Has anyone ever heard of A Money Club?

Question

If so how does it work? I was told that each week you put in $50.00 and each week someone's number gets pulled and they get the "pot".

Please explain if you can

Answer 1

There are all sorts of variants.

However, at its core, this is the same as any other sort of gambling. The reason that this is better than, say, playing the lottery, is that you're dealing with smaller numbers.

For example, if there are 10 members and you each pay $50, you have a 1/10 chance on winning each week. That doesn't seem so bad. You can expect to win, on average, about 5 times a year!

Of course, you lose 9 out of 10 times.

So, let's say you play 10 times. The total you put in is $500. When you win, you get the pot ($500 since there are 10 people each putting in $50). So, in the end, you'll have put in $500 and (if you win once) won $500. You get out where you started. Bit whoop. Might not have even bothered to play.

OK, but you COULD get lucky and win 2 times. Then you'll come out ahead. Of course, you COULD win no times and you'll come out behind.

There are some variants that let the pot build, which means that each win is not worth the same thing. However, if you play long enough, you'll end up where you started.

What might be better is if everyone puts in a certain amount of money (say $50 a week). Then, whoever is the last alive gets it all. Of course, as the years go by, the tendency for a member to kill another tends to go up.

My advice: stay away. It's just not worth it. You're better off joining a club that does something with the money.

Answer 2

I am in on something similar.
There are 50 numbers, each person pays $20 per month. On the 1st Sunday of the month a number is drawn. The winner gets $1000, if the winner is not present they only get $500 and then 5 other numbers are drawn for $100 each.
I am sure there are numerous variations of this.

Answer 3

it is nonsense

but i know one called ' fight club' - really make sense