Lottery Singapore is a state-owned lottery subsidiary company in the country. It was established in 1968 as a way to moderate illegal gambling and also compensate for the absence of casinos in the country. It is regulated by the Singapore Tote Board and offers different lottery games including 4D, TOTO, and Singapore Sweep. It also operates a sports betting system which allows players to place bets on various sporting events around the world.
Lottery participation has remained quite stable over the past decade, although it has not grown much since the introduction of the new e-lottery platform in 2021. During the last financial year ending in March 2022, the total amount of bets on lotteries and sports increased by about 40 per cent. The increase was mainly due to relaxed Covid-19 measures and the resumption of global sports tournaments.
Despite being one of the oldest and most popular forms of gambling in Singapore, there hasn’t been a marked increase in probable pathological and problem gambling among locals. However, Mr Chua is optimistic that the government will continue to work with industry partners to monitor the trend.
Unlike other casinos in Singapore, you don’t have to pay taxes on your winnings if you win the lottery. This is because the prizes are distributed by Singapore Pools, a state-owned company. Moreover, there is no need for the company to create additional revenue by charging a fee on winnings. As such, the lottery is one of the safest and most affordable ways to make money in Singapore.