With COVID-19 restrictions lifted, gamblers have been spending more, and the result is strong numbers for lotteries and sports betting. According to the Tote Board, wagering on these two products hit a record high of SGD9.2 billion last financial year, an increase of 43% over the previous four years. And with prizes like the $16 million snowballed Toto Hongbao grand prize, it’s no wonder why many Singaporeans are chasing their fortunes in the games.
The rules around winnings and payout structures vary among the different Singapore Pools lotteries. For example, you can win in the 4D lottery by getting three of the six numbers right (or four if you’re playing with the additional number). But in TOTO, you need to get all seven numbers correct to bag a prize.
Lottery Singapore is regulated by the state and run by a company called Singapore Pools. It offers a variety of lottery games, including 4-Digits, Toto, and Singapore Sweep. You can play these games at various outlets, including online. In addition, you can use a system entry to improve your chances of winning.
If you’re a big lottery player, you might be wondering whether or not your winnings are taxed in Singapore. In general, winnings from gambling are considered windfall income and aren’t subject to taxes. However, in some countries, the government will withhold a percentage of your winnings before you can actually receive them. The purpose of this article is to explain the tax treatment of lottery winnings in Singapore and other countries.