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Playing the Lottery as a Business

Topic closed. 65 replies. Last post 3 years ago by Ronnie316.

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March 14, 2012
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Posted: May 26, 2013, 7:42 pm - IP Logged

Clubpulse1,

"The final fact is that most State sponsored lottery games beit Pick 3, Pick 4, Cash 5, Scratch-Offs, Mega Millions, & Powerball are set up as Non-Profit Organizations."

If lotteries are set up as non-profit organizations then how come these companies that buy lotteries from the state and run them for them tell them how much more money they will make for them?

Not sure you're right about this, but so far it sounds like "Philadelphia lawyer" type information to me.

The tax laws on gambling are that you can write off your losses up to your winnings, trying to wrote them all off on say-so is tax evasion.

If you won $2100 on the year and lost $3500, you can write off $2100 of it, if you can prove it.

The difference between tax evasion and tax abvoidance? 

10 to 15 years!

Two questions.

1)What are the different ways you can use to prove it.

2)What is the best way to prove it.

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
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    January 17, 2006
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    Posted: May 26, 2013, 11:16 pm - IP Logged

    1) A journal of your play and losing tickets.

    (Until RJOh mentioned this I didn't know you need both).

    And the losing tickets should reflect actual play........there have actually been clods in Vegas that hit a Keno ticket on Dec 31st and then gather up all the losing tickets they can find, all dated Dec 31st. A little obvious, no?

    2) ^

    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.

      aquariuslottery's avatar - AquariusLotteryLogo
      Vancouver BC
      Canada
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      August 22, 2010
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      Posted: May 27, 2013, 2:04 am - IP Logged

      I agree with your last sentence. It is well possible to make money with small lottery games (Pick 3 for example) but this requires business-like approach. I run my own small business and played Pick 3 and can see similarities clearly. In business you select what product(s) or service(s) you provide and stick to it/them. In lottery you select your prediction method(s) (systems) and use it/them consistently. In business you measure constantly its efficiency (profit/loss, expenses etc) and you do exactly the same in lottery. In business markets fluctuate and you adjust you strategy to current market conditions. In lottery your predictions efficency will also fluctuate (and that's a fact of life applicable to any lottery) so you have to make constant adjustments. In business I keep track of at least a dozen of different stats and the same applies to any lottery. Finally, if the product/service doesn't sell, I simply change it. If your prediction method(s) are not providing the level of winnings you expect it may also be time to consider different ones, with perhaps better efficiency. And the last, but not least, you don't start a business on a dime, you have to spend money for startup and operation, even if you keep costs to a minimum (as I did). It's rather unlikely that you will make consistent profits in a lottery playing a dollar at a time. It's the age-old formula: you want to make money you have to spend money. Big corps make billions but they don't spend $20 to earn it. Mind you, many times they spend big and earn little or nothing - just like in lottery. Luck has always been a part of business and lottery alike. But you can try to reduce the luck portion to the minimum by using appropriate strategies. You will never be 100% successful but that's the risk you have to accept in business as well as in lottery - before you even start. If you cannot take losses do not start business or play lottery for profit.

      That's my prescription for making money in a lottery. Like it or hate it, based on my experience, simulations and stat analysis I don't see other way around.

      Aquarius

      ......

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        January 26, 2013
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        Posted: May 27, 2013, 6:34 am - IP Logged

        I agree with your last sentence. It is well possible to make money with small lottery games (Pick 3 for example) but this requires business-like approach. I run my own small business and played Pick 3 and can see similarities clearly. In business you select what product(s) or service(s) you provide and stick to it/them. In lottery you select your prediction method(s) (systems) and use it/them consistently. In business you measure constantly its efficiency (profit/loss, expenses etc) and you do exactly the same in lottery. In business markets fluctuate and you adjust you strategy to current market conditions. In lottery your predictions efficency will also fluctuate (and that's a fact of life applicable to any lottery) so you have to make constant adjustments. In business I keep track of at least a dozen of different stats and the same applies to any lottery. Finally, if the product/service doesn't sell, I simply change it. If your prediction method(s) are not providing the level of winnings you expect it may also be time to consider different ones, with perhaps better efficiency. And the last, but not least, you don't start a business on a dime, you have to spend money for startup and operation, even if you keep costs to a minimum (as I did). It's rather unlikely that you will make consistent profits in a lottery playing a dollar at a time. It's the age-old formula: you want to make money you have to spend money. Big corps make billions but they don't spend $20 to earn it. Mind you, many times they spend big and earn little or nothing - just like in lottery. Luck has always been a part of business and lottery alike. But you can try to reduce the luck portion to the minimum by using appropriate strategies. You will never be 100% successful but that's the risk you have to accept in business as well as in lottery - before you even start. If you cannot take losses do not start business or play lottery for profit.

        That's my prescription for making money in a lottery. Like it or hate it, based on my experience, simulations and stat analysis I don't see other way around.

        Aquarius

        What you failed to mention/realize, is that unlike "real" businesses, there's nothing you can do to improve your odds of making the right choices/predictions or anything. There's no fixed expected return on investment in a business, but in the lottery it is always less than what you paid.

          Lucky Loser's avatar - bucks
          Texas
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          January 30, 2010
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          Posted: May 27, 2013, 11:15 am - IP Logged

          I agree with your last sentence. It is well possible to make money with small lottery games (Pick 3 for example) but this requires business-like approach. I run my own small business and played Pick 3 and can see similarities clearly. In business you select what product(s) or service(s) you provide and stick to it/them. In lottery you select your prediction method(s) (systems) and use it/them consistently. In business you measure constantly its efficiency (profit/loss, expenses etc) and you do exactly the same in lottery. In business markets fluctuate and you adjust you strategy to current market conditions. In lottery your predictions efficency will also fluctuate (and that's a fact of life applicable to any lottery) so you have to make constant adjustments. In business I keep track of at least a dozen of different stats and the same applies to any lottery. Finally, if the product/service doesn't sell, I simply change it. If your prediction method(s) are not providing the level of winnings you expect it may also be time to consider different ones, with perhaps better efficiency. And the last, but not least, you don't start a business on a dime, you have to spend money for startup and operation, even if you keep costs to a minimum (as I did). It's rather unlikely that you will make consistent profits in a lottery playing a dollar at a time. It's the age-old formula: you want to make money you have to spend money. Big corps make billions but they don't spend $20 to earn it. Mind you, many times they spend big and earn little or nothing - just like in lottery. Luck has always been a part of business and lottery alike. But you can try to reduce the luck portion to the minimum by using appropriate strategies. You will never be 100% successful but that's the risk you have to accept in business as well as in lottery - before you even start. If you cannot take losses do not start business or play lottery for profit.

          That's my prescription for making money in a lottery. Like it or hate it, based on my experience, simulations and stat analysis I don't see other way around.

          Aquarius

          Wow, with the exception of a few more details, I couldn't have said it better myself. In fact you, I, and only a few select others here use the same language. I'm certainly glad you're aware of the idea of it costing money to make it...so many players are clueless in this respect. Yeah, it's certainly possible to win on a couple of bucks via self or quick picks...happens all the time and will continue. However, the odds of that same person hitting again with the same couple of bucks, the same couple of tickets (numbers), and doing it within days of their last hit is almost none existent.

          Luck has happened here...which isn't a bad thing at all but, it raises yet another issue. The player spends all the profit back hoping and trying to win again on that same deal...a few bucks a shot. Well, the only way to identify true profit in the event of a win is to subtract how much has been spent prior to that win...PERIOD. In every single case, the player is recovering a percentage of expenses... if there's any money made. If the win doesn't happen soon enough, and, enough money isn't won in the process, then the player is still in the hole.

          I'm certain you'll agree that the single most important objective with any business is RECOVERY FIRST. Gotta recover what you have in it before making any money. Pretty sure we're on the same page here.

           

          L.L.

          Small games, frequent wins, and regular payouts 'cause.....

          There are seven days in the week...'Someday' isn't one of them.

          #lotto-4-a-living

            Lucky Loser's avatar - bucks
            Texas
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            Posted: May 27, 2013, 11:31 am - IP Logged

            What you failed to mention/realize, is that unlike "real" businesses, there's nothing you can do to improve your odds of making the right choices/predictions or anything. There's no fixed expected return on investment in a business, but in the lottery it is always less than what you paid.

            I will respectfully but, strongly disagree with your first sentence...it's absolutely incorrect providing you're including Pick3/Pick4. With jackpot games, yes, you're pretty much pissin' in the wind.

             

            L.L.

            Small games, frequent wins, and regular payouts 'cause.....

            There are seven days in the week...'Someday' isn't one of them.

            #lotto-4-a-living


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              Posted: May 27, 2013, 11:39 am - IP Logged

              I will respectfully but, strongly disagree with your first sentence...it's absolutely incorrect providing you're including Pick3/Pick4. With jackpot games, yes, you're pretty much pissin' in the wind.

               

              L.L.

              Even pissin in the wind can be done in a skillful manner.

                Lucky Loser's avatar - bucks
                Texas
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                Posted: May 27, 2013, 11:56 am - IP Logged

                Even pissin in the wind can be done in a skillful manner.

                Absolutely, Ronnie. But, it's more fruitless than fun when money is taken into account. With the little games, a dedicated and systematic approach, compiled with patience, the player positively knows they must win. With the jackpot games and so many numbers involved, it will always be "if"...hence the the wheeling methods which clearly tell you that "if".

                 

                L.L.

                Small games, frequent wins, and regular payouts 'cause.....

                There are seven days in the week...'Someday' isn't one of them.

                #lotto-4-a-living


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                  Posted: May 27, 2013, 12:23 pm - IP Logged

                  Absolutely, Ronnie. But, it's more fruitless than fun when money is taken into account. With the little games, a dedicated and systematic approach, compiled with patience, the player positively knows they must win. With the jackpot games and so many numbers involved, it will always be "if"...hence the the wheeling methods which clearly tell you that "if".

                   

                  L.L.

                  In and general monetary sense of the discussion I agree. But I'm one of those guys who believes in things that cant be seen or proven (like the existence of a "sky" God who created all things)

                  I believe that "not winning" is a win win situation for me and all the other jackpot game players. One of us wins every time a jackpot is awarded and when its not me I don't consider it a "loss", but rather that my timing was just off by a little or perhaps that my "fruit" was not quite ripe yet.


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                    Posted: May 27, 2013, 12:26 pm - IP Logged

                    Lottery players are winners.


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                      Posted: May 27, 2013, 12:27 pm - IP Logged

                      I believe in winning no matter how many times I "don't win".


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                        Posted: May 27, 2013, 12:50 pm - IP Logged

                        Winners play the lottery.

                          Lucky Loser's avatar - bucks
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                          Posted: May 27, 2013, 1:20 pm - IP Logged

                          In and general monetary sense of the discussion I agree. But I'm one of those guys who believes in things that cant be seen or proven (like the existence of a "sky" God who created all things)

                          I believe that "not winning" is a win win situation for me and all the other jackpot game players. One of us wins every time a jackpot is awarded and when its not me I don't consider it a "loss", but rather that my timing was just off by a little or perhaps that my "fruit" was not quite ripe yet.

                          Your points are well understood, accepted and RESPECTED. I find my "ripened fruit" at least 3-4 times per week...and I pick it every single time. Here and there, I have to give a piece of the fruit back (loss) which is fine by me...it's part of the deal. Due to the averages of how I play my game though, I remain ahead in terms of profits.

                          It's okay to give the house back a portion of their own money which you've won from them. It's when they begin to go into the player's money, which the player fronts, over and over and over again that causes serious issues financially...even if it's only $5-$10 per play. It adds up real fast over a period of (3) months.

                          Five months ago, right before I had to leave, I posted some ripened fruit along with another LP member by the name of helpmewin. At some point, the player must begin to learn the process of how to harvest or else they're just sowing in vain.

                          This is no attempt to be at "odds" with you, okay. I know you like your JP games and that's all that matters here. As for me, I like the idea of winning money regularly to pay somebody's bill...which is also regularly. The system is already taking enough money in taxes and everything else and I have no control of it. Well, I can control throwing away $5-$10 a couple of times per week...week after week. My money has to work and produce something for me.

                           

                          L.L.

                          Small games, frequent wins, and regular payouts 'cause.....

                          There are seven days in the week...'Someday' isn't one of them.

                          #lotto-4-a-living

                            Kimono-skunk's avatar - anime21
                            New Member
                            Phoenixville, Pa.
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                            Posted: May 27, 2013, 5:17 pm - IP Logged

                            rdgrnr, how's it going on your end? Now, you know I missed you!! Well, I have an update for you as well but we'll have to chat elsewhere as this topic is about making money with lotto. Good to see you're still raisin' hell!!

                             

                            L.L.

                            If it is ok, I would like to try your system as well?

                             

                            Kimonoskunk

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                              Posted: May 27, 2013, 10:46 pm - IP Logged

                              Hi, Guys

                               

                              I just want to see who here plays the Pick 4 games, like a business.  In other words, who tries to play professionally here?  I would love to converse with you, shares ideas, anything we can think of to be more successful.  I would love to gain your perspective and vice versa.  I know there have been a series of topics with respect to this and I have found them all very interesting but I still don't know who really is trying to accomplish this feat and this is the aim of my topic.

                               

                              Would love to hear from you 

                               

                              Chrissy16