July 24, 2024

Where does the money go?

3 min read

After recent updates, it is revealed that there is a large portion of the population (majority from low to middle-class households) that regularly bet upon lotteries. Not only the betting outlets still get very long lines daily for that sweet little tradition of bettering on the togel online platforms also witnessed increased use for making bet transactions in its many gambling formats.

These games are originally placed in circulation to control illegal gambling and pull the people’s attention into these formats that are made to benefit the public. They did that by placing premium tax rates on the games and making sure that the operators contribute to their country’s charities.

With the recent update that the lottery ‘industry’ has tipped into the billion-dollars zone, we have humongous tax revenues entering the nation’s coffers. But announced fundings still remain where they are from previous budgets. What’s really happening?

In the first place, how do the numbers in the news get so big? Those jackpots topple even the big names in other industries. Imagine? Being richer than the big background families reported in your celebrity news? What kind of money-making mechanism takes to reach that?

That is exactly by design. Week after week, as long as there is no jackpot winners, the prize rolls on over to the next draw—meaning the money doubles every time. More tickets get bought as a result of this alluring pot and thus more money is added to the pot when no one sweeps it all.

With the low entrance stakes to this game, it is way too easy to join in for the chance to win such big wealth. However as the world already knows, the chances to win is pretty slim. The chance of betting on the correct matching numbers, you have more chances of getting electrocuted by a vending machine than winning it. It’s not zero though, so people still have hope and throw their coins at the game. You know, just like a wishing well?

According to recent news, the portion of the world’s population that play lotteries and other small-scale gambling continue to rise per year. It seems that the increasing cost of living make the chances for a quick turnaround with an instant wealth become more alluring. In the face of struggle, the increasingly large jackpots make the people more willing to bet. Even the later increase in minimum price for these bets did not diminish the persistence of the players.

These games are heavily taxed and also regulated to contribute to charity. But that isn’t readily visible to the public. Why is that? The answer is because of adding additional funding for these charity and tax dependent projects, these industries actually pay for the projects and charities. And the previous allocated amounts directed to other projects and departments instead.

So even with how high these jackpots (and thus tax revenues) get, the actual budgets for the charity work and projects supported by the gambling industry would have the same level of funding as before. Go figure.

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