beginning to surface that shows the lottery industry in China is beginning to slow down. Revenue is dropping and officials are trying everything they can to turn things around.
It’s not entirely surprising. China’s economy has been slowing down. Here’s how much revenue is now dropping here.
Revenue From China’s Lottery Industry is Dropping
China is the most populous country in the world. Obviously, there’s a massive market here for the gambling industry. Historically speaking, the Chinese lottery has performed great. Revenue has begun to drop over the past year, though.
China’s lottery industry has experienced revenue declines for the 10th straight month. Today, the Ministry of Finance in China reported that the country’s lottery brought in $5.42 billion during the month of November. This represents a massive 12% decline when compared to the same month in 2018.
If the same trend continues in December, it will be the worst month for the lottery in four years. Most of this is due to the Chinese economy falling off. China and the US are still engaged in a serious trade dispute.
For this reason, fewer people are choosing to gamble here. Even in Macau, which remains the world’s largest gambling hub, Macau revenue is dropping fast.
In other parts of Asia, however, gambling revenue is increasing. Several countries are experiencing massive gains. Even in Taiwan, the lottery industry is surging.
Taiwan’s Gambling Market Continues to Grow
Things aren’t bad everywhere. Taiwan has its own lottery industry and it’s proving to be hugely successful. New reports from the Taiwan Lottery Corporation show that sales are close to reaching $4.1 billion in 2019.
That’s a significant increase from years before. If indeed this revenue figure is hit, it will be a 12% increase from 2018. Most analysts believe that this number will increase once again in 2020.
Taiwan isn’t exactly a gambling haven, though. Officials in the country continue to crack down on all illegal gambling activities. This includes underground gambling dens and illegal online gambling rings.
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