Powerball (Lotto) Club

[Brujah]

Powerball tickets are now $2.00 with slightly better odds and a guaranteed starting jackpot of $40,000,000.00
Frequently the jackpots are over $100,000,000.00.
This week it stands at $200,000,000.00.

The game is played by selecting five numbers from 1 through 59
and matching the powerball number from 1 through 35

There are various prizes paid for matching 2, 3, 4 and 5(only) numbers
but to win the grand prize you must match all 5 top numbers and the powerball.

I was wondering if anyone would be interested in starting our own Powerball Club?
It would increase our chances of winning and although the odds are still astronomic
it could be fun at a minimum expense.

This is how it would work:

We would form clubs consisting of 35 shares.
Each share would be worth 1/35 of the prize or a guarantee of at least 1.1 million grand prize depending on the jackpot. (Approximately, and assuming we were the only winners)
This week for example each share would be worth 5.7 million (Approximately, and assuming we were the only winners)

We would play 5 of the same numbers and tie them up with all of the 35 Powerball numbers.
Example would be;
1, 2, 3, 4, 5, Powerball 1
1, 2, 3, 4, 5, Powerball 2
1, 2, 3, 4, 5, Powerball 3
and so on.

Using this calculation (of course our 5 numbers would not be 1, 2, 3, 4, 5)
the chances of winning a grand prize would technically be 1 in 5,006,386 compared to 1 in 175,223,510, and using logical combinations can also increase our odds significantly but I don?t want to get into the mathematics or probabilities now.

Each club would play 10 weeks for a total of 20 games because Powerball is played twice a week.
That?s a total of 700 games.
Cost for each share will be $40.00 for 700 plays
Clubs would renew in the 8th week of play.

In order for us to do this legally for any long term we will need the following,

1. Set up and name a company or trust and open a bank account.
2. Appoint the principles, mainly an administrator, secretary and treasurer
3. Have a clear set of bylaws to include but not limited to outlining the structure and handling of secondary prize money.
4. Be sure each share holder lives in a state or district in the USA that offers Powerball. (I may be wrong on that but I don?t think I am, we can research the laws.)
5. Appoint someone to be responsible for purchasing the tickets, we should also have a stamp made with the name of our club to stamp the back of each ticket, they have advance play so the tickets would only have to be played once every 10 weeks.
6. Any other ideas or suggestions would certainly be appreciated I just hope I didn?t open a can of worms.

Anyone interested please reply here for now so we can make a determination if this has any potential.

Thanks.

[ottopottomouse]

Syndicates are all fine until you win, then the legal arguments start and any winnings are pissed away.

[Brujah]

Originally Posted by ottopottomouse

Syndicates are all fine until you win, then the legal arguments start and any winnings are pissed away.

Your application is denied.

[ottopottomouse]

Pah! I don't need your $200,000,000 anyway. I won £2.50 on Tuesday :D

[Jet Set Cat]

Originally Posted by ottopottomouse

Syndicates are all fine until you win, then the legal arguments start and any winnings are pissed away.

That?s the reason for having a clear cut set of bylaws.


Keep in mind we are not suggesting a few people each toss in a couple of bucks to buy lottery tickets, that?s a recipe for disaster. Although the courts as well as the lottery commissions are pretty clear that a lottery ticket is a bearer instrument.

We could also have a clause that in case of any legal action the losing party must pay the winning parties legal fees.

Also with the enormous amounts of jackpot prizes lotto clubs have become popular and legally recognized, especially those with a clear set of bylaws.

There was a situation where a lotto club won 30 mil and one of the members stopped payment on their credit card, they tried to say that it was the banks fault and because they had not yet signed the actual fraud claim they were entitled to their share but the court dismissed the suit in its early stage and ruled if the club was not paid prior to winning you are not entitled any part.

[V_RocKs]

I'd be interested in a Mega Millions club as I am in California...