Help/Advice

Reply #7

SergeM — Tue, 23 Sep 2014 17:03:26 GMT

A full system of 14 numbers at 50 cents / combination used to cost around 1500 as there are 3003 combinations to play then. When I hear 1500 pick 6, I think 14 numbers. - I speak several languages, and it is not always funny to switch from one to another language.

1500 for a 5/6 is not a good payout, especially not if you pay 1$ / combination. Bravo for the score.

Reply #6

RJOh — Sun, 21 Sep 2014 21:18:22 GMT

Do you read American English? $1500 means 1500 dollars not 1500 tickets.

There were 10 of us in the pool and we each contributed $2/wk. The drawing was twice a week so we played 10 QP each drawing.

Reply #5

SergeM — Sun, 21 Sep 2014 17:55:33 GMT

1500 combinations, that is a lot. Or do you mean that you won 1500? I once won 1600 euros with 5/6.

Maybe I shouldn't have won and not picked up programming. That would have made more sense! Strange hobby, but cheaper than having beers every day.

Reply #4

SergeM — Sun, 21 Sep 2014 17:52:52 GMT

Around here the winnings are pre-taxed as I have been told. Since you can't win much in proportion, it would make sense to put losses in the tax declaration. Let's just play it like a business, you don't make money, you don't pay taxes ..., until you come out of the losses.

Reply #3

RJOh — Sun, 21 Sep 2014 16:50:25 GMT

Before I retired I was in a work pool that played the local 6/49 game and we matched 5of6 for $1500 several times. To cash the tickets and avoid any member having to pay extra taxes we allowed a full time college student not working to cash it. He/she was allowed to keep 10% of the prize for taxes and given an equal share of the remaining $1350. As a full time student supported by his/her parents of which one was a member of our pool, their taxes amounted to nothing. We just had to draw straws t... [ More ]

Reply #2

Stack47 — Sun, 21 Sep 2014 01:09:39 GMT

I'm assuming the pool will be PB, MM or a state lotto game so only one or two secondary prizes should concern you. In some states only one person can claim the ticket and they will bare any tax burden. Some of the prize could be held for taxes unless you're really generous. For prizes over $1 million, claim it as a group because the taxes will be much lower for many than just for one.

That being said, the best advice is probably contacting you state lottery and asking them.

Reply #1

aux8b — Sat, 20 Sep 2014 23:44:37 GMT

Go to form, then type in lottery pools in the search box.

Help/Advice

Albel422 — Sat, 20 Sep 2014 23:12:19 GMT

So this is more just asking around for any advice anyone may have, but some co-workers have decided to create a lottery pool at my work. I personally have never gambled before (Aside from scratch offs) but I told them I'd join if they did do it. Now, they asked me if I would be willing to be the person to cash the tickets should any winning tickets show up. I have no problem with that either....but I know there's more to it than just cashing a ticket.

I believe it's anything over $600 ne... [ More ]