Post: #26

^ ha yeah man that shit about visualizing doesn't work. Just set an amount away that's for fun no different than an amount you would spend on say basketball tickets if you're into the NBA.

You're producing, consuming or doing nothing. Poor people try to get rich with the last option, ie: luck.

Post: #27

I play the lottery or buy a scratch game every once in a while, maybe 2-3 times a year. A drink at the bar costs more than that.

Post: #28

Quote:You're producing, consuming or doing nothing. Poor people try to get rich with the last option, ie: luck.

And then the "lucky" ones that do win generally blow it all within a few years. If they're truly lucky, they're still alive to talk about it at the end. People who would handle a massive windfall wisely aren't the type of people who routinely buy tickets.

I used to spend a lot of time on sports handicapping and did quite well. I thought I was the shit. All winnings kept getting rolled right back to the next bets. One night, I thought I'd designed a phenomenal bet portfolio with a ~99.9% chance of a 5 to 20% return. The catch was a 0.1% chance of a 100% loss. Y'all know how that story ends. Learned all about value-at-risk and where pride leads to.

Post: #29

(11-04-2013 03:50 PM)MidniteSpecial Wrote:  I'm talking jackpot guys.

I've won hundreds before too.

I even have a friend who won 10 grand. I don't care about that.

I'm talking comfortably rich.

Dated a girl whose Grandfather won about 3 mil in the FL lotto. Also worked with a guy whose parents won 6 mil from the MD lotto.

Post: #30

Is buying lottery tickets any worse than blowing $1000 on the table in Vegas?

Post: #31

I go to convenience stores, stand in line behind bedraggled people who are spending 20, 50 dollars on scratch tickets or Keno. This is "The Idiot Tax."

That said, I buy Powerball tickets once in awhile, when it's above $100 million, just to sleep on the fantasy. It's entertainment, but use the money wisely.

Post: #32

I saw this thread before I went to the store.
So, after exiting the checkout line I walk by the scratchers machine.

I had a $10 bill as part of my change and thought, "what the hell.' I bought two $5 crossword puzzle ones.

And I won (drum roll please) ..... JACK SHIT.

To be fair, I did, however, enjoy the few minutes of scratching off letters and hoping I had a word or two.

Post: #33

(11-04-2013 03:39 PM)MidniteSpecial Wrote:  Cardguy how many people do you know that won the lottery?

I've known two people who won respectable amounts in the lottery, about $60K and another like $100K, both long enough ago that it would be more in today's dollars.

Post: #34

A lottery ticket is massively -ev

Post: #35

(11-05-2013 12:31 AM)Sp5 Wrote:  I go to convenience stores, stand in line behind bedraggled people who are spending 20, 50 dollars on scratch tickets or Keno. This is "The Idiot Tax."

That said, I buy Powerball tickets once in awhile, when it's above $100 million, just to sleep on the fantasy. It's entertainment, but use the money wisely.

I posted here about how to claim a lottery ticket.

(08-04-2013 03:41 PM)Aliblahba Wrote:  If it were under the premise of winning the lottery, I'd follow some of the advice from this site:

http://www.rotten.com/library/culture/lottery-winners/

Quote:Open a blind trust. Hire a tax attorney. Once you're a client, the lawyer is legally bound to maintain your confidentiality. Tell them you want to open a blind trust in order to claim the lottery prize as an anonymous trustee. Provide three photocopies of your ticket. All contact with the lottery commission will be made through your lawyer.

I'd file through a firm that could do this as well as handle the cash until I was able to get a foothold. Then scatter the financial management to several firms, for checks and balances.

Quote:Move away. And not just out of town. We're talking out of state, possibly out of the country. You can't expect to keep a lid on your secret forever; information wants to be free. Maybe buy a modest house with a good alarm system in a gated community with a private security force. That ought to minimize the solicitors at your door. Also be sure to get an unlisted phone number.

In all seriousness, I'd stay under the radar. I've had a theory for years that it's far less headaches and just as profitable to be the man behind the man. Same concept applies to winning the lottery; once in the spotlight, the headaches and liabilities come with it. And I wouldn't want my family to be affected by the media bullshit. Out of sight, out of mind.

Do you have any legal insight on how to do it quietly, like through a blind trust?

Post: #36

You would want a trusts, estates, and tax lawyer.

One thought that occurs to me is create a Delaware corporation with anonymity, only a nominee agent for service of process, and have the company be the owner of the ticket and collect on it.

You can also create a kind of "Russian doll" type of structure, with a Delaware company owned by a Bermuda company owned by an Isle of Man company owned by a New Zealand company, etc. All giving you anonymity.

The rules and laws of the lottery might not allow a corporation to claim - first thing is to read the fine red print on the back of the ticket.

(11-05-2013 09:51 AM)Aliblahba Wrote:  

(11-05-2013 12:31 AM)Sp5 Wrote:  I go to convenience stores, stand in line behind bedraggled people who are spending 20, 50 dollars on scratch tickets or Keno. This is "The Idiot Tax."

That said, I buy Powerball tickets once in awhile, when it's above $100 million, just to sleep on the fantasy. It's entertainment, but use the money wisely.

I posted here about how to claim a lottery ticket.

(08-04-2013 03:41 PM)Aliblahba Wrote:  If it were under the premise of winning the lottery, I'd follow some of the advice from this site:

http://www.rotten.com/library/culture/lottery-winners/

Quote:Open a blind trust. Hire a tax attorney. Once you're a client, the lawyer is legally bound to maintain your confidentiality. Tell them you want to open a blind trust in order to claim the lottery prize as an anonymous trustee. Provide three photocopies of your ticket. All contact with the lottery commission will be made through your lawyer.

I'd file through a firm that could do this as well as handle the cash until I was able to get a foothold. Then scatter the financial management to several firms, for checks and balances.

Quote:Move away. And not just out of town. We're talking out of state, possibly out of the country. You can't expect to keep a lid on your secret forever; information wants to be free. Maybe buy a modest house with a good alarm system in a gated community with a private security force. That ought to minimize the solicitors at your door. Also be sure to get an unlisted phone number.

In all seriousness, I'd stay under the radar. I've had a theory for years that it's far less headaches and just as profitable to be the man behind the man. Same concept applies to winning the lottery; once in the spotlight, the headaches and liabilities come with it. And I wouldn't want my family to be affected by the media bullshit. Out of sight, out of mind.

Do you have any legal insight on how to do it quietly, like through a blind trust?

Post: #37

Calculating your percentages for winning the lottery over time is quite easy. If you do it you'll see clearly that it's a losing proposition.

Post: #38

Gambling is fun. I enjoy setting aside $500 to go and blow at a casino playing some slots and blackjack. I need to learn how to play poker.

I only like playing backjack though. I feel less cheated when I play.

Other than that, I go in expecting to not see $500 at the end.

Post: #39

You have a far better chance of dying on your way to get a lottery ticket than actually winning the lottery. Pretty depressing statistic but it's true. I'm not much of a gambling man. I grew up in Vegas, and surprisingly very few people who grew up there gamble, because we know the reason those casinos are so massive is not because you're winning their money.

Post: #40

(11-06-2013 01:32 PM)InternationPlayboy Wrote:  I grew up in Vegas, and surprisingly very few people who grew up there gamble, because we know the reason those casinos are so massive is not because you're winning their money.

I noticed this too, growing up not too far down the coast from Atlantic City back when Las Vegas and Atlantic City were the only places in the United States with casinos. If the Supreme Court overturns the appellate court decision with regard to New Jersey sportsbooks, I, along with other people, may start gambling in Atlantic City casinos. D.C. area grenades are making too much noise right now and I can't think, so I hope this post makes sense.

Post: #41

I play a few times a year. 3 power play tickets is 9 bucks, I'll spend more at the bar in ten minutes.

Somebody has to win I figure why not throw the hat in the ring occasionally. Not gonna plan my life around it but hey, crazy things can happen

Post: #42

No form of gambling interests me. Anything where the math is against you is just a complete waste of money. I have friends of friends who have won decent scores which sounds enticing until you realize how many "friends of friends" combinations there actually are.

Save a couple bucks a week and put it in a jar and use it for a road trip or put it towards an expensive item you've always wanted but never bought because it was too much.

Another idea would be to save up all those scratch ticket/lotto ticket funds for 5 years and buy a $10k ticket into the world series of poker. Bad players get to the final table every year and your odds are a whole lot better.

Post: #43

One of my guilty pleasures is scratchy tickets. Other than using them to bang bartenders, they hold no other value other than instant gratification. I've noticed much lower payouts on $1 tickets vs. $20 ones. The bigger tickets spread out the winnings out more to keep people playing.

In the past I've dropped $200 in the small ones and recovered almost nothing, but the same amount on larger tickets brought back at least 50%, and sometimes a profit. They have to do this or the big scratchies wouldn't sell. People don't get as butthurt losing a dollar here or there and keep feeding the monster.

With that being said, the owner of the beer joint down the road advised me to stop playing those and invest in lotto tickets if I must spend money. He's watched the payouts over the years out of his store and scratch off players take big losses long term. I would have to agree.

Post: #44

You never hear about the people who won big on the lottery but live low-key. The reason why is contained in the previous sentence.

Only an idiot with no self-control would sign up for all the publicity and appear on the news with a giant payout. If I won big you'd never find out.

"I'd hate myself if I had that kind of attitude, if I were that weak." - Arnold

Post: #45

(11-04-2013 04:19 PM)MidniteSpecial Wrote:  Yup. I'm reading 'how to get rich' right now by Felix Dennis. That's the bulk of what he's talked about so far.

I read that book and thought it was satire.

Post: #46

(11-07-2013 11:06 AM)crippler Wrote:  You never hear about the people who won big on the lottery but live low-key. The reason why is contained in the previous sentence.

Only an idiot with no self-control would sign up for all the publicity and appear on the news with a giant payout. If I won big you'd never find out.

Most rich guys I know stay low key for a reason. Unfortunately only a few states here in the U.S. allow you to claim under anonymity, which is why I was asking sp5 about other ways to keep it quiet. The reality is its almost not worth it:

http://newsfeed.time.com/2012/11/28/500-...t-winners/

You literally have to hide, even from your family. And not just lottery winners, but take a look at pro athletes. Really fucked up:

http://espn.go.com/30for30/film?page=broke

If I had to claim publicly, I'd hire a firm to handle the legal and accounting, hire another to keep an eye on them, put my family on a reasonable monthly allotment, and disappear into the ether.

Post: #47

LOL at the buzz kills talking about expected value and the "losing proposition."

You're like the guys who say during the big power ball jackpots, "There's no reason to buy 5 tickets, as the odds of winning are the same as 1."

I bet we could correlate game success with guys being able to "get" that we don't see the lottery as an investment. It's a diversion from the banality of everyday life.

Post: #48

(11-07-2013 04:39 PM)MikeCF Wrote:  LOL at the buzz kills talking about expected value and the "losing proposition."

You're like the guys who say during the big power ball jackpots, "There's no reason to buy 5 tickets, as the odds of winning are the same as 1."

I bet we could correlate game success with guys being able to "get" that we don't see the lottery as an investment. It's a diversion from the banality of everyday life.

That's fine.
I play a single lottery line every week. Been the same numbers for the last 4-5 years. But if you look at the tread topic the presumption is that it would be stupid not to play. Which is soemthign entirely else.

Post: #49

I'll only play the lottery if it's +expected value to do so.

Example:
Coinflip (50:50 chance)
2 dollars to play
Payout is $1.50
-EV (you will lose out over the long haul)

2 dollars to play
Payout is $5
+EV (over time you will win)

Powerball (roughly 1:176,000,000)
$2 to play
The jackpot needs to be at least $350 million for the bet to be +EV.

The lottery is almost always -EV. There may be one or two drawings a year where your bet actually makes sense. Of course, this is when everyone plays on instinct, and you wind up splitting the pot anyway...

Post: #50

Once a year I'll spend $100 on state lottery tickets when it gets big enough.
I pick all the numbers myself. The clerks always look at me funny. I set the ticket dates like 2 weeks after I purchase, and I feel high for like two weeks imagining about all the frivolous bullshit I will do with the money.
No, I haven't won, but I don't care, because I only do it once a year. I actually forgot to do it last year.
I think that's the only gambling I've ever done, I go to casinos, but only to dance and play sluts.