Lottery sales exceed gov't cap for 2nd year

   Lottery sales in South Korea surpassed an annual government-set limit for the second straight year as more people bought tickets amid an economic recession, data showed Sunday.

   Sales of lottery tickets totaled 2.91 trillion won ($2.71 billion) in the January-November period, exceeding the 2.87 trillion won ceiling recommended by the National Gambling Control Commission (NGCC), according to the data by government agencies.

   If the trend continues, this year's lottery sales are expected to surpass 3 trillion won in December as consumer sentiment tends to gain at the end of the year.

   In 2011, sales reached 3.1 trillion won, exceeding the government-imposed 2.8 trillion won ceiling, amid economic uncertainties and growing popularity of the newly-launched pension lotteries.

   The NGCC, managed by the Prime Minister's Office, sets the annual sales cap for six gambling businesses, including lottery and casinos, to stem excessive growth in the country's gambling sector.

   Its goal is to keep the portion of gambling business revenues at 0.58 percent of the country's gross domestic product in line with the Organization for Economic Cooperation and Development average. (Yonhap News)