Do you and your friends/family do Arisan, an Indonesian style lottery [details inside]?

Arisan is an Indonesian social gathering in which a group of friends and relatives meet monthly for a private lottery similar to a betting pool. Each member of the group deposits a fixed amount of money into a pot, then a name is drawn and that winner takes home the cash. Wiki
Do you do (or have you done) such kind of lottery with your inner circle or would you ?
What do you think about it, about the idea to win a substantial amount to be able to buy something much needed, or to invest in your house or a possible business(idea)?
Is this an exclusive Indonesian phenomenon or is there something similar in your country?
If you participate in it (or would so), how much do/would you put in the kitty at maximum, and maximum how many members are/should be in the group?