Topic: Collective bets in local lotteries - page 2. (Read 693 times)

Hmm this is actually interesting- imagine if people were to purchase lottery tickets but the statistics show that the chances are still low. Well maybe if you can convince a group of people to spend such amount on betting lottery tickets, I guess there is that chance of winning but it may still be relatively low given the astronomically low chance of winning the lottery altogether.

I guess some may have tried this in the past and but they just considered that it is not worth it. Maybe statistically, they could have spent more than what they would have earned in the process if this were the case.

At least this is an organized group and I hope they all have the terms to follow because in my country greedy people can’t even lead a group so how you can trust them in the first place. Having a group can increase your chance of winning, its good to hear that there’s actually a group like this because when it comes to collection of money, that can be more risky in my country.

1000% agree on this one, in speaking of huge money on which it is really something that life changing or humongous amount then this is where extreme greed would kick in. Even with your relatives or friends could really be having the potential on changing up instantly and wont be bothering whether you are that relative or close to each other on the time that they would get a hold of those money.On this kind of set up then it would really be just that so hard on trusting up someone because you cant really be able to ensure about those funds would really be divived on a fair way on which it is really just that be giving out that kind of trust issues even on my part. I would rather be making out bets on individually rather than on going into groups but if you could be able to bare out or handle such condition then it would really be just that fine but if you are really that skeptical then better skip this part.

I would really be saying that going in groups would really be increasing your chances of winning but not into the point that it would be even counting on a single digit or even 1% kind of chance on hitting the jackpot.
It will really be depending accordingly the buying power or number of tickets on which your group do able to accumulate or bet on. The higher the better chance but of course there would really be some accompanying potential risks on doing so. You cant trust no one in speaking about money because human beings are naturally greedy and you cant ensure that 100% of those winning amounts to be safe. 

It is just like you are wasting your money on this type of betting if you are with people you don't know.
As you said, even if you do this with close family and friends, you can't guarantee if there will be no trouble along the way.
So not to have this burden, just do your bet on your own. Win or lose, it is all on you. You won't have hard feelings because that's your bet anyway.
You will learn your lesson if you happen to experience it once in your lifetime, screwed by the people surrounding you.

Also it would be a mistake to do this with people you do not even know, after all even when it comes to your family and friends there could still be some disputes in the case there was a big win, and it is obvious that this would be even more difficult if you were gambling with a bunch of people that you do not know and that could at any moment run with the money prize, so while some may find this form of betting as attractive I would prefer to not participate in it as it seems too troublesome to me.

One should obviously not give money to a complete stranger to do the collective betting for them, but it should only be done if one can find a bunch of people who are willing to contribute the same amount of money so that they can buy tickets collectively at a local lottery where they might have higher chances of getting the big win which will give everyone an equal share of the total amount which should at least be higher than what they've contributed.

Though it doesn't provide a guaranteed win, it would at least increase the chances of winning for everyone that is participating in the collective betting, because if they were to buy tickets individually, everyone would have the same winning probability, but now since they all bought many tickets combined, they would have a higher winning probability.

It's not about being genius though, it's all about having enough money around the group to work around, plus the fact that the thing they did in the movie only worked cause there's a flaw in the lottery system that made it so people who buy more tickets get higher chances of winning the prize pot. That couldn't be the case now especially for certain types of lottery that took this into account. If you want to earn money as a community the best way you could actually do that is by employing cooperative methods lol, like a lending business, grocery and stuff like that, where the profit is shared between stakeholders. I've seen this work so well on some communities and cities, so it's something that is feasible give that you have to put the mind and the effort into it however, but honestly between that and pushing your luck for a lottery you can't even guarantee a win, I'd take the surefire way any day.

In the US this is done all the time.  Not so much with other strangers but as a collective group friends but mostly in your work environment.  A lot of big winners comes from a group and those are likely from a work place.  For an employer I always thought that would suck because you would have a mass exodus of your employees if it's a big enough lottery.  I'm all for it, no reason for 1 person to win such big lotteries.

You should be careful. You might find that the group might turn against you if they lose. Because you will have given them someone to blame their loss on. They might even demand you repay them because you tempted them into gambling in the first place, or some other thinly veiled excuse. I would not risk it, if I were you. Its the perfect plan for a future headache which you could easily avoid. Of course that is only if you make a group by yourself or declare yourself the leader of such a group. Joining such a group seems fine to me, but the odds are still teeny tiny.

Yes, friends and money do not mix. Just as I would not go into business with my friends or family, I would not do collective bets in local lotteries with them. You know we have different personalities, and people would blame you at the slightest opportunity for a failure rather than blaming themselves. They'll say, "I told you not to play that number, but you insisted." However, they'll give themselves credit and pat each other on the back for making the right decision and winning the lottery, even when it was a collective effort. Talk about profit sharing, and you may end up with a court case because a greedy person doesn't want the winnings to be shared equally. I am not doing this with friends. I bet alone, lose alone, and go to bed happy.

In groups dreaming may be better but when people let's suppose have a remote chance and go and win the lottery,usually will start a fight,one will say I bought the tickets,I got physically to the shop,one other will say it is thanks to me as I choose the number and so on each one will come up with an excuse trying to get more money from the entire sum.This inevitably leads to fights and sometimes there have been tragic consequences,some have even died trying to argue as why each of them deserved more that the situation precipitated to the worse.That is why I think it is better to play alone with your small chances,no mess up or confusion or even bad consequences will happen.

Greed will only negatively impact someone if you can't control yourself properly. Many people have lost control to stop their gambling game, and because they want a bigger win, that is what causes them to get even more losses. And that's what greed gives and should after getting a loss like that, they can realize and start reducing their time to gamble. And if they can win by buying the lottery collectively, they should stop first so that their greed doesn't grow and they can still control themselves well and celebrate their win.

Also we cannot discard the possibility of the person behind such group thinking about scamming their members from the very beginning, after all what can be better for them than to buy a lot of lottery tickets with money that was not even theirs? In this case the lottery will have a positive EV as even a win of a single dollar would make them a winner, so they could pay all of those small winnings to their members but then once there was a decent enough win they could disappear with the prize money and then do this again at another place.

If greed is not controlled, there is a possibility of harm on any platform and in the case of lottery or betting, it becomes more difficult to control. A large number of people want to win the lottery because there is a possibility of getting a lot of money for which many people try to use collective method to win the lottery systematically. In this case, although many people agree but various types of ambiguity created among them. But I will admit that in collective terms the lottery is somewhat less risky and slightly more likely to win.

winnings from the lottery are usually very big when you are lucky, especially if you buy tickets with money collected from a group of several people, but here the problem is that greed is always on their mind, unless the mindset of the group has an adult mindset and divides it equally according to the initial provisions.
If not one of the people from the group gets greedy sharing the winnings unfairly there will definitely be a fight just because the distribution is unfair and I really can not think how these people think of buying lottery tickets using the money collected from several people. even if on the one hand it is more comfortable and more interesting to buy lottery tickets using your own money without having to share the winnings with other people (as @Yogee said) and at your own risk.
Greed is always on everyone's mind, for sure.

What do you mean by betting in group? 100 people gather in a group, each one of them gives 100 USD and the group buys tickets worth 10K USD? If they win the jackpot, the prize gets split to 100 parts. This doesn't make any sense, if you ask me.
One guy out of this 100 people group would have bought the winning ticket and instead of getting the whole jackpot, he will have to divide it with 99 people. There's no point of such group buying of lottery tickets. I have never seen people creating lottery groups in order to buy lottery tickets in my country.

I think so too. It is much better to gamble using your own money, because after all, gambling with a group has a greater risk, for example, unequal distribution of rewards, disputes between individuals, and other problems. Indeed, the reward offered if you win is far greater than gambling individually, but there are a number of things to consider and betting individually seems better.

I personally haven't used it, but I do know people who bet together in large groups on "la quiniela" (the betting lottery for La Liga) and have occasionally won prizes.

You have to take into account that the probability of winning is higher, as you make more combinations of bets, but the prize also has to be shared between more people. The people I know who have won prizes have been betting in this way for many years, decades, and only occasionally have they won something significant, and even then it was shared out, so the money won per person was not enough for much.

The power of hope. The that thing that makes us believe in the impossible. And have faith in the impractical. But it is true what you have said, even if theirs is not the winning ticket one thing that they can be sure of is that they are going to have a stronger bond. And many years after, it would still be a conversation starter for them.

In this group of friends who may have pool resources together to play the lottery, you'd have the one who is an optimist, another one who is a realistic, then one who is a skeptic, and the one who is indifferent. He doesn't care about the outcome. He just wants to bond and have some fun with his friends.

Yes, in fact there are many things that can be Revealed when it comes to making a collective treatment that has to do with money, be it in bets, be it in loans, I have witnessed how people for little money change in an impressive way, The truth is , if I don't know them previously, I could say that I don't know him, they change, they get in a way that I don't understand , it's as if another totally aggressive person entered his Body , his mind , money puts that way to people and it is something that I will never Understand , perhaps I say it Because I Know that I could Never change like that for money.

It is also necessary to Emphasize something, the people who enter this type of betting must have a high level or Financial Culture, to accept losses when these are the ones that must happen, also in the Exchange of information it should be decided by Consensus, first, by taking into Consideration the valid Arguments and Second , according to the Degree of Experience and Knowledge that each Bettor has, this to respect something like their hierarchy , when there is that respect, when there are those precautions that make each participant unique, I think that everyone is at a high level and some more than others are above it, I think that these things about betting are already seen as at a more professional level, clearly people who do not know Anything about sports betting or who do not know anything because they cannot give an opinion,  is that it would be a very favorite group and difficult to find, now it is a group of bets where those who say the bets are considered experts, well there is nothing to do, just stick to what they say and that's it, put the Money in the bet and wait, it is obvious that it is not correct every time, but I would consider that if you have a 75% Accuracy rate per eniam, for me it is Good and it is enough to Qualify as good and Acceptable, this I say this from the Point of view that our Money is worth and that we always have to try to Protect it.