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Pot Size Prediction?

Topic closed. 22 replies. Last post 9 years ago by bashley572.

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justxploring's avatar - villiarna
Wandering Aimlessly
United States
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November 5, 2005
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Posted: October 24, 2007, 12:17 pm - IP Logged

A few years ago a lottery pool in a steel plant near Cleveland tried some similar foolishness when they won a jackpot. They had been playing the lottery for years and invited a new employee to join them.  He did and they won.  When they split up their winnings they wanted him to accept a smaller share since he had just joined the pool before it won.  The case ended up in court with him getting an equal share of the winnings .

Which is why a pool once said "No" to me.   I'd have to go back 2 years and look through my posts (not gonna happen!) but I mentioned a company that would not allow new employees to join their ongoing pool and asked people here if they thought it was fair. 

Yes, I do agree the man you mentioned definitely deserved to get his equal share.  After all, he was invited to join.  It all depends what was on the agreement.  Had they won several smaller prizes and reinvested the money (that he didn't win) then it wouldn't have been unreasonable to ask him to contribute more when he initially joined. However, they had no case if they let him play. I don't think it's "foolishness" to expect everyone to pull his weight, so to speak.  Have you ever done a job for months and then someone lazy comes along at the very end and wants to split 1/2 of the pay?  It happens all the time.  The lottery has no rules that dictate what someone has to spend since all it takes is $1 for 1 ticket.  My comment was based on the sarcasm that was obvious in KY Floyd's remark.  If someone plays the lottery for the very first time and wins $100 million, of course he is entitled to the entire jackpot.

Since this is a lottery board, I support my earlier comment.  People here are always talking about winning and predicting numbers in the virtual world. The old expression "put your money where your mouth is" comes to mind.

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    NY
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    Member #23835
    October 16, 2005
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    Posted: October 24, 2007, 2:02 pm - IP Logged

    Which is why a pool once said "No" to me.   I'd have to go back 2 years and look through my posts (not gonna happen!) but I mentioned a company that would not allow new employees to join their ongoing pool and asked people here if they thought it was fair. 

    Yes, I do agree the man you mentioned definitely deserved to get his equal share.  After all, he was invited to join.  It all depends what was on the agreement.  Had they won several smaller prizes and reinvested the money (that he didn't win) then it wouldn't have been unreasonable to ask him to contribute more when he initially joined. However, they had no case if they let him play. I don't think it's "foolishness" to expect everyone to pull his weight, so to speak.  Have you ever done a job for months and then someone lazy comes along at the very end and wants to split 1/2 of the pay?  It happens all the time.  The lottery has no rules that dictate what someone has to spend since all it takes is $1 for 1 ticket.  My comment was based on the sarcasm that was obvious in KY Floyd's remark.  If someone plays the lottery for the very first time and wins $100 million, of course he is entitled to the entire jackpot.

    Since this is a lottery board, I support my earlier comment.  People here are always talking about winning and predicting numbers in the virtual world. The old expression "put your money where your mouth is" comes to mind.

    The court's decison couldn't possibly have been a surprise to either lawyer, unless perhaps there had been an agreement that the new member wouldn't get a full share. Even then I don't think it would be surprising when the court ruled that  the previous drawings were all distincts events that were done with, and each member deserved a share in proportion to their contribution for the winning drawing. My money says their lawyer was charging by the hour. Splitting the winnings based on each person's contribution takes care of members chipping in different amounts (a news story about a pool a few months back mentioned one member having ahalf-share), and it also covers any previous winnings that are  reinvested in the winning drawing. The choices when you run a pool are to let somebody join or not let them join.

    As far as my previous comments, there's nothing sarcastic about it and I'm not suggesting that anybody is making a bad decision by choosing to play every game. Even with jackpots of $3 million vs $30 million the odds against winning make the difference a minor point, but it makes more sense to try for the bigger jackpot when everything else is equal.  Playing the lottery at all is somewhat irrational, but that doesn't mean you can't approach it logically. The people who use systems are attempting to do that, and choosing when and how much to play is the "system" used by other people. Everyone who plays the lottery is hoping to build their success on the failures of virtually everyone else, assuming they understand how the lottery works.  As long as nobody is forced to play there's nothing unfair about that.

      Coin Toss's avatar - shape barbed.jpg
      Zeta Reticuli Star System
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      Posted: October 24, 2007, 8:06 pm - IP Logged

      This is one of those unique threads where everybody's post has some merit.

      My opinion is there's no way the guy wasn't entitled to his full share -

      For those other people in the pool it came down to crying over spilt milk. Every drawing is a new start, there's no "retro" in lotto pools. Just sounds like a bunch of opportunist degenerates trying to recover their previous losses.

      As for the lotto odds and jackpot amounts, in poker this is called "pot odds", separate from the odds of making your hand. The odds against making your hand are compared to the odds of what's in the pot and how much of it was yours, that determines playing or folding.

      So theorhetically, in those instances when a lotto jackpot are more than the odds of hitting the jackpot, it's a "good bet" - doesn't mean it will win, just means it's a good bet.

       Similar to being "on the rihgt side" of a sports bet but losing the bet.

      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

      Lep

      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

        bashley572's avatar - starwars14
        West Side of Sunny Florida
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        September 8, 2007
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        Posted: October 27, 2007, 2:36 pm - IP Logged

        A few years ago a lottery pool in a steel plant near Cleveland tried some similar foolishness when they won a jackpot. They had been playing the lottery for years and invited a new employee to join them.  He did and they won.  When they split up their winnings they wanted him to accept a smaller share since he had just joined the pool before it won.  The case ended up in court with him getting an equal share of the winnings .

        SurrenderMy girlfriends work frowns on lottery pools, so they renamed it 'retirement fund' to get around big brother.  Sad part is out of 30 people she is the only one who will step up & collect $$ and buy tickets, so if she is sick or on vacation it don't happen.

        Money won is twice as good as money earned!

          awwcrap's avatar - moon
          ky
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          April 19, 2006
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          Posted: October 30, 2007, 10:04 am - IP Logged

          One day I went to the terminal on Wed evening to play my regular Lotto numbers.  The FL lottery had previously rolled over several times and was over $40 million, but someone had just hit it on Saturday.  The player in front of me said "I'm not going to waste my money for $3 million."  So he doesn't think he's wasting his money when the jackpot is $40 million?  The odds are still the same.  I mean, if someone honestly thinks he has any chance at all of winning the lottery, why wouldn't he bet one lousy buck to get back $3 million?  Is there anyone on this board who can't use an extra $2,999,999?  Sorry, I'm not arguing with anyone, but what isn't "exciting" about winning $500,000?

          I'm happy to win 7bucks-i matched two and the powerball last wed.  wooooooooootParty

            bashley572's avatar - starwars14
            West Side of Sunny Florida
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            Posted: October 30, 2007, 5:03 pm - IP Logged

            Ok, here is another twist, Mega Millions is up to 63Mill ... anyone here playing extra since it is getting kinda high??

            What?

            Money won is twice as good as money earned!

              tnlotto1's avatar - logo
              nashville
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              February 18, 2007
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              Posted: October 30, 2007, 5:26 pm - IP Logged

              Ok, here is another twist, Mega Millions is up to 63Mill ... anyone here playing extra since it is getting kinda high??

              What?

              yes bashley i will be buying more tickets because i was already scheduled to head to georgia on business but ill pick up some tickets even though my future still has many draws left on it.

                bashley572's avatar - starwars14
                West Side of Sunny Florida
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                September 8, 2007
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                Posted: October 30, 2007, 8:28 pm - IP Logged

                tnlotto1,

                Yup me to, but it was my girlfriend who picked up the extra tickets.  She knows I get them for both of us but since it was kinda high she got extra.   

                Good luck, if I gotta share the jackpot with someone in Mega I hope its someone here on LP!!!!

                Wink

                Money won is twice as good as money earned!