Besides the snacks, many folks always look forward to the annual TOTO Hong Bao Draw when Chinese New Year comes around. We calculate the math and give you some fun facts surrounding this massive lottery.
S$12,000,000. That is a total of eight digits and six zeroes, and incidentally happens to be the starting jackpot prize for the 2015 TOTO Hong Bao Draw. It’s an increase of S$2 million from previous years and has the potential to be the largest prize pool in TOTO Hong Bao Draw history (you can check out the largest prize pool in history from our infographic below!).
This annual event attracts people and punters of all shapes, sizes, and ages above 18, all of whom take the time to queue up in the hot sun in the hope that the God of Fortune favours them this time round. It even attracts the once-a-year folks, the ones who only ever venture into the interior of a Singapore Pools outlet at this time of the year, enticed by the massive prize pool and the chance to be an instant millionaire.
[Free Ebook] How should you invest your first $20,000?
We asked 14 Singapore finance bloggers to share what they would do if they could go back in time and invest their first $20,000. They can no longer rewind time, but you can learn from their experience and hopefully start with a better footing.
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Last year, Singapore Pools made one of the biggest changes to the TOTO lottery system. Now, fortune seekers have to choose 6 digits from a pool of 49 numbers instead of 45, thereby making it even harder for bettors and gamblers to strike it rich. Previously, the chance of getting all six numbers right was 1 in 8,145,060. Now, the odds of you never having to worry about money ever again is exponentially higher.
As an investment vehicle, TOTO gives you an expected negative return of 36 percent. It’s not exactly the best choice of investment for any savvy investor. But, as an entertainment expense, the annual TOTO Hong Bao Draw is probably one of the cheapest thrills in Singapore. So, if you’re planning to have a flutter, just remember to purchase your TOTO ticket before the draw, which is happening on 27 February at 930 pm!