A lottery club is simply formed of 2 or more people who share a desire to pool their money to buy lottery tickets and who agree to split any winnings. Lottery clubs can be of any number of people and they can agree to play as many or as few games as they choose. In addition, the club decides in advance how to split the winnings, but in order to be a legal lottery club there are a few steps that need to be followed. These important steps are presented in this blog.
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THE SECRET SCIENCE OF WINNING LOTTERIES, SWEEPSTAKES AND CONTESTS: Laws, Strategies, Formulas and Statistics [Paperback]
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Book Description
Publication Date: July 26, 2012
There is a science of winning lotteries, sweepstakes and contests! When it comes to lotteries, sweepstakes and contests, there are ways to improve your odds or probability of winning. They are discussed in this book, with a lot of detail and some humor. Blind reliance on luck or chance is not necessary to win lotteries, sweepstakes and contests. The "4Ps" of persistence, preparation, poise and a positive mental attitude are necessary to win on a consistent or regular basis. Therefore, just about anyone is capable of winning. Charles Jerome Ware is a noted author and attorney, microeconomist, lotterician, sweepstaker and contester. He is a principal in the national law firm of Charles Jerome Ware, Attorneys and Counselors. Dr. Ware is a highly successful and life-long sweepstaker and contester. He is also a successful lotterician who, for several years, has investigated, monitored and researched lotteries throughout the United States and several foreign countries. Dr. Ware is the recipient of numerous awards for his accomplishments in law and other areas. He lives in Columbia, Maryland.
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Steps To Starting A Lottery Club
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Steps To Starting A Lottery Club
- Find like minded people.
- Before you can start a lottery club you need to gather your club members. You can look for members from among co-workers, friends and family, church groups or even online.
- Before you can start a lottery club you need to gather your club members. You can look for members from among co-workers, friends and family, church groups or even online.
- Decide on rules for your lottery club.
- Each club decides amongst themselves which lottery games to play, how much each member should put into the lottery pool and how to split the winnings. This information should be put in writing and each member should sign that they understand and accept these rules as a binding contract.
- Each club decides amongst themselves which lottery games to play, how much each member should put into the lottery pool and how to split the winnings. This information should be put in writing and each member should sign that they understand and accept these rules as a binding contract.
- Make your club legal.
- In order for your club to exist as a legal entity you'll need to have an Employer Identification Number (EIN). This can be gained by getting a SS-4 form from an IRS office or from online, then filling it out and returning it to the IRS. There is no charge to get an Employer Identification Number.
- In order for your club to exist as a legal entity you'll need to have an Employer Identification Number (EIN). This can be gained by getting a SS-4 form from an IRS office or from online, then filling it out and returning it to the IRS. There is no charge to get an Employer Identification Number.
- Play the lottery.
- Once you have your EIN you're free to play the lottery as often as your club likes.
- Once you have your EIN you're free to play the lottery as often as your club likes.
- Collect winnings.
- Prior to collecting your winnings your club must first fill in a 5754 form. This form collects the personal information and Social Security numbers of all club members, in addition to recording their portion of the winnings. If the lottery club wins more than $5,000 USD then the club will need to submit a W-2G Form showing the amount won and the amount of withholdings needed to submit to the IRS. Both of these forms will be furnished by the lottery commission. The lottery will then begin sending your club payments or they'll write your club a check for your winnings.
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