Participating in the lottery, but how many people know about the commission for exchanging winning lottery tickets? How is the conversion done?

Not like online betting, where you win as much as you bet, the lottery has many regulations according to the law.

So let’s immediately supplement this extremely important knowledge because you might be missing out on many important benefits.

The commission for exchanging winning lottery tickets at the XSKT company is 0%

Players who win the lottery with large prizes often have the mentality of wanting to go directly to receive their winnings.

To receive the prize money directly, players will need to go to the lottery company in the province printed on the lottery ticket.

commission for exchanging winning lottery tickets

If you don’t want to lose money + feel secure, just go to the lottery company to exchange for your prize

This helps players minimize risks but can waste time traveling if the location is too far from where the player lives.

Lottery companies will keep all customer information and prize money confidential.

Thus, if a player wins a large amount, their information will not be known by others or the media.

Especially, if you come here, then the commission for exchanging winning lottery tickets does not have to be paid to the company.

If you keep buying lottery tickets without winning, try the method to pray for the jackpot, who knows you might get lucky soon.

The commission for exchanging winning lottery tickets at agents

The way to exchange lottery tickets at the construction company as mentioned above helps players minimize many risks.

However, for many customers, traveling to lottery companies is not convenient due to transportation and road conditions, so if players win a prize that is not too large, they can go to agents to exchange their tickets.

The question of how much commission is charged for exchanging winning lottery tickets is something many people want to know.

According to the regulations of the Ministry of Finance, the commission for exchanging winning lottery tickets must not exceed 0.2% of the prize value authorized for the agent to pay.

In addition to the commission, agents are not allowed to charge any fees from customers.

In reality, the commission amount is based on the agreement between the two parties and is not fixed. Usually, it can range from 1% to 5% of the value of that lottery ticket, and you will receive the prize money immediately if you agree.

In other words, agents are actually charging a higher commission than the regulations allow.

In return, customers are guaranteed to receive their prize, without being scammed or having their numbers swapped during the exchange process.

how much is the commission for exchanging winning lottery tickets

Going to the agent will cost you “waste” money for them

Currently, agents are implementing the commission rate for redeeming winning lottery tickets as follows:

Customers will pay a commission rate of 1% on the total value of the prize for prizes worth less than 10 million VND.
Customers will pay a commission to the agent of 0.5% on the total value of the prize for prizes worth 10 million VND or more.
In addition to the commission, players winning prizes over 10 million must also deduct a personal income tax of 10% for the agent to submit on their behalf.

Therefore, you need to be aware of the deductions to know how much money you will actually receive.

To make it easier to understand, I will provide a specific example as follows:

If a player wins a lottery ticket with a total prize value of 50 million VND, when going to the agent to redeem the winning lottery ticket, they will have to bear the following specific fees:

Personal income tax for lottery winnings over 10 million: (50,000,000 – 10,000,000) x 10% = 4,000,000 VND.

Commission for the agent will be: 50,000,000 x 0.5% = 250,000 VND

=> Thus, you will receive the final amount of: 50,000,000 – (4,000,000 + 250,000) = 45,750,000 VND.

Therefore, if you redeem a large amount, you will incur a significant loss, so this method is only suitable for lower prize values.

Note on the commission for redeeming winning lottery tickets at agents during transactions

Before going to redeem winning lottery tickets at agents, players need to pay attention to the following issues:

Players should find out which agents are reputable and have been operating for a long time in the locality to redeem winning tickets. This will help you travel more safely than going to distant lottery companies.
Before redeeming, players should ask the agent to clarify how much commission is charged for redeeming winning lottery tickets. If the commission is 1% of the prize value or more, players should look for another agent for comparison.
You need to ask clearly how much personal income tax you have to pay.
Those with winning lottery tickets should consult multiple agents in the locality to see what the commission rates are for comparison and to find the best option for themselves.
Before handing over the ticket to the agent, players must request the agent to create a confirmation record of the ticket exchange, including information such as date and time, ticket number, prize… with signatures from both parties.
It is advisable to request the agent to transfer the prize money to your account instead of carrying too much cash.
Request the agent’s staff to completely secure your personal information to avoid exploitation by bad actors.
If the prize tickets are large, it is advisable to have someone accompany you as a witness for safety.
Do not redeem if the amount is too large.
You need to research the reputation of the agent before redeeming. If the reputation is not good, be cautious to avoid being scammed or losing a high percentage in fees.

Especially when receiving the prize, you should have a spending plan and use the winning amount wisely.
Please ask the question what to do when winning the jackpot, how to make money generate more money to leverage for a prosperous life in the future.