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Lottery clubs

Topic closed. 43 replies. Last post 8 years ago by tdempsey.

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ShinerBockGirl's avatar - DiscoBallGlowing
New Member
San Antonio, Tx
United States
Member #62743
July 7, 2008
11 Posts
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Posted: February 12, 2009, 6:25 pm - IP Logged

$10 "invested" to win $105,000 is not good in lottery terms!

If you "invest" (hate using that word when talking about the lottery) $10 in Cash 5 in Texas, you'll have a better shot at winning, and even if the Cash 5 top prize is $50,000, you'll win $500,000 ($350,000 with taxes coming out), as opposed to winning $105,000 in that pool.

Again, a pool is fine from a social aspect -- it can be fun to play with a "team" of people you know -- but not from a risk/reward perspective.  (Which is a much better phrase than "investment" when speaking of the lottery, because the lottery -- gambling -- is not an investment.)

For arguments sake, lets just say, you stick with your way, and i'll stick with mine...If i choose a lottery club, i guess thats my choice.....

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
    New Jersey
    United States
    Member #1
    May 31, 2000
    23261 Posts
    Online
    Posted: February 12, 2009, 6:38 pm - IP Logged

    For arguments sake, lets just say, you stick with your way, and i'll stick with mine...If i choose a lottery club, i guess thats my choice.....

    Of course!  These forums are here so that people can discuss different sides of issues — that what forums are for on any web site.

    I do not expect that you're going to read my post and say, "Oh yeah, you're right, I'm not playing in pools anymore!"  But I do expect that people who have not decided either way, or who are open for change, and who happen to come across this thread, might read something here that helps them decide one way or the other. 

    Lottery Post helps people become smarter lottery players, both through the discussions in the forums, as well as with all of the tools and data available.

     

    Check the State Lottery Report Card
    What grade did your lottery earn?

     

    Sign the Petition for True Lottery Drawings
    Help eliminate computerized drawings!

      tdempsey's avatar - Lottery-060.jpg
      Atlanta, GA
      United States
      Member #3480
      January 24, 2004
      51 Posts
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      Posted: February 12, 2009, 9:02 pm - IP Logged

      Hi all!

      Like many issues in life, there are several opinions. I did not intend for this discussion to become heated and hope everyone respects all opinions here.

      This is a great website and I have enjoyed it for years.

      My purpose for posting this thread was to gain from other's experience. I would not do anything illegal and will research a pool before forming one. I am meeting with the Florida Lottery Tuesday.

      I am also not recruiting here. Just learning.

      Cheers!

      Tom Dempsey

        Todd's avatar - Cylon 2.gif
        Chief Bottle Washer
        New Jersey
        United States
        Member #1
        May 31, 2000
        23261 Posts
        Online
        Posted: February 12, 2009, 10:00 pm - IP Logged

        Hi all!

        Like many issues in life, there are several opinions. I did not intend for this discussion to become heated and hope everyone respects all opinions here.

        This is a great website and I have enjoyed it for years.

        My purpose for posting this thread was to gain from other's experience. I would not do anything illegal and will research a pool before forming one. I am meeting with the Florida Lottery Tuesday.

        I am also not recruiting here. Just learning.

        Cheers!

        Tom Dempsey

        Good luck Tom, sounds very interesting.  If you wouldn't mind following up with us after your meeting, I would love to hear how it goes down.

         

        Check the State Lottery Report Card
        What grade did your lottery earn?

         

        Sign the Petition for True Lottery Drawings
        Help eliminate computerized drawings!

          Jack-C's avatar - us
          San Diego, CA
          United States
          Member #61467
          May 24, 2008
          28146 Posts
          Offline
          Posted: February 12, 2009, 10:02 pm - IP Logged

          Hi all!

          Like many issues in life, there are several opinions. I did not intend for this discussion to become heated and hope everyone respects all opinions here.

          This is a great website and I have enjoyed it for years.

          My purpose for posting this thread was to gain from other's experience. I would not do anything illegal and will research a pool before forming one. I am meeting with the Florida Lottery Tuesday.

          I am also not recruiting here. Just learning.

          Cheers!

          Tom Dempsey

          I didn't think it was heated.  It was an honest discussion.  Like Todd said, keep us informed.

            savagegoose's avatar - ProfilePho
            adelaide sa
            Australia
            Member #37136
            April 11, 2006
            3300 Posts
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            Posted: February 13, 2009, 6:28 am - IP Logged

            I recall a post on here about one of the big games over there in usa, where the lotto wanted to canvas the idea of buying shares in tickets.

            instead of paying  $1 for 1 line you paid $1 for 10 shares in 10 lines, ie 10c into a pool for that 1 line.

             

            I liked that idea , i liked it a lot. of  course the whole scheme is ran by the state lotto, so not a pool or club in the traditional sense but still  a cheap fee for a share in a possible big jackpot. you get 10x more chance of winning for 1/10th of a payout. seems ok to me.

             

            i like the pools if they perform similar  value for money,  being really cheap is the most important part for me.

            2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

            keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

              tdempsey's avatar - Lottery-060.jpg
              Atlanta, GA
              United States
              Member #3480
              January 24, 2004
              51 Posts
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              Posted: February 13, 2009, 8:55 pm - IP Logged

              Good luck Tom, sounds very interesting.  If you wouldn't mind following up with us after your meeting, I would love to hear how it goes down.

              Will do.

              Tom Dempsey

                Jack-C's avatar - us
                San Diego, CA
                United States
                Member #61467
                May 24, 2008
                28146 Posts
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                Posted: February 17, 2009, 3:16 pm - IP Logged

                Good luck Tom, sounds very interesting.  If you wouldn't mind following up with us after your meeting, I would love to hear how it goes down.

                Me also!  Today is the day!!!

                  Jack-C's avatar - us
                  San Diego, CA
                  United States
                  Member #61467
                  May 24, 2008
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                  Posted: February 18, 2009, 12:42 am - IP Logged

                  Tuesday is over on the "Right Coast".  Although Todd & I are positive what the Florida Lottery Commission told Tom about his lotto club idea, it would be nice to hear it from him.  Probably Wednesday morning.

                    Jack-C's avatar - us
                    San Diego, CA
                    United States
                    Member #61467
                    May 24, 2008
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                    Posted: February 22, 2009, 10:26 am - IP Logged

                    It is Sunday and we still have not heard from Tom. 

                      psykomo's avatar - animal shark.jpg

                      United States
                      Member #4877
                      May 30, 2004
                      5120 Posts
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                      Posted: February 23, 2009, 4:05 pm - IP Logged

                      Will do.

                      Tom Dempsey

                      tdempsey:

                      the chinease (ease) say "journey of 1000 mile's began w/first-step!!!!!!!!!!

                      WHATCHA U <<<<<don't understand??????????????????????????????????

                      NOTE:

                      PSYKO has not spent HOUR'ssssssssss studing this POST!!!!!!!!!!!!!!!!!!!!!!

                      BOUT start'g lottery club & all IN's & OUT'SSSSSSSSSSSS!!!!!!!!!!!!!!!!!!!!!!!

                      (1) it takes 2 r more people.

                      (2) all must agree 2 terms of OBJECTIVE.

                      (3) ALL must PAY MONEY before ticket's R-PURCHASED!!!!!!!!!!!!!!!!!!!!!!!!!

                      (4) TICKET's MUST BE PURCHASED (before) each DRAWING!!!!!!!!!!!!!!!!!!!

                      WITH HOT TICKET's in hot little HAND's UR in the lottery CLUB>>>>>>>$$

                      LOL

                      BRO PSYKO

                        Texas Joey's avatar - Lottery-009.jpg
                        Katy, Tx
                        United States
                        Member #67709
                        December 3, 2008
                        204 Posts
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                        Posted: February 23, 2009, 4:05 pm - IP Logged

                        We have one here in Katy and its doing great.Hyper Texas Joey

                          tdempsey's avatar - Lottery-060.jpg
                          Atlanta, GA
                          United States
                          Member #3480
                          January 24, 2004
                          51 Posts
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                          Posted: February 24, 2009, 2:35 pm - IP Logged

                          I spoke to the local lottery office last week concerning a "lottery pool" and was informed it was illegal due to USPS laws about gambling across state line - but the main issue is verification of age of the players. I was then referred to the Hotline for more information.

                          It took me a few days to get through for more information. I managed to get them on the phone today and was transferred to the Office of Legal. Their main attorney is going to call me back later today.

                          However, the issue is over semantics. A "lottery pool" is illegal unless you are local and play locally - but a "lottery club" is a different matter. From what I'm told so far, a lottery club is one person playing and collecting the winnings - which is what I had in mind. And then distributing money to the people who joined the club(s).

                          I am waiting for a call back from the attorney but see some issues here on taxes.

                          More to come.

                          Tom Dempsey 

                            tdempsey's avatar - Lottery-060.jpg
                            Atlanta, GA
                            United States
                            Member #3480
                            January 24, 2004
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                            Posted: February 25, 2009, 2:19 pm - IP Logged

                            I finally spoke to the attorney with the Florida Lottery and she indicated federal laws would be the issue here. She said the FBI shut down several clubs over the years because they were fraudulent - of course, that is one of my hurdles for starting a club - building trust.

                            The attorney did not speculate on the tax issue and referred me to a tax attorney. My guess at this point is taxes would be an issue for large jackpots. Florida Lottery keeps 25% of the winnings over $5,000 and I would have to pay taxes and include it in the rules to cover my tax burden on large winnings.

                            However, if a large jackpot is won, I would have to pay taxes on that - and then the members may have to pay taxes on their payout, too. There are limits on gifts to individuals - I believe $18,000 a year - but I can't remember if that is family members only, or anyone.

                            But looking at the hypothetical, the Powerball is $150M today and if won, the lump sum would be $84 (I'm rounding) with a tax on that sum being around $23M (guessing 28%)  leaving $61M. My tax burden would be covered at that point but if 9 other people were in the club, they would receive $6.1M each and may have to pay a tax of $1.7M leaving $4.4M. That is still a nice winning for the members after taxes.

                            Of course, smaller jackpots and partial wins would not be as dramatic and may bypass any tax issues after being split. I do suggest people report their income for taxes.

                            I'm still excited about a lottery club but realize it would not be for everyone.

                            Tom Dempsey