Canadian Money Forum banner

21 - 24 of 24 Posts

·
Registered
Joined
·
790 Posts
I have been managing an office pool of 25 members since 2012. I don't feel bad as the money goes to healthcare, infrastructure and etc.

$2/per week.
Total spent $16,470.
Cash winnings $2,063 so far. However, we get free plays on every week.
 

·
Registered
Joined
·
48 Posts
I think option #2 is the better one. I learned the same lesson about credit card purchases, the same way, some years back. That was probably my last lottery ticket purchase.

I have never been "lucky" with such things, while perhaps some are. One hears of people with multiple wins. So no point in me buying tickets.

Some years ago, I worked in an office with a total staff of about 16. Lotto 6/49 in BC was then drawn twice a week and tickets cost a buck. We each put in $2/week so we would hold 16 tickets for each draw. In the 4 years or so I was there, I think we won about $90 a couple of times and a few $10 wins. Not much of a return on $32/week for 4 years (about a $6,000 loss). I only stayed in the pool because I feared that if i dropped out, my colleagues would win big and all retire, leaving me on my own.

I am not sure, but the cash advance fee might perhaps be avoided if one makes a payment on the cc before making the lottery ticket purchase, so that one is in a net credit position when the transaction occurs. I would think that if you had run up, say $500 in purchases since paying your last statement balance in full (which I expect most here do every month), and, to be safe, you made a payment of $600 on the card, creating a $100 credit balance, the issuer might be hard pressed to say you took a $5 "advance". What was advanced was, in reality, your own money. But then, the written agreement might say you have to pay, even to be advanced your own money.
I never buy lotto tickets but always contribute to work lotto pools. Losing a couple dollars as insurance for not hating my life decisions forever if co-workers won is worth it to me.
 

·
Registered
Joined
·
3 Posts
I've never understood people who buy tickets to poker tournaments when you can get an invitation for free, especially when they buy them using their bank card. In my entire career as a professional poker player, I've never purchased tickets, but have won them in tournaments or received invitations from the organizers. I won my last invitation to a poker tournament, where I finished 3rd, on ign88.co. In this case, the main thing is to have the desire to grow further and take risks. Still, I wouldn't advise you to use your credit card when shopping for something on questionable sites.
 
21 - 24 of 24 Posts
Top