The power of Chinese gambling

Chinese lottery statistics released this week by the Ministry of Finance again illustrate the staggering potential of the Chinese gambling market, reporting sales that reached 251.64 billion yuan (41.29 billion U.S. dollars) in the first 10 months of 2013, up 19.2 percent year on year.

The news agency Xinhua reports that during this period, welfare lottery sales reached 143.55 billion yuan, an increase of 16.6 percent year on year, and sports lottery sales rose 22.9 percent year on year to 108.08 billion yuan.

The ministry attributed the jump in sales to new lottery products going on sale, the promotion of quiz-style games and more outlets for online lottery games.

Money raised through lotteries is used for the jackpot, management fees and public lottery funds

Lottery sales in October alone reached 27.18 billion yuan, up 26.2 percent year on year. Welfare lottery sales last month hit 15.50 billion yuan, up 28.9 percent year on year. Sports lottery sales in October rose 22.8 percent year on year to reach 11.69 billion yuan.

In related news, check out an impressive overview of Asian gambling potential in this Bloombergs infographic:

http://www.businessweek.com/articles/2013-11-14/2014-outlook-asia-is-gambling-industrys-epicenter