Lottery Pools
Nowadays, media outlets are reporting more and more individuals who won the lottery jackpot via their participation in their office lottery pools. These collaborative efforts can range from informal agreements between trusted friends to formal arrangements with notarized documents.
Probably the most important thing to consider in such agreements is how the prizes will be split. In some cases, prizes may be split equally, pro-rated according to contributions, or by any other prior agreed upon arrangement.
The increasing popularity of lotto group play is not surprising considering the numerous benefits of these arrangements. Of course, reaping the benefits of lottery pools also requires careful planning among its members in case one of the number combinations hits the jackpot.
Benefits of Pools
Hassel Free Play
If a member you can avoid the hassles of going to the purchasing office, lining up to get your tickets, and then filling all the entry forms, all of which can take up your time, energy and effort. Instead, you can just give your contribution to the person in charge, receive your photocopy of the ticket, and wait for updates, when necessary.
Reduced Chance of Mission Out
Being a contributor in a lottery pool means that you are least likely to miss a drawing for any reason. For example, you may be too busy to purchase the agreed tickets on a certain day so you can ask another person in your lottery pool to do the job. Your group will then more likely win from the tickets instead of missing out on the opportunity of a lifetime because of a missed buy.
Increased Odds of Winning
As a pool member you have higher odds at winning the jackpot. The theory is simple: With more tickets purchased from the pooled amounts on a regular basis, the greater the odds for winning. As an individual, you may be unable to sustain the relatively large amounts of money necessary to purchase as many tickets as possible to increase your odds of winning.
In exchange for the higher odds, the participants agree to share their winnings. Again, the division will vary from one group to the next.
Considerations for a Successful Pool
As a general rule, lottery pools are safe in terms of the participants sharing in the winnings. Keep in mind that these arrangements are primarily based on a trust system with written agreements serving as a strong foundation in sustaining the mutual trust between members.
Ideas for Structuring the Agreement
As can be concluded from the abovementioned discussion, we strongly recommend drawing up a written agreement signed by all the members. The contract, which should preferably be witnessed by an objective person like a lawyer, should contain the most salient points of the lottery pool including but not limited to:
- Division of Labor - Lottery pools require specific persons to be entrusted with roles and responsibilities related to the arrangement. Tasks like collecting the pool contributions, purchasing the tickets, documenting the purchases, and keeping the tickets should be divided among the members. Think of check and balances while dividing the work.
- Amount and Frequency of Purchases - The total dollar amount contributed by each member and the frequency of contributions should also be agreed on. Decide also on the action in case a member fails to pay and someone else paid for his contribution.
- Payouts - Determine how payouts on the winnings, big and small.
Group Play is the way to go but only when you know how to participate in one and how to protect your investment.