Lottery Singapore is a state-owned lottery operated by Singapore Pools. It is the second most popular method of gambling in Singapore. It was first introduced in 1968 as a way to moderate illegal gambling and is also used in other countries such as China and Malaysia. It has an annual prize pool of around $2.8 million dollars and is offered twice a week.
The lottery game is easy to play with a wide range of games to choose from. Players can pick up to six numbers to increase their chances of winning. A minimum of $1 is spent on each ticket. The odds of winning are quite low, but the prizes can be very high.
Panel B of Table 1 provides further descriptive statistics on the lottery-related variables. These include the coefficient estimate of the lottery-winning-amount variable, which is defined as the natural logarithm of the amount won, and a standard error of 0.0013. The estimated coefficient is small and negative, implying that people who win the lottery spend more money than those who don’t.
The story revolves around a middle-class family. The father is a banker who lost his job during the Asian economic crisis in late 1990s. The mother is a homemaker and the son, Jiale, is a naughty boy who spends more time with his Tamagotchi and lottery tickets than schoolwork. The family struggles financially, and the husband even resorts to selling their car to pay for their utility bills. The mother eventually wins the lottery but loses it all. Nevertheless, they feel that the en bloc payout is a fair reward for their life of toil.