Types of Guild/Group Loot Rules

I see all kinds of types of Loot Rules and don’t really know what they mean. For instance, Loot Council. Or even Master Looter. I know there are a number of different processes but don’t know what they mean. Does someone take all the loot and dole it out as they see fit?

Can anyone please explain the different rules?

Thanks

https://vanilla-wow.fandom.com/wiki/Loot_system

Any other questions about specific terminology, here is a good place to start.
https://vanilla-wow.fandom.com/wiki/Category:Game_terms?from=A

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So first you have the in game options. Group loot and master looter. Group loot has the dice that come up. Master looter assigns someone to give out what drops.

Loot council and dkp are the two common raid loot systems guilds use. Council ispeople in the guild decide who gets it. Dkp is a point system you accrue based on attendance to spend on loot in a bidding system.

There are tons of variations on top of that like gdkp where you use gold as dkp and bid on items, then the gold is split among everyone at the end. So people that didnt get any loot make gold. There’s zero sum dkp, and honestly so many more variations its endless.

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Loot Council - The group (or a selected set of officers and class leaders) selects who gets a piece of gear, taking into account performance gains, previous loot, and player reliability. Pro: Gear goes to the right place. Con: Bias may affect it.

DKP - Dragon Kill Points : When you kill a boss, everyone gets some “currency” called DKP. Spending that currency in various ways allows you to “buy” gear. Some DKP has bidding, where the gear is auctioned off to the highest bidder, others use flat prices, but give it to the person with the highest DKP bucket. Pro: People control their purchases Con: Gear doesn’t always go to the most beneficial person, and people can hoard points waiting for the best gear, being left under-geared in the mean time.

EPGP - Effort Points/Gear Points: Similar to DKP, you get points for killing bosses, and gear costs points. However, it incorporates a decay and the winner of gear is the person with the best ratio of effort to gear already gained. Pro: Fairer than DKP as it punishes hoarding Con: Gear doesn’t always go to the most needing.

Term:
Master Looter - This is the mode of looting, where one person, the Master Looter, can send gear to people’s bags instead of using Need/Greed rolls to work out who wins. Pretty much all systemic gear systems use Master Looter.

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Thanks very much!