|Posted: December 16, 2005, 10:11 am - IP Logged|
Korean Lotto 6/45...
Basically a pick-6/45 jackpot game with a bonus ball. Started in early December 2002 and any on-line service of purchasing tickets on players' behalf is prohibited by law (in my opinion, that's too bad!). The ticket sells for approxiamately $1 each.
The odds of hitting jackpot is approximately 1 in 8 million, and it draws every Saturday, just once a week. The amount of jackpot(pari-mutuel) usually stands at around $11 million being paid all in lump sum cash. Due to the relatively higher odds of hitting jackpot when compared to MM or PB, the jackpot is usually split among about 3-7 winners, each winner taking approximately $2M to $3M before tax. Tax rate is 22% for the prize over $50 up to half million dollars, and 33% for the amount in excess of half million. By law, all winners can remain completely anonymous.
The historic record of the overall pot for the first prize so far is $80M after 3 rollovers, which had been split among 13 winners, each winner taking about $6M cash, in February 2003. And, the biggest jp hit by a single ticket so far is ~$40M (~$30M after tax), which was won in April 2003 by a then-policeman but known as having quit his job soon after the win. Both records were established while each ticket were being sold for $2 each. Pressured by conservatives' concern about the possibility of national lotto fever to be more widely spread, lawmakers lowered its per-ticket price to the current level of $1 each. Considering the size of Korean lottery market and the scarcity of any alternatives to pick-6 lotto games like daily pick 3/4 and/or semi-weekly pick-5 in America, I personally expect that it would be very tough for those records to be broken for a considerable time period in the future, possibly never unless a major modification in the system is made.
The following image represents 10 tickets (5 on each of two receipts), which was purchased on Monday, Dec 12, and will be drawn at 9PM on Saturday, Dec 17 in Korean time (GMT+9).
(The first 3 lines on the right receipt indicates my own 3 picks, and the remaining 7 lines are terminal QPs. Those yellow-colored areas of each ticket hide part or all of the time of purchase, serial numbers, retailer number, bar-codes, and the final digits of those numbers played. The final digits may be revealed if and when the first five numbers hopefully turns out to be correctly matched. Sure, if any of the lines hopefully hits the jackpot though very very unlikely, I would be happy and gladly allocate some portion of the cash so that it could be spent in a good way for the lotterypost)