So...I'm thinking about starting my own lottery, see?
I have an idea. It's embryonic - like 15 minutes old. But I think it's good. It's a lottery...with a twist
So, I have this idea to start a very specific (and new) type of lottery. It's meant to be on the up and up; not collecting people's cash and running off to Estonia or anything like that.
At a high level - collect people's entry fees/tickets or whatever and at a specified time a winner or winners are picked and they get a prize which would be their cut of the pot like Powerball or any other lottery drawing.
OK tell me, what is there to watch out for?
- Do you know of any of the legal hurdles?
- Do you know of any cases of people being prosecuted for running bogus lotteries or people intending to do it right but got screwed because they didn't do "this" or shouldn't have done "that"
- What should I be on the lookout for?
As I said, this is a brand new idea and I haven't even thought it through but this could at least be fun to talk about.