Lottery Singapore is the most trusted, safe and legal place to gamble in the country. It is a wholly owned subsidiary of the Tote Board and has been operating since 1968. It offers a variety of products such as 4D lottery, Toto lottery, sports betting, Horse Racing, Singapore Sweep and more.
Its revenue has been on the rise as Singaporeans continue to bet more than ever, especially with the easing of COVID-19 restrictions and the return of sports tournaments. In the last financial year, SGD9.2 billion was spent on lotteries and sports, a 43% increase over the previous year’s figure.
Casino entry fees have been rising as well, with SGD125 million collected in the last year. This is a 10 per cent rise from the SGD114 million collected in 2018.
Toto Hongbao has a jackpot of $16 million and a snowball effect that divides the prize pool among the lower tier prize groups if no one wins the main jackpot. The game is available at various retailers and can be played online, by phone or at the Toto lottery website.
A Group 1 winner can claim their prize within 180 days of the draw. They have three options for claiming their winnings: taking the full amount in annual payments over 29 years, accepting a smaller amount up front or selling the prize to another player.
Winnings from the lottery or sports betting are not considered income and are therefore not taxed by IRAS. They are also not subject to social security contributions or employment insurance premiums. However, they can be subject to taxes on the value of their winnings.