A Question for some Old Timers

Reply #10

SirMetro — Wed, 05 Oct 2005 15:06:09 GMT

You may want to do a web search for Lottery Syndicate software. It is software designed to facilitate tracking of large groups of numbers for pools of people playing. It seems to be popular idea in Europe, but I seriously doubt you are going to get any participation from online folks. Perhaps consider something local with your office or neighbors. When it comes to money, folks like to have someone they can look in the face to holler at (good or bad).At least that's my suggestion.Sir Metro... [ More ]

Reply #9

Raven62 — Tue, 04 Oct 2005 20:53:17 GMT

Too late to do it tonight.

Reply #8

Chewie — Tue, 04 Oct 2005 19:45:53 GMT

The post-win cash/annuity decision would not be a problem in NY or NJ. You have to choose when you buy the ticket. You cannot change your mind later.The group grope does raise a question though. In NJ some one has to sign the ticket. Who signs for the group? How do the taxes go after that? I guess you could solve that with an LLC, but who wants that bother - until after the win.

Reply #7

RJOh — Tue, 04 Oct 2005 19:04:05 GMT

The way I've read that those pools work is the organizer submits a form with each member SSN and every one is responsible for their own taxes, so a $100M cash jackpot divided by 100 would be a million dollars for each member. The question then becomes can 100 people be found that would be willing to spent $50 for a chance to share a $100M jackpot at odds of 1:1,461,079 about the same odds that they could get for $10 on a local 649 game with a jackpot 5x that size and the winner keeps it all.... [ More ]

Reply #6

four4me — Tue, 04 Oct 2005 18:27:13 GMT

As far as pools go any pool over 10 people is inviting more problems than it's worth. Some members might want cash other's annuity. Unless the pot is over 200 million who's going to be happy with the split of say an 80 mill pot after taxes for 100 members.Any pool between different states might involve some form of contractual agreement. And aren't some states not allowed these pool arrangements?And even buying 5000 tickets won't guarantee a jackpot win or even enough to pay off the initial inve... [ More ]

Reply #5

Jake649 — Tue, 04 Oct 2005 13:12:47 GMT

I had suggested this type of pool a while back and got very little interest. There are some simple rules that can be used to prevent or limit members's ability to cheat. I called the pool the 500 Group and it would be used once the jackpot reached $500 million.My previous suggestion was to only post 5 numbers (one line) per member and then the member buys every Mega ball for that set of 5 numbers.Based upon past responses I am not very confident that there are enough LP members to get a group of... [ More ]

Reply #4

MonteSS — Tue, 04 Oct 2005 00:09:34 GMT

Great insight RJ and JAP - I guess it would be nerve racking - especially if someone in Colorado won and they wanted to meet in Kansas to divvy up the dough. Or maybe the person would just drop out of sight, delete their isp and move overseas. I guess I'm just too trusting at times. bad idea after all i guess, that's why many heads are better than ONE. Thanks all

Reply #3

RJOh — Tue, 04 Oct 2005 00:01:11 GMT

Good luck finding 100 people willing to buy 50 PowerBall tickets on their own and split their winnings with 99 other people they've never met.If you're really interested in trying something like that, it would probably be better to organize 100 people in your area that you know and could watch if you didn't trust them.Todd, the webmaster talked about looking into organizing a LP pool some time back where everyone interested would send their money in ahead of the drawing and an agent for LP would... [ More ]

Reply #2

JAP69 — Mon, 03 Oct 2005 23:35:55 GMT

A person could post the 50 lines but for some reason not buy the lines for that drawing. Big trouble for that person if the lines won a prize.Or they could purchase the lines and win and say they did not buy the lines.I would not trust my own brother on a deal like that.Just my opinion.

Reply #1

iam713 — Mon, 03 Oct 2005 23:31:02 GMT

I really like your idea, that how that bowling team won. Bringing in a larger scale win make odds better. But is that against the LP rules. We don't want to do anything to cause termination or membership.

A Question for some Old Timers

MonteSS — Mon, 03 Oct 2005 23:20:24 GMT

I was thinking of an idea where as lots of people on this board would buy, let's say, 50 tickets for a Powerball drawing on some predetermined date in the future. Everyone could wheel their favorite numbers, post them on a specific board and, if one member wins - all would win? It would take a little planning and honesty on people's part, but 5,000 numbers sure has better odds than 50 lone numbers? If anyone is interested, maybe we should talk and possibly organize such an adventure, nobody cou... [ More ]