Tote Board: $4.4b surpluses – help the poor?

Why isn’t the Tote Board giving more help to the poor?

I refer to the article “Tote Board gave $418m to a variety of causes” (Straits Times, Nov 24).

It states that “Since the Tote Board was set up as a statutory board in 1988, it has given out more than $8 billion.

The money, from lotteries, horse races and other games, is given to causes ranging from the arts to education, and social services to sports.

According to the financial statements of the Totalisator Board’s annual report 2016/17 – it had accumulated surpluses of $4.4 billion – an increase of 8.7 per cent from the previous year.

So, does it mean that it only gave out about 65 per cent ($8 divided by $8 + $4.4 billion) and kept about 35 per cent in accumulated surpluses?

Why does it need to keep so much surpluses?

Why doesn’t it give more to help the poor in Singapore?

For example, its surplus for the year was a whopping $351 million.

 

Leong Sze Hian

 

 

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10 Responses to “Tote Board: $4.4b surpluses – help the poor?”

  • Bapak:

    Wonder where the money goes?

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  • PAP has the mandate:

    PAP and their million dollars clowns will only keep the surplus for themselves and thrown some crumbs to the poor.

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  • Just1more:

    Like that I also want to set up another TOTE Board. Sure make millions every years.

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  • Stupidity of Singaporeans:

    The huge amount of money ToteBoard makes proves the stupidity of many, if not most, Singaporeans. The reason Totboard makes so much money is because almost everybody loses just like in a casino. The expected value of betting is BELOW ZERO, actually it is NEGATIVE. If Toteboard paid out ALL the money collected from ALL bets as prizes the expected value is still ALMOST ZERO. The fact that it does not (that is why it has billions) show how absurd it is to gamble with toteboard or in casinos. It is as stupid as continuing to vote for PAP.

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  • Do more for the poor:

    Need to do more for the poor…
    Toto Board has the means to do it…

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  • Ask more questions:

    “Why does it need to keep so much surpluses?

    Why doesn’t it give more to help the poor in Singapore?

    For example, its surplus for the year was a whopping $351 million.”

    Mr Leong, prepare for bigger shocks.

    You call $350 million surplus whopping. Have you notice thatTote Board transfer about $2 Billion to the main government every year? (Check their annual reports).

    Every dollar Tote Board make from gamblers, after costs, 70 cts go to government, 15 cts go to “charity” and 15 cts go to Tote reserve.

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  • Shhhh:

    if the Tote board actually did what it is there to do -
    ie give to a variety of causes, there would not be so many
    in need of help. importantly, we would not have to raise
    taxes.

    but if Totes Did do what its supposed to, how on earth
    can the PAP squeeze the people more, waste money on this
    and that useless project? where would it get $2 Billion
    to squander annually?

    can you hear that whooshing sound? that’s our money flying
    off to dunno where!

    what does the govt do with $2 billion??? oooo, cant tell
    you all lah. despite having a bunch of scholars romping
    in its ranks, or becos of it, the word “accountability”
    is not in the PAP’s vocabulary.

    why do u think there are so many from the armed forces in
    the govt? to fight back with arguments which make no sense
    in case people start asking awkward questions and insisting
    on truthful answers lah.

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  • LIONS:

    Hahaha!
    Which sgs buy 4D or Toto?

    Those who are poor n jobless !

    So ROB FROM POOR n use the money to squander on ostentatiois like Gardens by the Bay,F1 etc?
    As for the poor,its only a FRACTION given back to them from the HUMONGOU$ amounts collected on Saturdays,Sundays,Mondays,Wednesdays n Thursadays?!!!

    Thats almost a WHOLE WEEK every week of the year collecting $$$ from the POOR sinkingporeans?
    How CHARITABLE?

    I rather the TOTE BOARD distribute MORE OF THE TOTAL COLLECTIONS AS PRIZES back to poor sgs instead???

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  • @Lion:

    so title should be “The Poor: $4.4b surpluses – helped Tote Board!”?

    LIONS:
    Hahaha!
    Which sgs buy 4D or Toto?

    Those who are poor n jobless !

    So ROB FROM POOR n use the money to squander on ostentatiois like Gardens by the Bay,F1 etc?

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  • I Know:

    Just1more:
    Like that I also want to set up another TOTE Board. Sure make millions every years.

    Heard the licenses are given out only to grassroots bosses.

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