is it possible to legally raffle off your income to generate even more income?
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Anonymous
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Saw an interesting post on reddit where a guy claimed someone at his work would raffle off his paycheck for years. He'd offer $10 tix for a $2000 winner. Apparently he'd make out like a bandit ever time and got well over the 200 tix needed to break even. If under 200 time, he'd just give the all the collected ticket money away as the prize so as to not incur a loss.
Yes, it is reddit, but is thisttheoretically possible without getting into a whole bunch of complicated tax and gambling issues? |
Anonymous
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"in general, lotteries that are not run by the state are illegal."
https://www.legalmatch.com/law-library/article/lottery-lawyers.html Of course, people do a whole lot of things that not legal. |
Anonymous
| WTF is this nonsense |
Anonymous
| He could also raffle off the income he makes by raffling off the income, and that way make even more money. Keep doing this and you’ll get infinite money eventually. |
Anonymous
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In my state, you need a raffle license to do this. All of our school clubs that do raffles have to file to be legit.
This probably means there are regulatory and tax implications that are trackable. |
Anonymous
Humans love to gamble. Sell 225-250 tix x $10/ea. Net $500 profit after giving away $2000 paycheck. |
Anonymous
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Government tends to frown on people gambling unless they approve of it and get a huge cut of it, not just regular taxes.
Mafia gonna mafia. |
Anonymous
| You could probably do it in some third-world country. |