Amusement devices: games – Chance devices – Electric or magnetic
Patent
1991-05-03
1992-01-21
Grieb, William H.
Amusement devices: games
Chance devices
Electric or magnetic
273138R, 364408, A63B 7100, G06F 1520
Patent
active
050822756
ABSTRACT:
A central entity issues lottery tickets to various individual entities, such as persons, in exchange for sums of money. The central entity cumulates the money thereby received and uses it for generating earnings, such as interest or dividends from investments. The holder of each lottery ticket is entitled periodically to participate in lottery drawings by which a substantial portion of the earnings for a preceeding period is paid to but one or a few of the lottery ticket holders. As a result, each lottery ticket is in effect everlasting, participating in lottery drawings on a periodic basis, such as once each week, for an indefinitely long duration. At an earnings rate of 10% per annum and with a total of $10 billion having been accumulated in lottery receipts, the weekly earnings would be about $20 million; which, if disbursed over a period of 20 years or so, as is typically done by state lottery systems, could be touted as amounting to a $50 million lottery price.
REFERENCES:
patent: 4997188 (1991-03-01), Nilssen
"Scarne's New Complete Guide to Gambling" by John Scarne, pub. Simon & Schuster, .COPYRGT.1961, 1974, p. 146.
"Financial Tools Used in Money Management" by Joyce Pitts, pub. U.S. Dept. of Agriculture, Oct. 1986, pp. 2 and 2.3-2.5.
Chiu Raleigh W.
Grieb William H.
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