CLAIMS TO FAME
- Heads one of Asia’s largest lotteries
Taiwan’s Welfare Lottery is a highly successful government-backed enterprise that powered ahead during the early years of the pandemic to become one of the most formidable Asian lottery operations.
Veteran public servant-cum-gaming boss Steve Hsieh is well into his second decade at the helm of the lottery, and his leadership of the thriving venture balances entrepreneurial flair with public service – much of the lottery’s proceeds and job opportunities channel to underprivileged people.
The lottery took something of a hit in 2022 over illegal online competition and possible Sports Lottery encroachment, with total sales falling 2.8% to NT$129.2 billion (US$4 billion). This was despite company confidence that sales would increase over 2021.
But it is useful to compare the Welfare Lottery with its Chinese counterpart to gauge its success. Per capita, the Taiwanese lottery made 12 times the sales of its Chinese cousin in 2022. Even after factoring in purchasing power parity, this is an extraordinary comparison given the reach and size of the Chinese market, and points to much higher penetration in the Taiwanese market and the influence of online sales, which are legal in Taiwan.
Hsieh seems set to lead the organization to greater revenue and diversity for the foreseeable future, and the Welfare Lottery’s renewal of Intralot’s partnership mid-year can only offer stability in highly unstable times.
For the full list of 2023 Asian Gaming Power 50 winners, click here.
