Welcome Guest
Log In | Register )
You last visited September 26, 2020, 4:13 pm
All times shown are
Eastern Time (GMT-5:00)

China reveals misuse of $2.7 billion in lottery funds

Jun 25, 2015, 8:12 am

Share this news story on Facebook
Tweet this news story on Twitter
InternationalInternational: China reveals misuse of $2.7 billion in lottery fundsRating:

BEIJING — China has uncovered widespread misappropriation of 16.9 billion yuan (US$2.72 billion) of funds from its state lottery program, underscoring the extent of official corruption as the country tries to root out graft.

Funds were misappropriated through the buying and building of office buildings and hotels or embezzled, the National Audit Office said in a report on its website.

The state auditor said the irregularities accounted for a quarter of the total of lottery funds received in its 2012-2014 investigation that spanned 18 provinces.

It said 17 provinces had flouted the law in engaging in lottery sales through the Internet without approval from the Ministry of Finance.

In another case, 32 lottery shops had used 3.1 billion yuan to construct office buildings, training centers and hotels, the report said.

Spurred by rising disposable income, a strong appetite for gambling and more sophisticated games, China's lottery market has boomed with customers splurging billions of dollars. China is expected to overtake the United States as the world's biggest lottery market this year.

The government has so far contained casino gambling to Macau, in part because of social concerns. Experts say officials consider the lottery system more sanitized, with fewer negative effects on citizens.

The review comes as President Xi Jinping's government has waged a fight against corruption, warning that the problem is so bad it could affect the Communist Party's grip on power.

Lottery products are typically sold through authorized stations throughout the country in the form of physical tickets. These range from dedicated lottery stores to counters in supermarkets, post offices and gas stations.

Unlike the United States and Europe, where prizes can climb into the hundreds of millions of dollars, China caps jackpots at 10 million yuan. Tickets sell for 2 yuan to 200 yuan, with proceeds supporting sports and welfare charities.

($1 = 6.2 yuan)

Reuters

We'd love to see your comments here!  Register for a FREE membership — it takes just a few moments — and you'll be able to post comments here and on any of our forums. If you're already a member, you can Log In to post a comment.

26 comments. Last comment 5 years ago by mikeintexas.
Page 1 of 2
RJOh's avatar - chipmunk
100
mid-Ohio
United States
Member #9
March 24, 2001
20272 Posts
Offline

This could be serious since China doesn't believe in second chances for crooks.

 * you don't need to buy every combination, just the winning ones * 

Thumbs Up       

    pickone4me's avatar - lightbulb
    Wisconsin
    United States
    Member #104958
    January 23, 2011
    1153 Posts
    Offline

    Imagine that, communists are crooks.

     

    Edit:  I wanted to point this out:

    Spurred by rising disposable income, a strong appetite for gambling and more sophisticated games, China's lottery market has boomed with customers splurging billions of dollars. China is expected to overtake the United States as the world's biggest lottery market this year. I think they meant china was going to over take the united states economy

    Redacted

      Avatar
      Chasing $ Millions.
      White Shores- California
      United States
      Member #136473
      December 12, 2012
      6314 Posts
      Offline

      What is this you ask?.. This Sir is a Chinese Mobile Execution Vehicle. Need l say more?

       

      Responding to criticism that China cruelly and arbitrarily executes a large number of its citizens each year, officials are gradually moving toward what they say is a more discreet way of killing its prisoners: execution vans.

       * Voice of Reason *   

       

      People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

        pickone4me's avatar - lightbulb
        Wisconsin
        United States
        Member #104958
        January 23, 2011
        1153 Posts
        Offline

        What is this you ask?.. This Sir is a Chinese Mobile Execution Vehicle. Need l say more?

         

        Responding to criticism that China cruelly and arbitrarily executes a large number of its citizens each year, officials are gradually moving toward what they say is a more discreet way of killing its prisoners: execution vans.

        I heard they had those in china.  If people think it isn't real, go here http://www.dailymail.co.uk/news/article-1165416/Chinas-hi-tech-death-van-criminals-executed-organs-sold-black-market.html

        Redacted

          Avatar
          Chasing $ Millions.
          White Shores- California
          United States
          Member #136473
          December 12, 2012
          6314 Posts
          Offline

          My reason for posting the picture of the vehicle Pick is that China executes people for corruption, bribery etc.Corrupt Political figures have been strapped to the gurney inside these units. I am convinced that these vehicles will be rolling once the culprits associated with this story are identified...

           * Voice of Reason *   

           

          People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

            music*'s avatar - DiscoBallGlowing
            USN United States Navy
            Fresno, California
            United States
            Member #157851
            August 2, 2014
            3959 Posts
            Offline

            Shocked I am thankful for being American and playing the Lottery in the good old USA.  I know we have complaints about our systems and we get to air those aloud and online.  When a player tries to outsmart the lottery here they are caught and punished. Of course the bad news make the headlines while ordinary winners go on about their lives.

             "We are all in this together!" 

              mikeintexas's avatar - h87TsB4
              Texas Panhandle
              United States
              Member #136839
              December 20, 2012
              1660 Posts
              Offline

              Shocked I am thankful for being American and playing the Lottery in the good old USA.  I know we have complaints about our systems and we get to air those aloud and online.  When a player tries to outsmart the lottery here they are caught and punished. Of course the bad news make the headlines while ordinary winners go on about their lives.

              I Agree! We have our fair share of problems, but they pale in comparison to China and many other countries.

              Americans have concerns about how our meat animals are raised, what with all the antibiotics and hormones, but I'd rather eat U.S. feed lot beef than I would a tilapia from China.  (you'd have to hold a gun on me to eat just about ANY fish /seafood from Asia...and I think I'd rather just have you shoot me, preferring to die a quick death than a long and slow drawn-out one)  Then there's this recent news story:

              China arrests smugglers trying to sell frozen meat from the 1970s

              Epstein didn't kill himself.

                Avatar

                United States
                Member #141030
                April 2, 2013
                1481 Posts
                Offline

                If you think China is strict, try the Islamic State or "our so-called friend" Saudi Arabia.

                Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

                  Avatar

                  United States
                  Member #149816
                  December 9, 2013
                  644 Posts
                  Offline

                  If you think China is strict, try the Islamic State or "our so-called friend" Saudi Arabia.

                  That pile of money in your picture is why Saudi Arabia is, always was, and forever will be our friend... the oil interest will always outweigh  in interest of individual American citizens period

                    Gleno's avatar - Lottery-001.jpg
                    New Jersey
                    United States
                    Member #80352
                    September 25, 2009
                    723 Posts
                    Offline

                    What? Who knew China even had a lottery ?

                    Is anyone surprised that funds would be misappropriated?

                    Eek

                      mikeintexas's avatar - h87TsB4
                      Texas Panhandle
                      United States
                      Member #136839
                      December 20, 2012
                      1660 Posts
                      Offline

                      That pile of money in your picture is why Saudi Arabia is, always was, and forever will be our friend... the oil interest will always outweigh  in interest of individual American citizens period

                      The U.S. supplies 40% (and that percentage has been increasing, thanks to the relatively harmless practice of hydraulic fracturing) of its own petroleum needs and we get more from either Canada and Latin America than we do the Middle East;  we get more oil from Nigeria (10%) than we do Saudi Arabia (8%).

                        itpmguru's avatar - 42a4d4d8f2a4312fb8e253dd8f6ef251
                        No Man's Land
                        United States
                        Member #164133
                        February 19, 2015
                        6609 Posts
                        Offline

                        My reason for posting the picture of the vehicle Pick is that China executes people for corruption, bribery etc.Corrupt Political figures have been strapped to the gurney inside these units. I am convinced that these vehicles will be rolling once the culprits associated with this story are identified...

                        Think it would be money well spent to cut down on crime and corruption here in the US.  Only problem, who would be left to run Washington? Shocked

                        Read up on the scam that is NCEL:   Not Live Drawings!


                                                             



                          Germany
                          Member #164597
                          March 8, 2015
                          803 Posts
                          Offline

                          Oh no! I bought tickets on my vacation there. I am shocked to find out my 2$ were misappropriated. LOL

                           

                          The jackpot cap btw is why people often play the same line 100 times.

                            Coin Toss's avatar - shape barbed.jpg
                            100
                            Zeta Reticuli Star System
                            United States
                            Member #30469
                            January 17, 2006
                            11498 Posts
                            Offline

                            And some here on LP a little while ago wanted a world-wide lottery.

                            Bang Head

                            Congratulations, you hit the jackpot. Our lottery headquarters is in the van that noise-gate posted. Come collect.

                            Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners. 

                            Lep

                            There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.