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Online Lottery Launches in South Korea

29 November 2002

SOUTH KOREA – As reported by the Asia Times: "The South Korean lottery market is expected to face a drastic shake-up with the release of an online lottery, sources said on Friday.

"The issue of the online lottery is fueling worries that the new game could create a gambling craze, as there is no upper limit on the jackpot, which accumulates if there is no winner.

"…The online lottery, or Lotto, will be offered by Kookmin Bank and seven government ministries and proceeds from the business will finance the ministries.

"Lotto differs from the lottery tickets currently available to Koreans, since buyers are able to select their own "lucky" numbers instead of buying a pre-stamped ticket. They can choose six numbers from one to 45 on slips after paying for a ticket. First prize may go to several people and a set of numbers will be selected at random each week. If there is no winner the pot accumulates until a lottery-ticket number matches the selection for that week. The accumulated jackpot is limited to five weeks.

"…Lotto will be available at some 5,000 Kookmin Bank branches and convenient stores excluding the existing minor sellers at subways and bus stops."

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