Playing Games of Chance - Jan 6, 2017

If I were betting to win Lotto Plus Jackpot in Trinidad and Tobago which is drawn twice (2x) per week or Play Whe which is drawn four (4) times in one day or other games of chance I would consider doing the following:

1. Stationery - Purchase at least one (1) ream of paper, tape, pens, file folders. These would be used to start to create my  records. :) Yes, I can be old fashioned and I would like to retain records of my venturing as my intention is to recoup some of my costs incurred. Thus record keeping is essential.   
2. Two copies of the tickets would be made  so that I can retain a copy of the tickets long after the event has passed. Yes, these types of prints fade and if I were the type to relive my glory long after the event, I would like to be able to see it properly. 
3. You may wonder why two copies of the tickets on the paper  are to be made? Well one is to track costs and one is to track revenue.. 
4. However back to the events:  A review of the last two draws of the Lotto Plus revealed the following:  
• Draw 1609 - Saturday 31st December 2016:  
• With an estimated investment of $18,935.00 the possible  winnings were TT$99,775.00 This figure excludes the payouts on Quick Picks which are valued at TT$5.00 per chance and would award those players TT$16,605 if cash was paid out, however the cost of the Quick Picks is included in the cost of the investment, as at this time, I am not sure if Cash is paid out on the persons who select 3 out of 5 numbers without the Power Ball PB. The winnings for the that date were:
•  5/5 without PB- TT$50,000 per ticket; 
• 4/5 with PB - TT$1,500 per ticket; 
• 4/5  without PB - TT$250 per ticket; 
• 3/5 with PB TT$25.00 per ticket; 
• 3/5 without PB - TT$5.00 per ticket
• Draw 1610 - Wednesday 4th January, 2017
• With an estimated investment of TT$11,420, the possible winnings were approximately TT$177,385. As stated above, this figure excludes the payout on Quick Picks which are valued at TT$5.00 per chance and would award those players TT$9,985 if cash was paid out, however the cost of the Quick Picks is included in the cost of the investment. The winnings on that date are: 
• 5/5 without the PowerBall - TT$ 50,000 per ticket ; 
• 4/5 with PB - TT$1,500 per ticket
• 4/5 without PB - $250 per ticket
• 3/5 with PB - TT$25.00 per tcket
• 3/5 without PB - $5.00
5. What else would I need? A laptop, a filing cabinet and eventually a photocopier... Well if I were investing and tracking my plays, then:
•  Excel would assist in my recording the information in a user friendly manner. 
• A filing cabinet would help me to store the documents, securely  and 
• A photocopier would allow me to copy the documents at leisure. 
• You see I may not want to redeem all of my winnings right away, as I may need some for a rainy day. 
6. I may have one hundred and eighty (180) days to redeem the  tickets, then I will need some form of tracking system, which is another system....
7. As to taxes, if I were  migrating or  I am living away and I am just here for a few days or a two week period, then I would consider paying some form of tax on the funds received..
8.  WHAT???? How else will I account for my lifestyle? I can eat, drink, sleep and that may need to be paid for....  
9. Give it away ~ If I were to be generous and give away the tickets, then the cost of the ticket may be accounted for in my cash flow.... 
10. As a donation, that may not be an allowable business expense... You see I have put some time, knowledge and frequency into this betting thing.... I know that when I enter a Lotto booth, I look to see when last that outlet won a prize, how much was it and for which game, so given my state of mind, I have to come clean in some way or the other....

On the other hand, am I going to remain a prisoner, unable to go anywhere,,  because of a few dollars to pay to a society? I have learnt that there will always be a persons who can say, no tax, no charge, however if I can find a way to pay the tax,  then I will do so, just to prove where I got the funds from.... 

 Here is a link to the BIR's site which may assist when you are dealing with the movement of money.... http://www.ird.gov.tt/double_taxation_treaties

Here is a little bit of background on my area of interest in this Games of Chance area: I am an amateur in many areas, however at times, I like to stop and reflect on the way I am doing things or the way things may be done. When I am in that state of mind, I realise that my subconscious is saying, this is not you and who you are. If this is to fit with who you are then the other side of you has to factor into this way of life.... I may play a game or two, ask for the Lotto Play out slips whether I have won or not, use Play Whe marks to guide my betting, however I can say that I have not won more than a Quick Pick at one time or the other, so I can devise systems to track things from now till neverary, if I am to buy a Laptop, or a cabinet or a printer/ scanner/ photocopier, the funds may have to come from elsewhere... Have a good one peeps :)

The ideas which are expressed above are those of Jennifer N Bailey