Lottery Pool Concept

Reply #8

RJOh — Thu, 18 Mar 2004 17:26:49 GMT

If anyone had $14,000 to spend on one shot at winning a lottery, why would they want to join a pool? Most people join a pool because they don't want to spend a lot of money.RJOh

Reply #7

Jake649 — Thu, 18 Mar 2004 12:19:30 GMT

Quote: Originally posted by keystonechas on March 18, 2004Any person of age who submits a winning ticket would be paid the jackpot by the state lottery.Period. Frankly they'll laugh at your signed agreement and paper trail, and anything else which involves The Company .They will not stop payment..There have been cases where the Lottery Office delayed a payment because a dispute was filed on who the rightful owner of a ticket was. Simple posession of a ticket does not constitute ownership. The... [ More ]

Reply #6

keystonechas — Thu, 18 Mar 2004 07:15:10 GMT

10. If a player tries to keep the winning jackpot ticket, then the Company would submit the signed agreements to the Lottery Commission. The Company would also show the set of combinations that were bought on the same ticket that held the wining lottery combination. (By the way, this information is stored on the Lottery central computers). This would be enough proof to at least put a stop payment on the ticket. There is enough of a paper trail to make it near impossible for a player to pretend t... [ More ]

Reply #5

Jake649 — Wed, 17 Mar 2004 19:23:21 GMT

Quote: Originally posted by RJOh on March 17, 2004With any pool, some one has to be in charge and be responsible to see that everything gets done.RJOhIn my example, the Company is in charge to see everything get done right. Yes, 2,000 is a lot to spend on lottery tickets. But then again, there are some people who spend that much on one hand of blackjack.Jake

Reply #4

RJOh — Wed, 17 Mar 2004 18:39:06 GMT

Quote: Originally posted by fja on March 17, 2004 ...if I'm spending $2,000 on tickets what kind of guarantees do I have that all combos are going to be played..If you had $2,000 to spend on one shot at winning a lottery, why would you want to join a pool? Most people join a pool because they don't want to spend a lot of money. The only guarantee you would have is the 2000 tickets you bought and if you won, you would have to split with everyone that claimed they bought tickets and if nobody wo... [ More ]

Reply #3

Jake649 — Wed, 17 Mar 2004 12:25:05 GMT

Quote: Originally posted by fja on March 17, 2004Also how would you back the guarantee that all combinations will be played...if I'm spending $2,000 on tickets what kind of guarantees do I hjave that all combos are going to be played..The guarantee would depend upon the quality of the program used by the Company (these types of programs are not hard to write) and the number of tickets in the pool. I do believe it would be rather difficult to convince enough people to buy in to cover all combinat... [ More ]

Reply #2

fja — Wed, 17 Mar 2004 12:08:25 GMT

What would you consider a decent jackpot amount...In your example of a 50 million jackpot divided by 7000 members would give you slightly more than $7,000 apiece before taxes and initial investment (and thats the full 50 million, not the cash option).....some would get more with other tierd prizes...even at 100 million your still looking at $14,000 per member.....Also how would you back the guarantee that all combinations will be played...if I'm spending $2,000 on tickets what kind of guarantees... [ More ]

Reply #1

Jake649 — Wed, 17 Mar 2004 11:38:43 GMT

prob987,Your reservations are valid. The problem with filling out selection slips can be solved with a program that prints the slips already filled out. Apparently these programs are available but I have not tried one myself.Good luck,Jake

Lottery Pool Concept

prob987 — Wed, 17 Mar 2004 03:50:38 GMT

Well Jake I think this sort of thing's been tried before with mixed success.I would like to note that there are 31,556,736 seconds in a year. This makes it difficult even for lots of people covering lots of stores to cover a significant portion of the field for even a 6/49 drawing in a three or four day period. I would guess it's pretty damn near impossible for games with odds like those of the powerball or megamillions. Also the expectation value of group as a whole could be very low, partic... [ More ]