Have you ever found yourself taking a look at the results of a lottery? You probably enjoyed it, even if you had no active part in it. Lotteries, a much more acceptable form of lottery, grabs the attention of its observer through its rewarding packages and lavish prizes. Now, lotteries exist in several different forms, each of whose tickets cost different and the payout is different. Bingo and lotto are some of the most famous types.
But, here’s the deal:
We’re so attracted to the outcomes of the lottery that we let go of the fact that there’s an extremely well-planned system at work, which wins our attention almost immediately.
So, if you have ever wondered how this winning is distributed or even the chances you hold of winning a lottery, we’ve got you covered.
Let’s discuss the system and learn more about the probabilities associated, next.
Thai Lottery Systems Cashing out Fortunes
Lottery, one of the two legalized forms of lottery in Thailand, has been able to garner the attention of locals for years now.
According to a statistic, more than 19 million people took part in the national lottery of Thailand in 2014. This is a huge number, considering the low odds of winning and unfavorable payouts.
Now, although you feel the payout or money from the winning combination is very high. But, remember, in lotteries, there’s always an entity which is raking more money than the entire payout.
But, you might be wondering:
How’s that possible?
Well, let’s see. The outcomes you see are actually the advertised amounts which are always lesser than the ticket sales amount.
The payout ratio for Thai lottery King is around 60%, which is lesser than what most of the other forms of lotteries have to offer.
Generally, a smaller cut is given back to the people, followed by even more smaller prizes which keep people attached to the entire concept of winning and well, since they are actually always winning, they stay hooked, hoping to cash their luck one day.
The Government Lottery Office of Thailand is responsible for both the printing and distribution of the tickets to wholesalers which are later sold on to retailers, then to agents, and off to the people at last.
However, despite the popularity of lotteries in Thailand, the tickets are often sold at vendor desired amounts, since there’s no actual price associated with a ticket. 40 baht for one, and often 80 or 100 baht for a pair-ticket are considered to be the right figure.
The lottery is drawn on the first (1st) and sixteenth (16th) of every month where almost ten people (unassociated with the government authority or the lottery administration) are called in to draw the winning combinations.
Thai Lottery Tickets are mainly of two types:
- Thai Government Lottery (TGL)
- Thai Charity Lottery (TCL)
The difference lies in the payout and the overall tax applied to the winning of the lottery. Usually, a winning amount of 3 baht is associated with both. A 0.5% tax applies to TGL tickets and 1% to TCL tickets. An additional prize of 30 and 22 million is associated with TGL and TCL tickets respectively.
The draw generally takes place on a working day, where the winning combination is drawn, and matching the six digits gets you the reward. Also, a two-digit number has to be matched in order to win the whopping prize of 20 or 30 million baht depending on the type of the ticket.
Prizes can be claimed by the winner within two years of the draw. Smaller prizes are generally paid by the vendors themselves. Otherwise, the authorities running the lottery are responsible for the payout at Thai lottery result today live updates.
- Can foreigners play the Thai Lottery?
YES. The state lottery of Thailand is open to all and every foreigner, residing in any country. The rewards can be claimed within two years of the draw and are televised every month.
- What payout is associated with the Thai Lottery?
A payout ratio of 60% is associated with a single draw in the Thai Lottery
- Is lottery legal in Thailand or other countries?
YES. The lottery is legal in Thailand alongside horse racing, the two forms of legalized lottery.