What are the chances of winning the first prize lottery?

Every 1st and 16th of the month, all Thais are looking forward to becoming millionaires because it is the day everyone calls “The Lottery Drawing Day” or “Government Lottery Drawing Day”. Do you know how many chances you have to win a prize? If you’re curious, ACU PAY will reveal this secret to you.

For the publication of the government lottery, the Lottery Office has set a quota for printing per period not exceeding 100 million copies by dividing the printing management into 100 sets of the lottery. Each set of the lottery will have 1 million copies. That means winning a government lottery like the 1st prize is 0.0001% probability, or 1 in a million, which is a very small chance. The chances of winning the lottery prizes are as follows.

What are the chances of winning the prize lottery?

Prizes	Chances to win the prize
1st Prize	0.0001%
2nd Prize	0.0005%
3rd Prize	0.0010%
4th Prize	0.0050%
5th Prize	0.0100%
1st side Prize	0.0002%
The Last Three Digits Prize	0.4000%
The Last Two Digits Prize	1.0000%

How much is the tax if you win the prize?

The lucky person who won the government lottery must also be taxed. The tax rate varies according to the type of prize, divided as follows.

1. Government lottery

If we win the Government Lottery (normal type), the winner will be taxed a withholding tax of 0.5% of the prize money when we redeem the prize as follows.

1st Prize = 6 million baht: Deducted with revenue stamp at 30,000 baht, receive the prize at 5.97 million baht.
The First Three Digits Prize = 4,000 baht: Deducted with revenue stamp at 20 baht, receive the prize at 3,980 baht.
The Last Three Digits Prize = 4,000 baht: Deducted with revenue stamp at 20 baht, receive the prize at 3,980 baht.
The Last Two Digits Prize = 2,000 baht: Deducted with revenue stamp at 10 baht, receive the prize at 1,990 baht.
1st side Prize = 100,000 baht: Deducted with revenue stamp at 500 baht, receive the prize at 99,500 baht.
2nd Prize =200,000 baht: Deducted with revenue stamp at 1,000 baht, receive the prize at 199,000 baht.
3rd Prize =80,000 baht: Deducted with revenue stamp at 400 baht, receive the prize at 79,600 baht.
4th Prize =40,000 baht: Deducted with revenue stamp at 200 baht, receive the prize at 39,800 baht.
5th Prize =20,000 baht: Deducted with revenue stamp at 100 baht, receive the prize at 19,900 baht.

2. Special Charity Lottery

If you win a special charity lottery, the winner will be taxed a withholding tax at 1% of the prize money when you redeem the prize.

1st Prize = 6 million baht: Deducted with revenue stamp at 60,000 baht, receive the prize at 5.94 million baht.
The First Three Digits Prize = 4,000 baht: Deducted with revenue stamp at 40 baht, receive the prize at 3,960 baht.
The Last Three Digits Prize = 4,000 baht: Deducted with revenue stamp at 40 baht, receive the prize at 3,960 baht.
The Last Two Digits Prize = 2,000 baht: Deducted with revenue stamp at 20 baht, receive the prize at 1,980 baht.
1st side Prize = 100,000 baht: Deducted with revenue stamp at 1,000 baht, receive the prize at 99,000 baht.
2nd Prize =200,000 baht: Deducted with revenue stamp at 2,000 baht, receive the prize at 198,000 baht.
3rd Prize =80,000 baht: Deducted with revenue stamp at 800 baht, receive the prize at 79,200 baht.
4th Prize =40,000 baht: Deducted with revenue stamp at 400 baht, receive the prize at 39,600 baht.
5th Prize =20,000 baht: Deducted with revenue stamp at 200 baht, receive the prize at 19,800 baht.

Both types of lottery will be exempted from personal income tax, which will prevent you from having to file the annual personal income tax again.

In conclusion, the odds of winning a particular prize are only 1.4%. On the other hand, the odds of not winning a prize are 98.6%. Despite the small odds of winning a prize, we risk it every month and hope that one day the 0.0001% chance will be ours, right?

References from
news.ch7 / wayaccounting