Founded in 1968, TOTO is a legalised form of lottery sold in Singapore and known by different names elsewhere. It is run by Singapore Pools, the sole legal lottery operator recognised by the government of Singapore. TOTO is the second most popular method of gambling in Singapore after 4-Digits.
Winnings from lotteries and sports betting, including Toto, football, Singapore Sweep, horse racing, fruit machine (jackpot) and casino winnings, are considered windfalls and are not taxable. This is despite the spike in the amount of money spent on such bets during the Tote Board’s last financial year, which ended in March 2022. The increase was largely due to the relaxed Covid-19 measures and the resumption of football and motor racing betting.
Nevertheless, the amount of money spent on these bets should not be taken lightly. It can easily spiral out of control if not managed properly. While many of us enjoy playing these games, we must also be mindful of the risks involved and take steps to minimise them. One way to do this is to check our ticket numbers against previous drawings before purchasing them. This will help us avoid errors that may result in smaller prize payouts or even no winner at all. Another way is to verify our tickets online or in person at physical outlets.