“Let’s Win Together!” or So They Say at Social Lotto Pool
How much more confusing can a site make playing lotteries online? Sociallottopool.com takes it to a new limit! This is an online lottery provider that claims the motto “Let’s Win Together” but still takes 10% of winnings off the top. But what makes it really confusing is the fact that they talk about shares and tickets in the same sentence and then adds the word “pledges”. This one is very weird!
The Games at Sociallottopool.com
It took quite a few queries which the team did say were answered quite quickly to get our head around how this works. Basically, Social Lotto Pool provides a platform for players to pool their tickets. The current lotteries offered are US Powerball & Mega Millions, Money Ball and Decades of Dollars. You pick your own numbers and then add them to the pool. There is no limit to how many tickets can be entered but your buy in (the amount of tickets you put in) represents a share of the pool. The pool grows until the cut off time for the lottery.
What Does It Cost?
Sociallottopool.com does this at the face value of the tickets. They hammer the idea of “Let’s Play to Win!” They fund it by taking 10% of any winnings. There is supposed to be a membership cost paid monthly or annually, but for now they are waiving this. Each of the pools to choose from publishes the current tickets that are in it. In some respects this is kinda cool. It means, for example, if there are 25 tickets in a pool and you buy 25, you’d get 50% of the winnings from any prizes won from all 50 tickets. My only issue is that because there is no limit, as a pool is getting popular, your share diminishes.
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But What About the Pledge?
We started to rewrite this, but it is so weird that the team figured you should get it from the horse’s mouth “A pledge is a promise to buy tickets for a lottery pool. It is used to help others decide if and when to contribute. You are not required to participate in the pool if you make a pledge, however we highly encourage it. When the number of pledged tickets reaches a pledger’s goal they are notified and encouraged to participate in the pool. This is sometimes used to feel out the demand and potential pool size before jumping in.
Don’t worry, all pledgers remain anonymous”. Okay – if any of you can figure that one out – please explain it to us.
Who is Sociallottopool?
Sociallottopool.com is a private limited company called SmartCents LLC run out of Arlington, Virginia in the good ole USA. On their website is an online form, email address and phone number. Digging a little deeper we confirmed a snail mail address. In fairness, the questions we threw at them were answered very quickly.
The Bottom Line
The team seesawed on this and couldn’t come to an agreement. Half of the team figured that it was hilarious and what the heck. There is no additional cost to playing from the face value of the ticket and if you do win – who’s going to quibble over a 10% fee. At the same time, the whole concept of your share changing depending on how many jump on the bandwagon was a little weird. I mean – you could start out as having say a 10% stake in the pool and because a bunch of others put in tickets, it could get lesser and lesser. At the same time, the fact that there are other tickets could increase your odds.
Face Value Tickets
Increased Probability Odds
Two of the Mega Lotteries
Sharing the Prizes
Decreased Winnings Depending on the Size of the Pool
Only Four Lotteries
The bottom line at the Social Lotto Pool was the team could not agree and a few of them have decided they might give it a go – just to see what they do win and how much the pools grow. I think I’ll stick to my trusty online lottery providers and my person tickets. I don’t like to share.