Keyword: Welfare Lottery

Official statistics show how last year’s lottery revenue was spent

Official statistics for 2017 have revealed that the annual revenue from lottery sales in China exceeded 400 billion yuan for the first time, a sum equivalent to the annual fiscal revenue of Beijing. In an interview with Xinhua, the authorities went through the account books of the lottery tickets and explained what the lottery revenues are paying for and how the funds raised through their sale are managed. According to officials from the General Office of the Ministry of Finance, the China welfare lottery and the China sports lottery systems are the major sources of lottery sales revenue. Over 55% of the revenue is used to pay the winners’ prizes. After deducting …read more