Korean Lottery Cuts Price, Jackpot

SOUTH KOREA – As reported by the Korea Herald: "The price of a Lotto ticket will be cut to 1,000 won (US$0.85) from 2,000 won(US$1.70) beginning in August, but the biggest jackpot of the national lottery is also expected to be halved, a move that will likely draw strong public resistance.

"The government yesterday decided on the measures to relieve the excessive rush to buy Lotto tickets by Koreans dreaming of good times after criticism by some social organisations of excessive gambling.

"…Lotto has risen quickly to dominate the industry and it swept through the nation following its introduction last year, accounting for as much as 90 percent of all lottery sales in 2003…"

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