Even Seoul Apartments Are Just Nominal Lotto... Government Considering Raising Prize Money

Choe Sang-mok Mentions Increase at Economic Deputy Prime Minister Meeting
Top Winner's Average Around 1 Billion Won, Can't Buy Even One Gangnam Apartment
About 10 Lotto First-Prize Winners Each Draw, Some Raise Manipulation Allegations
More First-Prize Winners Leading to Reduced Prize Amounts

Amid growing dissatisfaction online regarding the Lotto prize money and the drawing method, the government is reportedly considering raising the first-place Lotto prize amount. Recently, Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated at a press briefing, "We will consider ways to increase the Lotto prize money." Currently, one Lotto game costs 1,000 won, and they are contemplating whether to raise the prize money by increasing this price or through other measures. This move takes into account complaints from some quarters that "even if you win first place in the Lotto, you cannot afford an apartment in Seoul." Deputy Prime Minister Choi said, "It seems like an issue worth gathering opinions on," adding, "We will hold a public hearing or listen to feedback."

Previously, a government-funded research institute released a report stating that the appropriate Lotto price level is 1,207 won. According to the 2023 Fiscal Forum report titled ‘Determination of Lottery (Lotto 6/45) Price’ published last year by the Korea Institute of Public Finance, the Lotto price was lowered from 2,000 won in 2004 to 1,000 won because the Lotto sales amount surged more than tenfold (about 3.8 trillion won) compared to the initially expected sales amount (approximately 380 billion won) immediately after the launch, necessitating control over total sales. The report also stated, "If the expectations of people dreaming of a 'life-changing Lotto' differ from the current first-place prize amount, an increase in the Lotto first-place prize amount can be considered." Before the price reduction in 2004, the average first-place Lotto prize was about 5 billion won.

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is holding a press conference at the Government Sejong Complex on the afternoon of the 27th.
[Photo by Yonhap News]

Meanwhile, the probability of winning first place by matching 6 numbers out of 45, regardless of order, is 1 in 8,145,060. This is lower than the chance of being struck by lightning. As more than 10 first-place winners have appeared in each drawing, conspiracy theories alleging Lotto manipulation have emerged. With many first-place winners, the prize amount has also significantly decreased. In response, last year the Ministry of Strategy and Finance’s Lottery Commission commissioned a study from Seoul National University’s Statistics Research Institute to examine the possibility of Lotto system manipulation. At that time, the Lottery Commission stated, "It is virtually impossible to manipulate the Lotto system’s winning numbers," and "Due to the random nature of the drawing, it is possible for multiple winners to emerge."