4 ms·

How do you find somebody to sell you a lottery ticket that won a lot of money ? And somebody who also trusts you ? Or do you buy a ton of tickets and do essenti

How do you find somebody to sell you a lottery ticket that won a lot of money ? And somebody who also trusts you ? Or do you buy a ton of tickets and do essentially the same thing as with sport betting ?

gruez 10y ago
I guess places that sell lottery tickets aren't as strict when it comes to KYC laws (if there are any to begin with)
- prostoalex 10y ago
  In the US the lotto tickets are frequently sold at self-service vending machines which take cash and cash only, so the level of KYC compliance is roughly zero.
ptaipale 10y ago
I would think it's more the other way round, the guy who has a winning lottery ticket asks around in a pub "hey, I want my money now, who would want to buy this?" and the barman just might know. Lottery's rate of return is worse than in sports betting, so buying a ton of tickets is probably not good business.
- buzzdenver 10y ago
  IDK. Imaging you just won big, $1M or 1M Euros. First of all I'd keep quiet about it, but even if I bragged, there's no way I'd take, let's say, $1.5M cash from some shady people when the money can be counterfeit, or they might just shoot me for the winning ticket. Then there's the problem of explaining to the tax authorities where I got my $1.5M from. I assume they take your TaxID/SSN when winnings are paid, so I couldn't say that it was lottery winnings.
  - ptaipale 10y ago
    I'd think the lottery tickets we speak of here are smaller than $1M. Danish and other Nordic lottery markets are different from U.S. so that there are somewhat more "medium size" wins, but no truly huge tens-of-millions-€ jackpots. Denmark and other Nordic countries have state monopoly betting companies (though they do then also operate a multi-country Viking Lotto and participate in Eurojackpot.)
ergothus 10y ago
The latter: Buy a lot of tickets (which aren't tracked transactions, so there's no saying how much dirty money you spent), and lose N% of it to the "house". Take your winnings (and if you buy scratch tickets, you should be relatively statistically safe) and it's "clean". Of course, I've read that the scratch tickets systems are often flawed, and with some you can calculate if it's a winner by examining the serial numbers. That means you have various ways to cheat the system to give you better odds, but the reference I just found to that is a wired article, so take with salt. Pretty believable though. http://www.wired.com/2011/01/ff_lottery/ http://www.wired.com/2011/01/ff_lottery/ (anecdotes about laundering and odds being beaten are past the 50% mark, but the whole article is worth a read)
- buzzdenver 10y ago
  In most of the US states the expected value of your winnings is less than 50 cents for every dollar you spend. That's a steep price for ML.
  - jandrese 10y ago
    On the other hand, the "lost" income goes to schools and roads so it's kind of like just paying tax on the income.
    - joshstrange 10y ago
      Ehh... I wouldn't be too sure about that https://www.youtube.com/watch?v=9PK-netuhHA https://www.youtube.com/watch?v=9PK-netuhHA
  - tomjen3 10y ago
    The Danish scratch tickets are 60%, but you can go much better with sports.

gruez 10y ago

I guess places that sell lottery tickets aren't as strict when it comes to KYC laws (if there are any to begin with)

prostoalex 10y ago
In the US the lotto tickets are frequently sold at self-service vending machines which take cash and cash only, so the level of KYC compliance is roughly zero.

ptaipale 10y ago

I would think it's more the other way round, the guy who has a winning lottery ticket asks around in a pub "hey, I want my money now, who would want to buy this?" and the barman just might know. Lottery's rate of return is worse than in sports betting, so buying a ton of tickets is probably not good business.

buzzdenver 10y ago
IDK. Imaging you just won big, $1M or 1M Euros. First of all I'd keep quiet about it, but even if I bragged, there's no way I'd take, let's say, $1.5M cash from some shady people when the money can be counterfeit, or they might just shoot me for the winning ticket. Then there's the problem of explaining to the tax authorities where I got my $1.5M from. I assume they take your TaxID/SSN when winnings are paid, so I couldn't say that it was lottery winnings.
- ptaipale 10y ago
  I'd think the lottery tickets we speak of here are smaller than $1M. Danish and other Nordic lottery markets are different from U.S. so that there are somewhat more "medium size" wins, but no truly huge tens-of-millions-€ jackpots. Denmark and other Nordic countries have state monopoly betting companies (though they do then also operate a multi-country Viking Lotto and participate in Eurojackpot.)

ergothus 10y ago

The latter: Buy a lot of tickets (which aren't tracked transactions, so there's no saying how much dirty money you spent), and lose N% of it to the "house". Take your winnings (and if you buy scratch tickets, you should be relatively statistically safe) and it's "clean". Of course, I've read that the scratch tickets systems are often flawed, and with some you can calculate if it's a winner by examining the serial numbers. That means you have various ways to cheat the system to give you better odds, but the reference I just found to that is a wired article, so take with salt. Pretty believable though. http://www.wired.com/2011/01/ff_lottery/ http://www.wired.com/2011/01/ff_lottery/ (anecdotes about laundering and odds being beaten are past the 50% mark, but the whole article is worth a read)

buzzdenver 10y ago
In most of the US states the expected value of your winnings is less than 50 cents for every dollar you spend. That's a steep price for ML.
- jandrese 10y ago
  On the other hand, the "lost" income goes to schools and roads so it's kind of like just paying tax on the income.
  - joshstrange 10y ago
    Ehh... I wouldn't be too sure about that https://www.youtube.com/watch?v=9PK-netuhHA https://www.youtube.com/watch?v=9PK-netuhHA
- tomjen3 10y ago
  The Danish scratch tickets are 60%, but you can go much better with sports.