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Lottery Savings Account

Topic closed. 19 replies. Last post 6 years ago by BobP.

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What percent of your ticket purchase price and prize reduction would you subscribe to?

Zero none nada [ 10 ]  [27.78%]
10 Percent [ 5 ]  [13.89%]
20 Percent [ 2 ]  [5.56%]
25 Percent [ 2 ]  [5.56%]
50 Percent [ 2 ]  [5.56%]
75 Percent [ 1 ]  [2.78%]
90 Percent [ 3 ]  [8.33%]
Huh? [ 9 ]  [25.00%]
Great idea for other people. [ 2 ]  [5.56%]
Total Valid Votes [ 36 ]  
Discarded Votes [ 0 ]  
BobP's avatar - bobp avatar.png
Dump Water Florida
United States
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June 5, 2002
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Posted: March 6, 2011, 6:08 am - IP Logged


I heard on the radio, in some countries you can open a lottery account and set a percentage amount of your ticket price to go into a savings account with a corresponding reduction in prize when you win. 

This isn't the U.K. Bond lottery where the interest goes to lottery prizes among bond holders and you can get all your money back without interest at any time. 

In this case, when one selects say 10% ten units out of every hundred going into a bank like savings account in your name,  if you win and the prize would be ten million you'd get nine million because you've only wagered 90% of the ticket. 

On the other hand this could add up to a respectible amount of savings considering the usual ratio of wins and losses.   Guess it depends on how many tickets we buy on a regular basis. 

So how much of your tickets would you be willing to bank?

BobP

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
    New Jersey
    United States
    Member #1
    May 31, 2000
    23267 Posts
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    Posted: March 6, 2011, 8:35 am - IP Logged

    Sounds like a great idea!

     

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

     

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

      savagegoose's avatar - ProfilePho
      adelaide sa
      Australia
      Member #37136
      April 11, 2006
      3300 Posts
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      Posted: March 6, 2011, 9:53 am - IP Logged

      not sure i understand, so instead of buying say $10 of lotto, i would bank a percent, and buy  the remaining, so as you said,  bank %10 or 1 dollar and buy $9 of lotto? then if i win? i get 90% of the prize?  what happens to the %10 that was saved?

      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

        ameriken's avatar - 33ojew2
        Denver, Co
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        Posted: March 6, 2011, 12:22 pm - IP Logged

        I think what he is saying is that the 10% of your ticket (or whatever % you choose) is going into a savings account even if you lose. So if you spend $5000/year in tickets, you would have $500 in a bank account which is your own money.

        Since you are keeping 10% of your ticket and only wagering 90% of the ticket price, then anytime you win, you only get 90% of the prize. If it's a $10 winner, you get $9. If it's a $100,000,000 winner, you get $90,000,000.

        But the original 10% would be your money plus whatever interest you earn.

        I actually like the idea. For sure I'd go 10%, but I think I'd go as high as 20%, so I voted 20%.

          RJOh's avatar - chipmunk
          mid-Ohio
          United States
          Member #9
          March 24, 2001
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          Posted: March 6, 2011, 1:58 pm - IP Logged

          I think what he is saying is that the 10% of your ticket (or whatever % you choose) is going into a savings account even if you lose. So if you spend $5000/year in tickets, you would have $500 in a bank account which is your own money.

          Since you are keeping 10% of your ticket and only wagering 90% of the ticket price, then anytime you win, you only get 90% of the prize. If it's a $10 winner, you get $9. If it's a $100,000,000 winner, you get $90,000,000.

          But the original 10% would be your money plus whatever interest you earn.

          I actually like the idea. For sure I'd go 10%, but I think I'd go as high as 20%, so I voted 20%.

          Sounds like something players could do on their own by reducing the amount they spend on tickets and putting the differences in a saving account.

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

            ameriken's avatar - 33ojew2
            Denver, Co
            United States
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            December 29, 2010
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            Posted: March 6, 2011, 3:20 pm - IP Logged

            Sounds like something players could do on their own by reducing the amount they spend on tickets and putting the differences in a saving account.

            True, however as a whole, Americans are extremely lousy savers. The idea of a plan like this would be more than most people would ever do on their own.

              marcie's avatar - Lottery-060.jpg
              Ohio
              United States
              Member #49980
              February 21, 2007
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              Posted: March 6, 2011, 3:46 pm - IP Logged

              I am actually thinking about getting a Lottery Bank account, good Idea!!

              http://www.lotterypost.com/thread/233413    Sun Smiley Popular numbers

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                JAP69's avatar - alas
                South Carolina
                United States
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                Posted: March 6, 2011, 4:09 pm - IP Logged

                Saving money is a good idea but.

                Playing the lottery is the opportunity to win money.

                Reducing the prize level like 10% the math does not add up. The lottery is the winner in this deal.

                If I won $50,000.00 the lottery keeps $5,000.00. That means I would have had to wager $50,000.00 to have $5,000.00 in that savings acct administered by the lottery. If you win you are paying the lottery big money even if they return the savings to you. The lottery gets to use your money interest free.

                MAGA

                  Coin Toss's avatar - shape barbed.jpg
                  Zeta Reticuli Star System
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                  Posted: March 6, 2011, 4:35 pm - IP Logged

                  I wouldn't touch anything like this.

                  What's to say those running the show wouldn't keep lowering the jackpot amounts?

                  "Well you agreed to a prize reduction of _ _ %"

                  "Yeah, I did. when the jackpot was $99,000,000 and there was no ceiling on them".

                  Come to think of it, this sounds like something pumpi might think up for one of his socialist lotteries.

                   

                  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.

                    JAP69's avatar - alas
                    South Carolina
                    United States
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                    Posted: March 6, 2011, 4:40 pm - IP Logged

                    I wouldn't touch anything like this.

                    What's to say those running the show wouldn't keep lowering the jackpot amounts?

                    "Well you agreed to a prize reduction of _ _ %"

                    "Yeah, I did. when the jackpot was $99,000,000 and there was no ceiling on them".

                    Come to think of it, this sounds like something pumpi might think up for one of his socialist lotteries.

                     

                    "Come to think of it, this sounds like something pumpi might think up for one of his socialist lotteries."

                    Maybe those lotteries have been reading pumpis blog the last few years. ROFL

                    MAGA

                      JAP69's avatar - alas
                      South Carolina
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                      Posted: March 6, 2011, 4:49 pm - IP Logged

                      Not only the reduction in prize level what are the lotteries doing.

                      To wager they need your personal info for your acct in their database. You have gov't tracking your spending on lotteries and this info could go to other gov't agencies.

                      They are tracking almost every thing you do now.

                      MAGA

                        sully16's avatar - sharan
                        Ringleader
                        Michigan
                        United States
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                        October 28, 2009
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                        Posted: March 6, 2011, 7:39 pm - IP Logged

                        Not only the reduction in prize level what are the lotteries doing.

                        To wager they need your personal info for your acct in their database. You have gov't tracking your spending on lotteries and this info could go to other gov't agencies.

                        They are tracking almost every thing you do now.

                        yikes.

                        Did you exchange a walk on part in the war ?

                        For a lead role in a cage?

                         

                                                                    From Pink Floyd's " Wish you were here"

                          savagegoose's avatar - ProfilePho
                          adelaide sa
                          Australia
                          Member #37136
                          April 11, 2006
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                          Posted: March 7, 2011, 3:10 am - IP Logged

                          yeah out here with the advent of " privacy policy " announcements on every gov website. came data sharing. and data minning.

                           

                          with just 1 tick in the wrong box, when filling out gov paper work. you give access to  your datatoa whjole swathe of inter government departments.

                          from health care card, so social security, bank accounts, tax office , state dept of housing, education etc, tick that wrong box and suddenly they are all sharing info.

                          something similar happens when you tick " i dont mind  you sharing my info with other businesses, when you enter a competition.

                          but thats all private business data swapping, and so far the gov doesnt trade with private concerns here.

                          altho banks are private i think they have to give data to the gov,  not collect it from the gov.

                          some people say we should be more worried about private companies  having our info than the gov. im kinda concerned  either of them

                          trade it.

                          anyhow back to the topic.

                          oic , i put 90%, thinking i only pay %10 of the entry fee, and would get %10 of the jackpot!

                          i could affor to play 10x as much that way!

                          but seriously i already have a savings account., and its safer than letting some state beuravcrat manage it, i see how well theyve done with pensions.

                          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

                            BobP's avatar - bobp avatar.png
                            Dump Water Florida
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                            Posted: March 7, 2011, 4:55 am - IP Logged

                            I suspect the account is rather like a Christmas club account that doesn't pay interest, heck most savings accounts don't pay any interest to speak of in the one percent range.  I also figure you set the amount and it's a done deal, not where you can change the amount as the jackpot goes up or down.

                            That said, there are a few advantages over alternatives.

                            When a wheel is played on a regular basis, lowering the amount played to save money wipes out the wheel's guarantee because all its lines must be played for the wheel to work as advertised.  With the account you can play the same number of tickets to suit your strategy and recover some of the cost later.

                            Playing fewer tickets does lower the chances of winning.  Having a lottery savings account allows the same number of tickets to be played at a lower cost so the chance of winning remains the same.

                            Plenty of people have already agreed to a reduced prize share and reduced cost per ticket by joining a lottery club or pool. 

                            Doesn't sound much different from credit cards that pay the user back two percent. 

                            BobP

                              time*treat's avatar - radar

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                              Posted: March 7, 2011, 5:26 am - IP Logged

                              Sounds like something players could do on their own by reducing the amount they spend on tickets and putting the differences in a saving account.

                              Exactly. I wouldn't buy into a scheme like this with my worst enemy's dollar ... for many reasons already mentioned. Cussing Face

                              Just another pile of money they'd alter the rules on and stick their filthy mitts to later under the guise of some ginned-up e-mer-gen-cy.

                              In neo-conned Amerika, bank robs you.
                              Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.