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Running an office Powerball pool is discouraging

Topic closed. 33 replies. Last post 9 years ago by ArtVandalay.

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grengrad's avatar - nw rogue.jpg
Raleigh
United States
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January 17, 2007
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Posted: March 10, 2008, 10:36 am - IP Logged

I have bought my 1 Powerball ticket for each drawing for quite a while, and have even match 4 white balls a few time. Even though the odds are great, I always felt like someday I might get lucky and win it all, or at least match 5 white.

 

Now, I am running an office pool (don't worry we have signed legal contracts), and I am buying 50 tickets for every drawing above 50 million, and we have not won more than $7.

I knew the math of the odds before, but I never really felt the math until now, and it is very discouraging. 

    Guru101's avatar - rw6jhh
    Indiana
    United States
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    January 7, 2007
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    Posted: March 10, 2008, 11:29 am - IP Logged

    I have bought my 1 Powerball ticket for each drawing for quite a while, and have even match 4 white balls a few time. Even though the odds are great, I always felt like someday I might get lucky and win it all, or at least match 5 white.

     

    Now, I am running an office pool (don't worry we have signed legal contracts), and I am buying 50 tickets for every drawing above 50 million, and we have not won more than $7.

    I knew the math of the odds before, but I never really felt the math until now, and it is very discouraging. 

    50 tickets is certainly better than 1 ticket, but it still doesn't make a dent in the odds of winning. You're odds are still 1 in 2,922,159. Good luck though.

    Gonna win.Big Smile

      LottoAce's avatar - WWI Flying_Ace.gif
      N.C.
      United States
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      October 28, 2007
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      Posted: March 10, 2008, 11:53 am - IP Logged

      Are you buying quickpics?...or do the people in your pool pick thier numbers?....and if so, do they study charts like you might or do they just randomly pick numbers or play birthdays?

      "know your limitations, but excede your expectations"

        Captain Lotto's avatar - CaptLotto
        Jefferson City, MO
        United States
        Member #55250
        September 20, 2007
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        Posted: March 10, 2008, 12:03 pm - IP Logged

        50 tickets is certainly better than 1 ticket, but it still doesn't make a dent in the odds of winning. You're odds are still 1 in 2,922,159. Good luck though.

        I'd have to check my stat book, but I don't think the odds are even that good.  Every ticket has the same odds of hitting the jackpot.  So it would be 50 in 146,107,962. 

        Captain Lotto

        "Every day is a good day!"

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          June 13, 2005
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          Posted: March 10, 2008, 12:04 pm - IP Logged

          I know how you feel Grengrad.

           

          Even though statistically your chances are higher with the pool, what I call your 'real world odds' are not any better, it'll still take a miracle.

           

          Good luck. 

            ThatScaryChick's avatar - x1MqPuM
            Idaho
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            November 21, 2007
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            Posted: March 10, 2008, 12:22 pm - IP Logged

            I have bought my 1 Powerball ticket for each drawing for quite a while, and have even match 4 white balls a few time. Even though the odds are great, I always felt like someday I might get lucky and win it all, or at least match 5 white.

             

            Now, I am running an office pool (don't worry we have signed legal contracts), and I am buying 50 tickets for every drawing above 50 million, and we have not won more than $7.

            I knew the math of the odds before, but I never really felt the math until now, and it is very discouraging. 

            I know how you feel. But to be honest, even with buying 50 tickets the odds are still way against you. Just keep buying some tickets and maybe you will get lucky and hit big. That is what most of us hope for.

            "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

              RJOh's avatar - chipmunk
              mid-Ohio
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              March 24, 2001
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              Posted: March 10, 2008, 12:57 pm - IP Logged

              I have bought my 1 Powerball ticket for each drawing for quite a while, and have even match 4 white balls a few time. Even though the odds are great, I always felt like someday I might get lucky and win it all, or at least match 5 white.

               

              Now, I am running an office pool (don't worry we have signed legal contracts), and I am buying 50 tickets for every drawing above 50 million, and we have not won more than $7.

              I knew the math of the odds before, but I never really felt the math until now, and it is very discouraging. 

              You should be doing 50 times better than when you were only buying 1 ticket.

              Winning a $100 or less may be discouraging and matching 5/5 or better may be a dream. but if you ever match 4/4+1 for $10,000 it could be a nightmare.  One person has to claim it and pay the taxes while the pool members may want to split the prize before taxes or after a minimum allowance for taxes.  If the person claiming the win is in a higher tax bracket then he has to depend on the pool members kicking in some extra cash or pay the extra taxes from his share.

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
                           Evil Looking       

                Coin Toss's avatar - shape barbed.jpg
                Zeta Reticuli Star System
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                Posted: March 10, 2008, 1:25 pm - IP Logged

                grengrad

                No matter how many ticklets you buy never lose sight of the fact that each one is supposed to lose.  

                That's how gambling works, that's why there are entities in existence to book everything from bets on horses and cards and dice to lottery drawings, otherwise they wouldn't be in business. 

                There is not a bet a player can make where the player is supposed to win. Odds bets on crap tables are the only even-money bet in existence- and at that, you have to have a flat bet to take or lay the odds- or pay a vig up front to buy or lay odds.  

                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.

                  bobby623's avatar - abstract
                  San Angelo, Texas
                  United States
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                  January 31, 2003
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                  Posted: March 10, 2008, 1:28 pm - IP Logged

                  Don't feel too bad!

                  I know of a local office pool that buys 100 QPs for each MegaMillions drawing. They have been doing this forever and have never won more than $150. This was one time event.

                  They have gone many drawings in a row without winning anything. They have big dropout problem!

                  IMHO, I think they need to call a meeting,  take a close look at prior drawings and generate their own combinations. 

                  WOW, if I could afford to play $200 a week, I'd definitely want to be in control!

                    Omniscient's avatar - Lottery-017.jpg
                    Florida
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                    September 14, 2006
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                    Posted: March 10, 2008, 1:56 pm - IP Logged

                    It's all a game of chance. Someone has to win, so it could be you someday too. People do win, and you have to play to win it, so dont give up. If it doesn't happen, at least you got to be in it and had some fun trying. As long as you have fun and aren't betting the rent money or grocery money or something important that you need, then its ok to at least try. And dont think of it as 1:149,000,000 ..think of it as 50/50 ... you either win or you lose, and that's it.. plain and simple. Think positive ...you never know... and remove all doubts from your mind. Think ' IM A WINNER!, IM A WINNER !' ... just be upbeat about it.

                     'A toast to your future win !'  Cheers

                    Best of luck!

                    Omni

                     See full size image                                               

                     Don't Play more, Play Smarter!

                      tntea's avatar - Lottery-059.jpg

                      United States
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                      Posted: March 10, 2008, 5:25 pm - IP Logged

                      You should be doing 50 times better than when you were only buying 1 ticket.

                      Winning a $100 or less may be discouraging and matching 5/5 or better may be a dream. but if you ever match 4/4+1 for $10,000 it could be a nightmare.  One person has to claim it and pay the taxes while the pool members may want to split the prize before taxes or after a minimum allowance for taxes.  If the person claiming the win is in a higher tax bracket then he has to depend on the pool members kicking in some extra cash or pay the extra taxes from his share.

                      when collecting on a pool,  the pool need to go to lottery office together with name for the group.  Each member splits the check and the taxes are paid by each member.

                           OLD/Vtrac   Lottery Bible         Double Warnings      Thumbs Up TN F34/F44

                        tiggs95's avatar - Lottery-036.jpg

                        United States
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                        Posted: March 10, 2008, 6:19 pm - IP Logged

                        I've said on another thread like this that I use to run a lottery pool where I use to work but if I had it to do over I would not do it again..

                          RJOh's avatar - chipmunk
                          mid-Ohio
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                          March 24, 2001
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                          Posted: March 10, 2008, 7:57 pm - IP Logged

                          when collecting on a pool,  the pool need to go to lottery office together with name for the group.  Each member splits the check and the taxes are paid by each member.

                          For lottery prizes other than the jackpots, some states will only make out the prize check to one person and send him the W-2G form for taxes.   I've read there are ways to get around that but they probably require the advice of a tax lawyer which might cost more than the taxes on a prize that size.

                           * you don't need to buy more tickets, just buy a winning ticket * 
                             
                                       Evil Looking       

                            Coin Toss's avatar - shape barbed.jpg
                            Zeta Reticuli Star System
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                            Posted: March 10, 2008, 8:06 pm - IP Logged

                            RJOh

                            "You should be doing 50 times better than when you were only buying 1 ticket."

                            In my state's Pick 5 game I usually hot 0 or 1 number on a set of numbers, on the Pick 6, 0, 1 or 2 - none of which pay anything at all.

                            If playing 50 times as much produced 50 times that result, ah, so what?

                            50 X's pays nothing still = pays nothing.  

                            (Or is that what you were hinting at?) 

                            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.

                              RJOh's avatar - chipmunk
                              mid-Ohio
                              United States
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                              March 24, 2001
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                              Posted: March 10, 2008, 8:22 pm - IP Logged

                              Coin Toss,

                              In Ohio Rolling Cash5 (5/39), matching two numbers pays $1 and the overall odds of a win are 1:9 per ticket.  Buying one ticket your odds of winning a prize are 1:9 or close to nothing and buying 50 tickets your odds of winning a prize are 50:9, not 50 x 0.   

                               * you don't need to buy more tickets, just buy a winning ticket * 
                                 
                                           Evil Looking