Singapore's Gambling Boom: A Risky Bet? - 2025-02-18

Singapore's Toto, the sole legal betting entity, according to it's financial report - raked in a staggering S$12.2 billion betting revenue in 2024, a jump from S$11.4 billion the year before. If we assume five million Singaporeans/PR/Work Pass holder are placing bets, that's an average of S$2,442.80 per person annually, or roughly S$203.56 each month. We all dream of striking it rich, but let's be real: the odds are stacked against you. My friend showed me the math using nCr formula– with 49 numbers and a six-pick system, you're looking at a 1 in 14 million chance. Why do we think we'll be the exception?

Even someone immersed in the industry sees the long odds. My ex-boss's father-in-law ran a Toto shop for 3 to 4 decades, selling tickets daily, yet never sold a top prize winner. So, why do people dropping an average of S$2,000 believe they'll beat those odds? Psychology plays a huge role. 

Gambling is a dangerous game, potentially leading to crippling debt. Instead of chasing a lottery dream, consider this: with a consistent 10% annual return, you could become a millionaire in roughly 39.2 years using the Nper formula = nper(10%, 2442, 1000000) in Google Sheet. That's a far more reliable path to financial freedom.

Personally, I believe in avoiding anything with such low odds. Even a single dollar spent on a lottery ticket is a waste. And winning big can be even more dangerous, creating a false sense of invincibility. A friend told me about a his grandfather who won big with his grandson's birthdate few decades ago, only to squander it all and lose even more chasing that odds.

Kids, take it from me: stay away from gambling, no matter how small the stakes. Bad habits grow, and the potential consequences are devastating. 

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