The numbers on the tags are linked to sealed envelopes containing prizes with one containing $25,000, and others a $200 tackle or voucher prize.
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Entries have now closed to the promotion which will run through to Sunday.
Eastern Region Fish & Game Officer Mark Sherburn said angler Neil Stockley got quite a shock when he spotted the "flash of red".
"Initially he was going to return the trout when he noticed the red tag.
"He told us that he had another look and got quite a surprise. And of course, at that stage he quickly changed his mind about keeping the fish."
Whether someone has landed the big prize will be revealed when the envelopes are opened on Monday at 10am, at Eastern Fish & Game's Ngongotaha headquarters.
"The excitement is building now - if you entered the promotion be sure to get out there and see if you can hit the trout jackpot," said Mr Sherburn.