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Money for Nothing: One Man's Journey Through the Dark Side of Lottery Millions
In his wry and funny memoir, Edward Ugel tells the story of America's addiction to the lottery from an astonishing angle.At age twenty-six, Ed found himself broke, knee-deep in gambling debt, and moving back into his parents' basement. It all changed, however, when he serendipitously landed a job as a salesman for The Firm—a company that offered up-front cash to lottery winners in exchange for their prize money, often paid in agonizingly small annual payments, some lasting up to twenty-five years. For the better part of the ensuing decade, Ed spent his time closing deals with lottery winners, making a lucrative and legitimate—if sometimes not-so-nice—living by taking advantage of their weaknesses . . . weaknesses he knew all too well.Ed met hundreds of lottery winners and saw up-close the often hilarious, sometime sad outcome when great wealth is dropped on ordinary people. Once lottery winners realized their "dream-come-true" multimillion jackpots were not all that they were cracked up to be, Ed would knock on their door, offering them the cash they wanted-and often desperately need. This cash sometimes came at a high price, but winners were rarely in a position to walk the other way. As Ed learned, few of them had the financial savvy to keep up with the lottery-winner lifestyle. In fact, some just wanted their old lives back.A charmingly neurotic gambler, Ed traveled deep into the heart of the country where he discovered the American Dream looks a lot like a day at the casino. And Ed knows casinos. In fact, his own taste for gambling gave him a unique insight into lottery he intimately understood their mindset, making it that much easier to relate to them. And like lottery winners, Ed struggled to find balance in his own life as his increasing success earned him a bigger and bigger salary. Even as he relished his accomplishments, he grappled with the "If you are good at something that is bad for some people, does that make you a bad person?"Ed Ugel takes the readers inside the captivating world of lottery winners and shows us how lotteries and gambling have become deeply inscribed in every aspect of American life shaping our image of success and good fortune. Money for Nothing is a witty, wise, and often outrageously funny account of high expectations and easy money.
238 pages, Hardcover
First published September 1, 2007
17 people are currently reading
218 people want to read
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Displaying 1 - 30 of 91 reviews
May 19, 2022
We dream of winning the lottery. Thousands and millions of dollars that will be the answer to all our problems, our wishes, our expectations. We'll pay off bills, buy a house and a boat and the perfect car or three. Set up college funds for our kids. Travel all around the world. Our so-called bucket list will be done and need to have new and more expensive goals. Start that business. Complete our set of collectibles or vie with Imelda Marcos or Kim Kardashian for shoes and purses and clothes.
That's the dream anyway. But Edward Ugel tells a different tale. He tells of the people that have won but was not quite so careful with their winnings or at least, was too generous to their friends, family and others that demanded their share of the winnings. Distributed via 20 to 25 to 30 annual payments was the way winnings were distributed initially and is still an option. Cash value was a relatively new. But this year's payment was, too often, quickly spent and then came the waiting for the winning anniversary date to get the next one. And the bills just kept rising, and collections agencies kept calling and they needed help.
And this is where the author came in. He worked for a company that bought the annual payments from the lottery winners -of course, not for the full payment amount, there was fees and the investors that forwarded the money wanted to make a profit. But it solved the current problems especially since Ugel was so understanding and helpful. . . .
He tells of the tricks and how the company exploited these winners to provide executives and top salesman with six-digit salaries. Salaries that in Ugel's case, he wasted thousands on gambling.
Overall, his commentary about the actions - some he was quite proud of while others he reluctantly admitted to - got a bit repetitive. But the revelations on how these buyers would - basically - con people already stressed and used was quite the revelation. Ugel also gave some rather unhappy but not surprising news about the con that the states are running with their lotteries. Many say that the funds raised by lottery sales goes to this account or that budget - usually education. What they are not saying - and I'm using Ugel's example - is that if the state budget for education is $500 million and the lottery sales portion is $75 million, the state usually reduces the state-provided share by the same $75 million.
So, yea, all it takes is a dollar and a dream (trademark NYS Division of the Lottery) but most of those dreams come true for the state and for the companies who are out there prepared to fleece these unprepared winners.
2022-106
That's the dream anyway. But Edward Ugel tells a different tale. He tells of the people that have won but was not quite so careful with their winnings or at least, was too generous to their friends, family and others that demanded their share of the winnings. Distributed via 20 to 25 to 30 annual payments was the way winnings were distributed initially and is still an option. Cash value was a relatively new. But this year's payment was, too often, quickly spent and then came the waiting for the winning anniversary date to get the next one. And the bills just kept rising, and collections agencies kept calling and they needed help.
And this is where the author came in. He worked for a company that bought the annual payments from the lottery winners -of course, not for the full payment amount, there was fees and the investors that forwarded the money wanted to make a profit. But it solved the current problems especially since Ugel was so understanding and helpful. . . .
He tells of the tricks and how the company exploited these winners to provide executives and top salesman with six-digit salaries. Salaries that in Ugel's case, he wasted thousands on gambling.
Overall, his commentary about the actions - some he was quite proud of while others he reluctantly admitted to - got a bit repetitive. But the revelations on how these buyers would - basically - con people already stressed and used was quite the revelation. Ugel also gave some rather unhappy but not surprising news about the con that the states are running with their lotteries. Many say that the funds raised by lottery sales goes to this account or that budget - usually education. What they are not saying - and I'm using Ugel's example - is that if the state budget for education is $500 million and the lottery sales portion is $75 million, the state usually reduces the state-provided share by the same $75 million.
So, yea, all it takes is a dollar and a dream (trademark NYS Division of the Lottery) but most of those dreams come true for the state and for the companies who are out there prepared to fleece these unprepared winners.
2022-106
June 25, 2008
This book is funny and insightful and an emotional roller coaster. The language was too strong for me in places, despite the seedy nature of the subject matter. It was appropriate to the book but not to my sensibilities. Because of the prolific use of the *f* word I cannot give it 5 stars, but I did like the book as a whole. I wish there were an R rating for books. This book would recieve one for the language and there are maybe three crude sexual references. It really did give a lot of insight into the lotto industry, its winners and the people who take advantage of them. The second chapter is a very detailed synopsis of the industry and how it is run by the state. It totally qualifies in my book as a subject for heebie jeebies. I hated the lottery before, now I am ready to get out my picket sign. Some things are just downright depressing. The way that the lottery is run, and how it affects those who are already at the bottom of society financially. They really sell hope, false hope. And people pay billions of dollars for it. That part of it just broke my heart. The author is witty and funny, although not incredibly literary. He has his own style which I would not emulate but did appreciate on its own value.
June 15, 2008
I knew absolutely nothing about the lump sum lottery financing business but my eyes are open now. The author's writing style is absolutely hilarious as he reveals the secrets of working with lottery winners to provide them with much needed cash by buying their annuities at a huge financial gain to himself and his Firm. The salesmanship, the deception, the greed of the salesman, most of whom are also gamblers, versus the oddities of the lottery winner, most of whom are cash strapped waiting for their annual check to arrive. The stories were fascinating!
I had heard the author speak on This American Life and was hooked. This book is gripping, opened my eyes up to something I had never even contemplated, and very, very funny! My only complaint is that we are missing some of the details - the author is quite upfront that legalities prevented him from spilling some of the beans.
I had heard the author speak on This American Life and was hooked. This book is gripping, opened my eyes up to something I had never even contemplated, and very, very funny! My only complaint is that we are missing some of the details - the author is quite upfront that legalities prevented him from spilling some of the beans.
August 24, 2009
This book wasn't a total disaster-but close. There are occasional sales tips in the book.
The book didn't get into the mind of lottery winners. It didn't tell many stories of them. It more or less described the authors ascent at the Firm, and how good he was at selling.
The subject of lottery winners, and the industries that cater to them, seems fascinating. Unfortunately, this book didn't cover much of that at all. Finally, in order to protect his/the firm's anonymity, the author didn't delve into where he lived or where his office was, which would have at least placed some needed perspective on his life(six figures is different in Manhattan, NY Vs. Manhattan, Kansas)
The book didn't get into the mind of lottery winners. It didn't tell many stories of them. It more or less described the authors ascent at the Firm, and how good he was at selling.
The subject of lottery winners, and the industries that cater to them, seems fascinating. Unfortunately, this book didn't cover much of that at all. Finally, in order to protect his/the firm's anonymity, the author didn't delve into where he lived or where his office was, which would have at least placed some needed perspective on his life(six figures is different in Manhattan, NY Vs. Manhattan, Kansas)
May 21, 2008
Excellently funny, because of the author's writing style & perspective- the topic is not inherently funny Ugel worked for an outfit that buys lottery winners' annuities when they almost inevitably find that they need cash on hand before their next payment. It's not a good deal for the lottery winner, but they are pretty much strapped. Ugel is hilarious, and the topis is one I knew nothing about. He touches on other forms of gambling a bit too, such as his little problem with video poker machines, etc.
December 19, 2007
Fascinating read into the miserable lives of lottery winners and the scum who prey on them
November 13, 2008
More of a salesman's memoirs than the interesting study of lotteries and their winners that's promised on the book jacket.
April 15, 2008
I heard the author in a radio interview, and so read the book. Edward Ugel worked for the "lump sum industry", making a living getting lottery winners to sell their tickets for a price. The Firm took a huge cut, the lottery winner got quick cash (instead of having to wait for a future check), and the Firm's salesman went looking for a new lottery winner. To be a salesman in the business one had to be a bit of a gambler. To sell the deal to the lottery winner took guts. It is a world I could hardly imagine existed.
June 1, 2017
Very entertaining and yet insightful into business, sales, and the gambling/lottery industry.
August 28, 2020
Ed’s the man (it’s funny to read a memoir by someone you actually know and I did actually enjoy it).
December 8, 2017
Picking up this book, I originally believed the book was something more related to a crime novel, revolving around the wealth of lottery winners, I was both disappointed and intrigued in what the book was actually about. Although I had a completely different expectation for what the book is about, I still enjoyed the reading. The moral dilemma of the main character. Edward, a young man who gambled himself into debt, finds himself making big money taking advantage of desperate and clueless lottery winners, who do not know how to handle their wealth. However, I could not say I enjoyed the book through and through. There were points in the book, where I wanted to stop reading, due to the focus on the financial and accounting side of the firm Edward Runs. The most exciting moments showcase how manipulative the firm he worked for was, and the book showed the internal conflict of someone who is good at something that's bad for others. I had a hard time relating to this book, only because I don't have any knowledge of how money is managed. The book is heavy with terms and complicated business strategies that took away from the parts of the book I was more interested in, involving the main character and his struggle. “We'd do deal after deal with a winner. We'd colonize her annuity. It's like using your credit card to pay off your credit card bill. It's a viscous circle. -- you’d do very well signing partial deals while the winners financial situation evolved from bad to worse.” (Ugel, 7.139) The question that arrives from this quote sums up the feeling of Edward throughout the novel. Is it right to do something that's wrong, even if it is legal and you are good at it? The lottery winners signing over to the firm were aware of what they were doing, but is their judgement too clouded by the fortune and mostly unwanted attention of it? To those of you who may be interested in reading this book, I believe you must be fascinated in the financial process behind the whole story, because of how much of the book is focused on it. For someone like me, and I believe many others of the younger generation, reading something more emotionally involved and interesting is needed to enjoy it. I recommend this book to people more grown, or anyone who likes stories of shady legal practices
December 3, 2014
It is a bit sad how many Americans use the phrase "when I win the lottery…" before expressing a dream or desire. What is surprising is how many people do win the lottery - and what a lousy deal it often is. Many states don't allow lump-sum payments. They instead give winners a pay-out over years and even decades - with no interest. While many people will think "Hell, I'll take a steady $70,000 a year for the next 20 years" it doesn't usually work this way. Winners blow through their money, and much more, in record time. And then they call someone like Ugel.
A gambler, failed film-student and bartender, Ugel landed a job working for a company he ominously calls "The Firm". The Firm buys lottery winnings in exchange for lump-sum payments. The Firm, of course, comes out much better off than the often poorly educated blue-collar winners. Ugel tells of his adventures learning the ropes of cold-calling winners, flying out minutes after making a call with contract worth millions in his bag and the swirl of emotions tied to his often seedy job. A fascinating look at the back-room workings of the industry. Could have used a few more lottery-winner stories, but the ones that are there are priceless.
A gambler, failed film-student and bartender, Ugel landed a job working for a company he ominously calls "The Firm". The Firm buys lottery winnings in exchange for lump-sum payments. The Firm, of course, comes out much better off than the often poorly educated blue-collar winners. Ugel tells of his adventures learning the ropes of cold-calling winners, flying out minutes after making a call with contract worth millions in his bag and the swirl of emotions tied to his often seedy job. A fascinating look at the back-room workings of the industry. Could have used a few more lottery-winner stories, but the ones that are there are priceless.
November 8, 2007
There is an industry out there that I never knew existed, called the lump-sum finance industry. Basically, salespeople approach people who are receiving annual payments, usually for winning the lottery, who are also strapped for ready cash. They buy the lottery winner's annuity (or a portion of it) for a fraction of what the annuity is actually worth and then re-sell it. Ed Ugel was a top salesman in the industry for 7 years. He talks about his experiences with honesty and humor. Quite fascinating.
February 13, 2008
After reading this book I view the lottery and lottery winners in a different way. Not only does this book describe the shady buy-out sharks, but how unlucky lottery winners can become. (and as an aside, as soon as i finished this book I started to see commercials on TV for the "firms" referenced in the book!)
November 2, 2007
This was a really interesting book to me about lottery winners, gamblers and salesmen. It was a fast read but there were parts where I actually laughed out loud.
February 17, 2008
funny writer. Ugel had an insane job and tells about it in great detail. He reminds me of David Sedaris.
June 15, 2010
I was hoping for about lottery winners. What I got was a navel-gazing, self-indulgent bunch of drivel, written by a total loser. I quit after about 40 pages, and that was 39 pages too late.
August 31, 2022
I was expecting a dive in to the shady, predatory world of lottery payoffs but instead got a rambling example of narcissism. There are very few stories about actual deals with lottery winners and how the company ripped them off and what stories there were were so scant on details that is was hard to see what was the point.
Ugel does delve into some of the sleazy sales tactics they used but most of the time, the book is just him saying how great of a sleazy salesman he was. The rest of the time is a "woe is me" tale that he gambled away all the massive amount of money he made which he never puts a figure on. Other than what the winning amount was, the author never gives any specific amounts such as his commissions, how much they took from the lottery winners, how much the company was making in a given year, etc. so its a little hard to gauge just how sleazy this industry really is.
Finally the final chapter I found myself just skimming through because it was just page after page of his day at a casino. There was no real wrap up after he was fired which you kinda understand why but he never really explains other than he was a superstar and then a former co-worker started a competing business and he was no longer a superstar.
By the end of the book, it was an utter disappointment that really was not worth the read.
Ugel does delve into some of the sleazy sales tactics they used but most of the time, the book is just him saying how great of a sleazy salesman he was. The rest of the time is a "woe is me" tale that he gambled away all the massive amount of money he made which he never puts a figure on. Other than what the winning amount was, the author never gives any specific amounts such as his commissions, how much they took from the lottery winners, how much the company was making in a given year, etc. so its a little hard to gauge just how sleazy this industry really is.
Finally the final chapter I found myself just skimming through because it was just page after page of his day at a casino. There was no real wrap up after he was fired which you kinda understand why but he never really explains other than he was a superstar and then a former co-worker started a competing business and he was no longer a superstar.
By the end of the book, it was an utter disappointment that really was not worth the read.
September 14, 2021
Winning the lottery is one of the worst things you can do. I don't play the lottery, and I don't go to casinos. Heck, I don't even watch people play Poker. I thought the book sounded interesting, though. I know people who play the lottery, and if they win, I could help them out with this story.
Money For Nothing is the book's title, and it is a Dire Straits song I enjoy. That is another reason I picked this book up from the library.
Edward Ugel has a conversational style of writing. He candidly reveals his triumphs and mistakes as an employee of The Firm, a mysterious company that targets lottery winners at their most vulnerable. It isn't illegal, but it does make Ugel question his moral compass.
Ugel tells us how he got into the business and how he got out. I don't know if I like this book. The main draw for me is the history of the lottery and other things. I wanted the stories of the winners, not the personal misgivings of a salesman.
Thanks for reading my review, and see you next time.
Money For Nothing is the book's title, and it is a Dire Straits song I enjoy. That is another reason I picked this book up from the library.
Edward Ugel has a conversational style of writing. He candidly reveals his triumphs and mistakes as an employee of The Firm, a mysterious company that targets lottery winners at their most vulnerable. It isn't illegal, but it does make Ugel question his moral compass.
Ugel tells us how he got into the business and how he got out. I don't know if I like this book. The main draw for me is the history of the lottery and other things. I wanted the stories of the winners, not the personal misgivings of a salesman.
Thanks for reading my review, and see you next time.
August 15, 2023
Edward is a hunter and lotto winners are his prey. As lotto winners are wise to their savior’s obvious agenda so Edward is to his Firms. Edward likens himself to his prey, out of options and lacking the self-control to free themselves from their noose they choose to make a deal with the devil to feed their addictions and debts. Follow the windfall of money for practically nothing and the calamity in brings in both Edward’s and Lotto Winner’s lives.
Edward Ugel’s “Money for Nothing” is not what it advertises about. Don’t let the synopsis fool you. While you will get a few stories of lottery winners in a shaft this book’s primary subject was the author. In my opinion it was better with the author being the subject. We all hear the stories of lottery winners, but we rarely hear such a personal story of a lump-sum industry insider’s battle with himself, the Firm, the industry, his addictions, and with a few lotto characters sprinkled in. It certainly lacks focus and changes the subject quickly but overall, it was enjoyable.
Edward Ugel’s “Money for Nothing” is not what it advertises about. Don’t let the synopsis fool you. While you will get a few stories of lottery winners in a shaft this book’s primary subject was the author. In my opinion it was better with the author being the subject. We all hear the stories of lottery winners, but we rarely hear such a personal story of a lump-sum industry insider’s battle with himself, the Firm, the industry, his addictions, and with a few lotto characters sprinkled in. It certainly lacks focus and changes the subject quickly but overall, it was enjoyable.
May 9, 2017
I thought this book would be more about how the lottery money didn't bring happiness, or who are the lottery winners? But instead it's a darker book about the odd industry built around lottery winners. These businesses target lottery winners because for one thing those names are public and it means anyone can then contact you, so everyone knows and many people call lottery winners. Plus it turns out a lot of lottery winners can't handle the increase of income without over-extending and running out of money each year; that's where the third party comes in and negotiates a cash pay out in exchange for their lottery wins. Kind of like the big brother of payday loans. The story is written by a guy who also had a gambling problem with makes it even more interesting. His observations are often laugh out loud comments about high expectations and how fast one can blow through a win. This was a great read with lots of insight about gambling and lotteries.
September 20, 2017
I would say this book could use a few more lottery stories and a lot less corporate drama. However, if you want to understand the mind of a gambling addict who spent years convincing lottery winners they wanted a quick lump sum buy out (back when annuities were the only way to get paid), you will find this interesting. Most lottery winners who received annual payments would run out of money long before their next payment, hence the need for quick cash and the sale of their future payment to the author's firm. Aside from all of the corporate drama, there was also a little TMI here on a personal level, but overall the author has some good observations:
Money you get by doing nothing is money you are less likely to respect.
Our salespeople were lottery winners- we just never bought tickets. We were no better than the winners. (because they were also addicted to making the "deal" and taking the winner's money.
Money you get by doing nothing is money you are less likely to respect.
Our salespeople were lottery winners- we just never bought tickets. We were no better than the winners. (because they were also addicted to making the "deal" and taking the winner's money.
January 26, 2021
I really enjoyed this book. It uncovers something unsettling about the American Dream: that money won't fix every problem you have. If you have problems and then get a lot of money you are still the same person with the same problems but now you just have a lot of money to spend on NOT addressing those problems.
It's a really hidden aspect of the lottery story and one that is difficult to tell because it blows the lid on the fantasy of living on easy street after your numbers come in.
Also the journey of the author is an interesting one. rom doing something that gets him out of a slump to earning more and more mirrors the journey of the lottery winners themselves. He finds an uncomfortable kinship in the people he simultaneously sees as marks and as his salvation.
It's a really hidden aspect of the lottery story and one that is difficult to tell because it blows the lid on the fantasy of living on easy street after your numbers come in.
Also the journey of the author is an interesting one. rom doing something that gets him out of a slump to earning more and more mirrors the journey of the lottery winners themselves. He finds an uncomfortable kinship in the people he simultaneously sees as marks and as his salvation.
This entire review has been hidden because of spoilers.
September 24, 2025
Meh.
This book was interesting at first, took a few nose dives, then mostly disappointed. I was drawn by the lottery aspect, but the business this guy was in is all about bottom feeders taking advantage of winners wrapped up in a less than ideal lottery payout system in the USA. I hung in there but it just got depressing (all I can say is that I am glad I live in Canada). I should have stopped listening when the author thought it was necessary to share details about his first sexual encounter with his future wife that were, just ew. Why did I think it would get better? It did, a bit, but didn’t even merit 3 stars from me.
I listened to the Audible audiobook.
This book was interesting at first, took a few nose dives, then mostly disappointed. I was drawn by the lottery aspect, but the business this guy was in is all about bottom feeders taking advantage of winners wrapped up in a less than ideal lottery payout system in the USA. I hung in there but it just got depressing (all I can say is that I am glad I live in Canada). I should have stopped listening when the author thought it was necessary to share details about his first sexual encounter with his future wife that were, just ew. Why did I think it would get better? It did, a bit, but didn’t even merit 3 stars from me.
I listened to the Audible audiobook.
September 21, 2021
Title is accurate: a fake promise of what you're going to get, with a hidden switch on the back end.
Fairly compelling book, going through the industry of lottery annuity discount purchasing. Sadly, it feels lacking compared to the story of someone who actually won the lottery. Like the industry, it parasites a secondary story from the winner: high stakes but less interesting. The whole story feels bad, as you listen to this hunter prey on desperate people. It's not that 'winners' aren't at fault for their scenario, but their 'saviors' are by no means saints.
Fairly compelling book, going through the industry of lottery annuity discount purchasing. Sadly, it feels lacking compared to the story of someone who actually won the lottery. Like the industry, it parasites a secondary story from the winner: high stakes but less interesting. The whole story feels bad, as you listen to this hunter prey on desperate people. It's not that 'winners' aren't at fault for their scenario, but their 'saviors' are by no means saints.
September 9, 2018
I’m abandoning this book at the 60 page mark. I really can’t read any more of this author justifying and making light of predatory behavior and extolling his own failure to launch. At the beginning he asks, “does being good at something that is bad for people make you a bad person?” When you use that skill to hurt people, yes, it does.
I’ve got lots of great books on my to-read list. Definitely time to move on.
I’ve got lots of great books on my to-read list. Definitely time to move on.
March 19, 2021
Win the lottery you are set for life, Common nonsense that has been preached to us, this and plentitude of others. This book gives us the look behind the industry that sells money to lottery winners. What?!! Pretty interesting. Author has a job that rips off lottery winners. Most sales people rip off the poor.
January 27, 2025
Soooo...no one's gonna mention that this man saw horses trapped and starving to death and did nothing to help them? Didn't say anything to the hapless owners who'd inherited them with the property they'd bought with their lottery funds ? Didn't even make a phone call to Animal Control for a welfare check? I seethe with hatred for this author.
This entire review has been hidden because of spoilers.
February 18, 2020
Um, where was this labelled a memoir? One of the reviews here, is the first time I heard it called one.
I read this hoping he'd give insight into the lottery industry, yeah there was some, but nothing that wasn't decades old.
I read this hoping he'd give insight into the lottery industry, yeah there was some, but nothing that wasn't decades old.
November 20, 2020
Interesting for a bit and then fell off. This guy’s firm buys up lottery annuities in exchange for lump sum payments. It’s really focused on his life and stories whereas I thought it would be broader about bankruptcy etc amongst lotto winners.
Displaying 1 - 30 of 91 reviews