Lottery Commission of the Ministry of Economy and Finance Releases Statistics
Increase of Approximately 8.9 Billion Won Compared to the Same Period Last Year
As of August this year, the amount of unclaimed lottery winnings that have expired and reverted to the lottery fund reached 45 billion won. If lottery winnings are not claimed, they are forfeited after expiration and transferred to the lottery fund.
On October 7, the Lottery Commission of the Ministry of Economy and Finance announced that unclaimed lottery winnings from January to August this year totaled 45 billion won.
This amount is approximately 8.9 billion won higher than the same period last year (36.1 billion won). Compared to 2023 (43.6 billion won), 2022 (31.1 billion won), and 2021 (34.3 billion won), it is the largest amount in the past five years.
By lottery type, online lotteries (Lotto) accounted for the largest portion, with 21.1 billion won unclaimed. This was followed by printed lotteries such as instant tickets at 4 billion won, and combined lotteries such as pension lotteries at 3.7 billion won.
By prize rank, unclaimed winnings for the fifth prize, worth 5,000 won, amounted to 21.3 billion won, making up the largest portion. This was followed by fourth prize at 4.6 billion won, third prize at 1.6 billion won, and second prize at 1.5 billion won. Notably, unclaimed first prize winnings also reached 8.4 billion won.
An official from the Lottery Commission explained, "Many people do not claim small winnings simply because it is inconvenient. In the case of first prize winners, even with banners and promotions on social networking services (SNS), there have been cases where the prize was never claimed. The exact reasons remain unknown."
According to current regulations, for Lotto (online lotteries) and draw-based printed or electronic lotteries, winnings must be claimed within one year from the payment start date. For instant printed or electronic lotteries, winnings must be claimed within one year from the end of the sales period. Otherwise, the winnings are reverted to the lottery fund. The lottery fund is used for various public interest projects, including housing stability for the underprivileged, scholarship programs for low-income youth, and cultural heritage preservation projects.
Meanwhile, lottery sales from January to August this year increased by more than 10% compared to the same period last year. The Lottery Commission is strengthening its efforts to inform and promote prize claims in order to reduce the occurrence of unclaimed winnings.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
