A Thammasat University statistics expert revealed that an individual would need to purchase the national lottery consecutively for approximately four years and two months just to win the two-digit prize, raising questions about the promotion of the lottery in Thailand.
Assoc. Prof. Wararit Panichkitkosolkul highlighted a recent study conducted by the university’s Faculty of Science and Technology, demonstrating the minimal chances of winning the government lottery. He advocates that the government cease promoting the lottery, given its widespread popularity and the low odds of winning.
The study also indicated that the probability of winning 2,000 baht (£43) from the government lottery’s final two-digit prize is just 1 in 100, requiring a buyer to invest approximately 8,000 baht for a single lottery ticket each round, 100 times, Bangkok Post reported.
Assoc. Prof. Wararit, an assistant to the dean and lecturer at the Faculty of Science and Technology, pointed out that the likelihood of winning the first prize is even more remote, with a one-in-a-million chance, according to the study. He said…
“Non-bank debts typically originate from gambling, including participation in the government and illegal lotteries.”
Assoc. Prof. Wararit expressed concern that today’s online technology has increased access to the lottery, as well as betting games and other gambling activities, with loans often quickly provided to gamblers. He said…
“Instead of promoting the government lottery, primarily by publicising the amounts that lottery winners could receive in each draw, the government should work towards helping people comprehend the limited odds of winning.”
Additionally, he advised parents to encourage their children to learn statistical mathematics, which could prove beneficial for their future careers. Statistics could help them form more realistic perspectives on matters where informed decision-making is required, such as gambling, where the odds of winning are significantly low. He also mentioned that graduates with a degree in actuarial science are highly sought after.
It looks as if yesterday’s Thai lottery winner ignored the stats and it’s just as well after he scooped the jackpot.
The anonymous Thai national bought 19 winning tickets for Thailand’s national lottery draw yesterday. The newfound millionaire won 114 million baht (US$3.3 million) in total.
Read more about the story HERE.
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