LOTTO POOL IS LAUNCHED! - 08-09-21

bmehmet

WE HAVE INSTALLED THE LOTTO POOL IN LOTTODDS BUT NOT LIVE YET...We are launching the BETA version today. It is meant to test for any bugs, defects or revisions needed. Once the system is clean and proven, we are going to add many lotto pools and larger lotteries from many States!

We are only adding the smallest game Pick3 BOX with small prize for this BETA version (Florida $0.50 game $40/$80 Shared Prizes). BUT if all is good, we will add larger lotteries which will include 4/5/6 numbered lotteries/Megamillions/Powerball. Use this opportunity to learn the new Lotto Pool system and how to strongly play together. The layout and functionality is the first of its kind online and it's awesome!.

We will also be releasing the "1-CLICK BET-SLIP" feature to all members. We will need to collect actual State bet-slips to code them correctly into the system. This will allow them to select numbers and just click a button to print the Bet-Slips. They cut them down and just take them to their local store. We are looking into adding the Lottodds website URL to those paper bet-slips so members can hand them to others AFTER THEY BUY THEIR LOTTERY TICKETS as a form of word of mouth marketing to spread the word about the lotto pools and get more players to join us. This will help as we move into larger lotteries because the bigger they are, the more players we need to catch those winners.

GET READY!!! ....IT'S FIRST COME FIRST SERVE WITH A 40 NUMBER DAILY LIMIT WITH THIS BETA VERSION....DRAWINGS ARE NEXT DAY FOR NOW BUT WILL ADD MORE TIMES....ONCE WE SEE THINGS GOING WELL, WE WILL OPEN UP MORE BETA LOTTO POOLS. AND IF THINGS KEEP GOING WELL, WE'LL MOVE OUT OF BETA AND A WIND FALL OF LOTTERY GAMES AND STATES WILL BE ADDED.....THIS IS GOING TO BE SO MUCH FUN PLAYING AND WINNING TOGETHER!!!

ONCE the Youtube Instructional video is uploaded, the FIRST Lotto Pool will be opened. You will see the link on the LEFT hand side of LOTTODDS.

WE PLAY TOGETHER. WE WIN TOGETHER

izaac

WE READY!!! Hard Word & PATIENCE is about to pay off!

bmehmet

LOTTO POOL INSTRUCTIONAL VIDEO

This is only a BETA version as explained in the video. Small pot one state at this time for testing only. Prize is divided by the max numbers purchased upto 40 numbers. THUS, doesn't mean all 40 numbers will be sold. Which means more than $1 per number awarded. For example, if only 10 numbers are sold $40 div 10 = $4 per $0.50 investment. OR if the winner is a double then $80 win..$80 div 10 numbers = $8 per $0.50 investment. Which means the more numbers a member purchased the higher the payout for them. For example, if a member purchased 5 numbers out of the 10 numbers, the payout is $40 from an investment of $2.50. In the future, members will be able to select from multiple lotto pools which allows them to shop for the best ones and to start their own private lotto pool and restrict the number of members in the pool for higher payouts per number. HOWEVER, the goal is to reach the larger lotteries for the huge payouts

garyj

I was wondering the same thing, Maybe one number can only be purchased 40 times so if 40 people played 123 the it would close for the day I was thinking, I may be wrong.

pick34pro

So what does it mean for tax purposes to be using CoinBase on a daily basis to pay for transactions?
What I mean is my understanding is when you fund with bitcoin the IRS treats it as purchasing a stock and taking a position. Once you ramp up and have multiple games available on a daily basis (say two games FL Midday, FL Evening) and I purchase $5 for each game from the IRS perspective you have sold a proceeds of your stock and you have to track the price you purchased versus the price you sold at. I know from a consumer perspective we want to treat bitcoin as a digital currency but that is not how the IRS sees the transaction at least that is my understanding.

That would be my concern with using Coinbase is the rectifying of all these transaction's at the end of year (including winnings) for tax purposes.

bmehmet

pick34pro

Not if you immediately send the Bitcoin. I would keep a small amount in the account. BUT we are adding PayPal and a merchant account so Bitcoin would be just a novelty option soon.

izaac

That’s a good question

pick34pro

bmehmet I would agree with that except that is not what is happening here. If I fund my Coinbase with $100 worth of bitcoin and I purchased 2 combos @ .50 for 100 straight days I would expect to have 100 taxable transactions that I would have to be prepared to account for at the end of the tax year for short-term capital gain/loss on each transaction. I would just caution if you have not used Coinbase before that there are tax consequences.

bmehmet

pick34pro

I would think that is only if the Bitcoins increase in price. If they decreased in price I would see that as a loss write off once spent. Furthermore, there maybe deduction allowances which amount depends on whether being married or not. But good question. We will soon add PayPal and the merchant account.

bmehmet

deeluv69

Good to see you. Will make a new video to show everyone what we are setting up for daily wins.