A lottery is a game in which numbers are drawn at random for a prize. Some governments outlaw the game, while others endorse it to some extent and organize state or national lotteries. Regardless of legality, the lottery is a form of gambling and is subject to the same laws as other forms of gambling. In addition, the odds of winning a lottery prize are generally low. It is therefore important to play the lottery responsibly and within legal limits.
The GLO is allowing online purchases of lottery tickets at the official 80 baht price in a bid to keep down street prices, which have been inflated by vendors selling sets of ticket with the same numbers, attractive to buyers dreaming of huge first prizes. The move came after the government cracked down on private online lottery vendors for inflating the prices of government tickets. But the Criminal Court ruled last month that the online platforms did not inflate the prices, and only provided a market for sellers and buyers to settle ticket prices between themselves.
Besides the first prize, there are two other prizes that can be won by matching five of the six-digit numbers: third prize – B40,000 (10 prizes available) – Matching three of the five digits plus the second number. Fourth prize – B10,000 (100 prizes available) – Matching four of the five digits plus the fifth number. There is also a bonus prize of 30 million baht for players who match all six-digit numbers, but these are not included in the total number of prizes.
When you win the lottery, you must present your ticket/s along with a proof of identity at the venue of the drawing to claim your prize. You may also be required to pay a 0.5% stamp duty on government lottery winnings and 1% on charitable lottery winnings. Winnings of less than 20,000 baht can be claimed at any authorised retail venue, while those of more than 20,000 baht must be claimed at the head office of the GLO in Nonthaburi.
Lottery winners are offered the choice of receiving their prize in a lump sum or annuity payment, though this option is not available to all winners. Some experts recommend choosing annuity payments because they tend to have a lower risk of loss of capital and provide a higher annual return, although it is important to note that the time value of money diminishes over time. If you choose a lump sum, be sure to factor in income taxes. The annuity payouts are often paid over a period of 20 to 30 years, while the lump sum payments are usually paid in one sum. It is recommended to consult an accountant or financial advisor when making this decision.
