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Traditional lottery companies throughout Vietnam’s south have officially raised their top prizes by a third in an effort to compete with a new emerging American-style jackpot.
Effective January 1, the firms increased their top prizes to VND2 billion (nearly $86,100), up 33.3 percent from VND1.5 billion ($64,600).
The hike was based on a decision made by the Southern Lottery Council in October of 2016. Prior to that, traditional lottery prizes in Vietnam topped out at VND1.5 billion ($64,600). Companies who sold the numbered tickets have complained that the mega jackpots have eaten up their businesses.
A manager at a traditional lottery in Ho Chi Minh City told VnExpress in early October that the number of tickets sold in recent months had declined by about 10-30 percent due to competition from Vietlott.
On Christmas day, Vietlott, the operator of the American-style lottery, announced that two winners had split a $7 million jackpot--the largest to date. The pair represented the seventh and eighth winners of the lottery, which began two months prior.
Vietnam's annual average income was around $2,100 in 2015, according to the World Bank.
Vietnam generally does not allow its citizens to gamble, but lottery tickets are popular across the country.
Related news:
> Vietnam lottery firms raise prizes to compete with American-style jackpot
> Happy Christmas: Vietnamese ticketholders win $7 million lottery jackpot
