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PigeonFart
Joined: 27 Apr 2006
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 Posted: Sun Apr 21, 2013 4:23 am Post subject: |
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Funny you mention this topic. On Saturday evening, i saw 4 blue collar workers in a line at my local C & U. They all seemed to be co-workers. Each person paid 10,000 won for lotto tickets. These guys seemed to have low skilled manual jobs so i understood their desire to win.
I've heard the saying that the lotto is a tax on the stupid. Although i've bought tickets in the past even though i know i won't win intellectually, i'm emotionally driven to buy it. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sun Apr 21, 2013 5:16 am Post subject: |
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| thrylos wrote: |
| I wonder if they'd hand over a winning jackpot to an 'alien'. I was told that a foreigner can't win the 1st prize, you'd need a Korean to claim it for you. Don't know if it's true, but wouldn't put it past them. |
Of course its not true. It can only be claimed by Big_fella1 
I'm not sure if Koreans actually expect we're dumb enough to believe this or they are so stupidly xenophobic that they don't think its fair for a non-Korean to win in the unlikely event that the non-Korean gets all 6 numbers.
Playing Lotto on the expectation that you're just donating money to a new rich person and the lottery operator is okay. Expecting to win is a little far fetched and not a retirement plan despite what many people think.
I've heard Lotto winnings in Korea are taxed at 30%. In Australia you only pay tax on Lotto winnings if you've previously convinced the tax office that you're a professional gambler. Taxing Lotto winnings smacks of the government double dipping. |
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Skippy
Joined: 18 Jan 2003
Location: Daejeon
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| Posted: Sun Apr 21, 2013 5:48 am Post subject: |
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I always wondered if foreigners could collect large winnings.
I remember an old post that some Nigerian (no scam or 419) won and was able to collect. That was quite a few years ago.
I assume that a foreigner could collect, only downside is how much of a jackpot would it be after taxes.
Plus if foreigners where not able to play why would the lotto organizers run an English side to their website.
Why not giving them an email asking?
http://www.nanumlotto.co.kr/default_eng.asp |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Apr 21, 2013 5:49 am Post subject: |
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| thrylos wrote: |
| I wonder if they'd hand over a winning jackpot to an 'alien'. I was told that a foreigner can't win the 1st prize, you'd need a Korean to claim it for you. Don't know if it's true, but wouldn't put it past them. |
A Nigerian won 1 or 2 billion several years back, remember reading it in one of the Korean papers. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Apr 21, 2013 5:51 am Post subject: |
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| big_fella1 wrote: |
| I've heard Lotto winnings in Korea are taxed at 30%. In Australia you only pay tax on Lotto winnings if you've previously convinced the tax office that you're a professional gambler. Taxing Lotto winnings smacks of the government double dipping. |
No taxes on lotto winnings in Canada, unless you decide on a regular payment. Anyways, the Americans tax winnings 30% too. So those massive lotto winnings you here about in the states, a 30% chunk is taken out. |
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crescent
Joined: 15 Jan 2003
Location: yes.
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| Posted: Sun Apr 21, 2013 1:19 pm Post subject: |
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| jvalmer wrote: |
| No taxes on lotto winnings in Canada, unless you decide on a regular payment. Anyways, the Americans tax winnings 30% too. So those massive lotto winnings you here about in the states, a 30% chunk is taken out. |
Not entirely.
In the US, taxes on wins can be as high as 39.6%, depending on the size of the win and total income. Adding state and local taxes, the total tax bill on Lottery wins could reach 50% depending on location.
In Canada, interest on the win is taxed. |
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joseph921
Joined: 27 Oct 2010
Location: Anseong
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| Posted: Sun Apr 21, 2013 7:11 pm Post subject: |
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| yeah but the money you spend on lotto goes towards cancer research, heart and stroke foundation, and other wonderful charities.....well at least they do in Canada. That's why playing the lotto is not bad at all...you're donating for worthy cause with the chance you can win big time. Only downside is you don't get any tax deductions. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Apr 22, 2013 2:37 am Post subject: |
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| crescent wrote: |
| In Canada, interest on the win is taxed. |
But the winnings aren't, that was my point. The Principle isn't touched. Also, considering that interest on the win could amount in excess fo $100,000 in Canada, fair enough. I wish my bank account made six figure interest... 
The disappointing part about the Korean lotto is that there are usually around 5 winners every single draw. And the jackpot usually hovers around that 10 billion mark. So most likely you'll end up with less that 2 billion-won. Minus that 30% it really isn't that much to go wild on. It's a great financial base though  |
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