Money for Nothing: One Man's Journey Through the Dark Side of Lottery Millions (Hardcover)

~ (Author)
Key Phrases: lottery deal, full buyout, lottery business, The Firm, King Kong, Krispy Kreme (more...)

Editorial Reviews

From Booklist

This is a tell all book about the largely unregulated but legal industry that sells money to lottery winners in exchange for a portion of their future lottery payments. Having worked in this industry for The Firm, as Ugel refers to his former employer, we learn that in states that allow such sales, this industry follows lottery winners who are often people who suddenly receive and mismanage a lot of unexpected money: often impulsive, poorly educated, lacking good advisors. When they need fast cash, The Firm and others capitalize on their need, again, legally. This also is the story of gambling, the pervasive industry in our society from lotteries to casinos to video poker games and more. Ugel, a gambler since age 19, tells a sordid tale of gambling addiction, and we all have much to learn from the author's important perspective on the proliferation of gambling opportunities. Written in an informal, sometimes humorous manner, this book contains excellent information for library patrons. Whaley, Mary

Review

"A breezy, funny writer.... Maybe this eye-opening book will galvanize a movement.... By turns amusing and alarming." -- Kirkus Reviews

"A jackpot of sleaze and hilarity" -- The Oregonian (Portland)

"His tale is a colorfully written account by a self-proclaimed overweight, chain-smoking, Krispy Kreme doughnut-eating, fanatical gambler....You will lick your chops, eager to hear the sordid woes of winners gone broke from spending sprees." -- USA Today

"Ugel’s natural showmanship makes for entertaining reading. He does little to pretty up his misdeeds (heck, they were legal) and offers comical vignettes of his rendezvous and run-ins with prospective clients while delivering a well-deserved scathing indictment of the government-backed lottery system." -- Library Journal

"[A] sordid--and highly engaging--tale" -- Wall Street Journal

An added twist to Mr. Ugel's sordid -- and highly engaging -- tale is the fact that he was himself a compulsive gambler. So while he was encouraging lottery winners to sell him their checks at a discount, his commissions were disappearing at the tables in Atlantic City and Las Vegas. -- The Wall Street Journal

His tale is a colorfully written account by a self-proclaimed overweight, chain-smoking, Krispy Kreme doughnut-eating, fanatical gambler....You will lick your chops, eager to hear the sordid woes of winners gone broke from spending sprees. -- USA Today

This funny, eye-opening memoir explores the American mania for gambling and the dark side of hitting the jackpot. -- Details Magazine

Ugel's natural showmanship makes for entertaining reading. He does little to pretty up his misdeeds (heck, they were legal) and offers comical vignettes of his rendezvous and run-ins with prospective clients while delivering a well-deserved scathing indictment of the government-backed lottery system. -- The Library Journal

Ugel, a gambler since age 19, tells a sordid tale of gambling addiction, and we all have much to learn from the author’s important perspective on the proliferation of gambling opportunities. Written in an informal, sometimes humorous manner, this book contains excellent information for library patrons. -- Booklist

See all Editorial Reviews

Product Details

• Hardcover: 256 pages
• Publisher: HarperBusiness (September 18, 2007)
• Language: English
• ISBN-10: 0061284173
• ISBN-13: 978-0061284175
• Product Dimensions: 9 x 6.1 x 1.1 inches
• Shipping Weight: 1 pounds (View shipping rates and policies)
• Average Customer Review: 3.6 out of 5 stars  See all reviews (55 customer reviews)
• Amazon.com Sales Rank: #625,806 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

32 of 34 people found the following review helpful:

4.0 out of 5 stars Here's the scoop on this one, March 20, 2008

By	K. Corn "reviewer" (Indianapolis,, IN United States) - See all my reviews (TOP 100 REVIEWER)

I urge you to read this fascinating story of one man who worked for "The Firm", a company who gave cash payments to lottery winners who (not surprisingly) needed those payments all too often - even after winning the lottery.

As you've probably heard (and it is true) lottery winners often don't understand how to manage their winnings or how the money is paid out. That is where people like Mr. Ugel come in, earning a living from the ignorance of the winners. Before you rush to judgment, you can be sure that Ugel judges HIMSELF - and is quite open about his own shortcomings. That was what made the book so fascinating for this reader, as well as the way he interspersed his own life story with the job. It became clear that he wasn't so different from those he fleeced.

This is a very honest look at one side of the lottery business, one that allows people like Edward Ugal to make deals with lottery winners and -by his own admission - make a living by using their weaknesses to gain an advantage. But here's the kicker: Ugel did so well at this because he was as much a victim of this gambling bug as his victims.

If you are expecting a book which focuses only on lottery winners and losers, this book isn't that sort. Instead, it is a revealing look at one man's life as well as the lottery business. It jumps back and forth in time quite a bit. Even so, I found it very entertaining as well as sobering. It sure cured me of any desire to gamble!

It all makes for one riveting book. I couldn't put it down. Prepare yourself to be both entertained and diverted as well as ready for the unexpected. This one doesn't go where you think it will but it is honest, informative and enlightening.

It is no secret that gambling and games like poker have captured the public imagination, perhaps more so than ever before. Read this book and up your learning curve!

14 of 15 people found the following review helpful:

5.0 out of 5 stars Human Nature, January 24, 2008

By	Nancy Tucker - See all my reviews (REAL NAME)

Money For Nothing, by Edward Ugel is deceiving. It's so entertaining, so laugh-out-loud funny that you don't realize you're getting serious insights into human nature.

It made me think of the tried and true therapy trick: if money weren't an issue, what would you do? If you've always been worried about financial security you have a tendency to think that enough money would solve a multitude of problems. But as Ugel's book so artfully show us, that is hardly the case. There are clearly many more problems than solutions for the hapless lottery winners...and the business people who serve them. Movies and television have done us all such a disservice, that it is refreshing to see the happy high roller myth debunked.

What makes this memoir work for me is Ugel's self deprecating humor and the way it masks his very real regrets.In the same way that the best crime dramas show detectives lamenting their similarities to the criminals they pursue, Money For Nothing reveals how even the most glamorous jobs are still work, not hobbies. And in this case work erodes even the most successful and jaded salesman's moral fiber.

Ugel is brutally honest about himself and his shortcomings. It's a courageous first book and I look forward to his next...is there one?

9 of 10 people found the following review helpful:

5.0 out of 5 stars Random thoughts - does it matter if I rate this book?, February 10, 2008

By	Dale B. Emery - See all my reviews (REAL NAME)

After recently finishing, here is my take in random thoughts. Why 5 stars? Seems kinda lame to put anything but all or none. Like I say below, you are probably going to read this anyway. In no particular order:

1. You are not going to be able to resist buying this if you're already interested in the subject. It follows Ben Mezrich's stuff, but a little less edgy.
2. This was a slimy business, and some salespeople are right for it. Ed ultimely wasn't, but mainly because of his guilt. Without a conscience, he could have been better (sold more) than "Ben," his own mentor.
3. Comes off as honest. (Also funny, for the most part.) Google lump-sum agency and see how their FAQ's read exactly like Ed Ugel's descriptions.
4. Add this one to the list of 'must reads' for anyone in serious sales work. There are things to learn here, especially about the unique and sometimes weird psychology of a salesman.
5. Isn't it amazing that MILLIONS play the lottery and not more than 42 players (give or take) know what the jackpot actually is, how it is paid, exactly, or what any of the numbers add up to be?
6. Then, amazingly (or not) they basically didn't know what the cost of lumping out was - Ed claims that many actually get advice from good advisors - but what difference does it make? If you need the dough, you are going to go through with it anyway. Amazing.
7. Ed should either have deleted the disclaimer in the beginning about how he "changed everything" or had a lawyer go over his DNC's and manuscript. No, actually, by his own admission, Ed claims that he is kind of soft. Bag all of that, Mr. Ugel, man up and write, forget all the boohoo. Okay to admit your feelings, but c'mon. Do you think a movie director has problems with changing the facts a little in the script? Even Ron Howard admits it's only about making a good movie.
8. Along the same line, you needed more hard numbers here. You write a book, you need to spill some beans, irritate some people, you "never ever burn bridges?" You should've burned a few for the sake of the book. You owed less to your "Firm" and co-workers than you did to the clients you apologize to (ad nauseum) in the book. And if you're even thinking about getting back into this business, bleachhhhh, you dog.