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Lottery groups

Topic closed. 3 replies. Last post 10 years ago by Bigtobey.

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Thread Starter

United States
Member #45031
August 13, 2006
29 Posts
Posted: January 14, 2007, 3:09 am - IP Logged

Three of my co-workers and I are starting a $5/week group ticket buying club. Any advice from folks who have done this with friends before?

    United States
    Member #16612
    June 2, 2005
    3493 Posts
    Posted: January 14, 2007, 11:21 am - IP Logged

    ScratcherBoy, my advice is to purchase quick picks. Usually, quick picks will have a good chance of winning a jackpot.

      guesser's avatar - Lottery-017.jpg

      United States
      Member #41383
      June 16, 2006
      1969 Posts
      Posted: January 14, 2007, 10:03 pm - IP Logged

      Scribble a contract, get the money in advance, and if you are doing quick-picks, buy 2 drawings' worth at a time, but no more than that.

      $5/week x 4 = $20.00, 2 drawings a week mean you are buying 10 tickets per drawing.  Powerball, that is.

      SIGN the ticket as soon as you buy it.

      And all must realize - you may NEVER win. Ever.  Don't do it unless this is a long-term proposition, all too many times folks in pools quit after a couple of weeks because 'they haven't won anything'.  

        Bigtobey's avatar - underground

        United States
        Member #18428
        July 11, 2005
        18 Posts
        Posted: January 15, 2007, 7:58 am - IP Logged

        I have to disagree with guesser when it comes to signing the back of your ticket as soon as you buy it. Considering your going to be playing in a group. From what I understand lotteries distribute winnings to one individual, or entity. So by signing the back of your ticket with just the buyers name, in the lotteries eyes would mean they would be the only winner. I would leave it blank, and in the case that your group ever wins. I would seek professional assistance from a tax lawyer, certified financial planner, etc. Most likely you would want to form a legal partnership, or trust to collect any kind of jackpot winnings as a group.

        Good luck to your group.