Purely by accident, Edward Ugel spent his late twenties and early thirties working among some of the nation’s most infamous gamblers and lottery winners. For seven years he worked in various sales and marketing positions, including his last three plus years as a Senior Vice President of The Firm, a lump sum finance company that buys winnings from lottery winners on Monday and sells them at a markup on Tuesday. It is a completely unregulated, massive, multi-million dollar a year business that most Americans don’t even know exists.
Ugel left The Firm in early 2006. Since then, he has written for The New York Times and contributed to Public Radio International’s This American Life. He is an invited resident blogger on The Huffington Post where he writes about business, pop-culture, media, politics, and gambling. His book, Money for Nothing: One Man’s Journey Through the Dark Side of Lottery Millions (Collins) takes readers behind the scenes of the exclusive high stakes world of the lottery and lottery winners. From the states which relentlessly promote this form of legalized gambling to the guerilla sales tactics of the lump sum financing business to the often outlandish and larger-than-life winners themselves, attendees of Ugel’s speaking engagements will never see the lottery in the same way again.
In Money for Nothing, Ugel tells of his tenure at The Firm and the ridiculous lengths to which they would go to locate and sell to lottery winners. Ugel details the closing techniques which he’s cultivated over the past decade and parleyed into a multi-million dollar payday in this industry. He tells the wild true stories of the winners whom he has worked with over the years and reveals the sordid politics and business tactics behind the lotteries themselves. He talks about the addiction – even after winning – that winners have for their lottery fix and of his own desperation to close deals to keep him in gambling money. The film rights to Money for Nothing have been optioned by Warner Brothers, and producer Michael De Luca (21, Austin Powers, Magnolia, Seven, Boogey Nights), and Tobey Maguire (Spiderman, Wonder Boys, The Cider House Rules). Screenwriter Peter Steinfeld (21) is writing the screenplay.
In the book and his presentations, Ugel reveals the truth behind the state lotteries: they are not the friendly, benign distraction that their commercials project. Instead, the states themselves run the most pervasive and insidious form of gambling in history.
Few people have had the type of access, the insight into winner’s minds, their wallets, their real lives that Ugel has had for the better part of a decade. In the past decade, he has traveled the country meeting with lottery winners in every corner of the nation.
Ugel has also contributed to the radio show, This American Life, with Ira Glass. In April 2007, his life story was featured on the show. In addition, he has appeared on numerous NPR radio shows including On Point and Talk of the Nation. He has been featured on the popular CBC national morning TV show Sunday. He is also a resident blogger for The Huffington Post and a contributing writer for the New York Times and The Washingtonian Magazine.
He now writes full time and spends every second possible with his wife and two-year-old daughter. They live in Bethesda, Maryland.
The State Lottery System: A Scam on Residents, A Forty Year Old Con
Lottery Winners: Be Careful What You Wish For
The Lottery Lump Sum Industry: Capitalism in its Purest, Most Venomous Form
The Growing Gambling Epidemic in American Culture
Guerilla Sales and Marketing Strategies (Business to Consumer)
Privatizing State Lotteries: Wall Street Wants a Taste of the Lotteries Billion Dollar Cash Cow
New Money, New Problems: How Cash Windfalls Often Have Devastating Effects on Peoples Lives
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