China’s lottery operations posted their second straight month of year-on-year sales increases, while the investigation into Baidu’s alleged links to illegal online gambling sites continues. On Wednesday, China’s Ministry of Finance reported that August’s lottery sales totalled just under RMB34.8b (US$5.1b), a 2% rise from the same month last year but 3.7% below the sum earned in July 2020, which marked the first year-on-year increase in 18 months.
August’s gains were entirely due to the sports lottery, which rose 2% to RMB21.5b, while the welfare lottery product slipped 9.3% to RMB13.25b. For the year-to-date, overall sales are off 30.3% to RMB194.8b.
September’s sales may extend the two-month winning streak but the government will shut down all lottery sales – with an exception made for instant lottery products – for a four-day period starting October 1 for the annual National Day holiday. So don’t count on this streak extending to four months.
China’s lotteries remain an offline-only product following the 2015 ‘temporary’ suspension of online sales. The government is really missing the boat here, as the ongoing crackdown on unauthorized gambling payment processing has reportedly convinced a number of major gambling sites that serving the Chinese market is no longer worth the cost of doing business.
Read More…- https://calvinayre.com/2020/10/01/business/chinas-lottery-sales-rise-baidu-online-gambling-probe/
