Today, I will be discussing Lottery pools — what they are and how to run it to avoid any conflict in case you do win. There have been a few stories in the news lately about lottery pools where there have been disputes about the winning ticket. You’ll want to take certain precautions to make sure that if there is a winning ticket, everyone shares the prize without having to go to court!
What is A Lottery Pool?
A lottery pool is when a group of people get together and pool their money to purchase a whole bunch of tickets. The advantage to this is that everyone now has a better chance of winning. Rather than just having your own tickets, you now have a chance with 20,30 or even more tickets. Of course, if there is a winning ticket, you will share the prize with all the participants. But a piece of a prize is better than no prize at all!
How to Run a Lottery Pool
There are a few steps you should take when setting up a Lottery Pool:
- Create a set of rules for playing the game, purchasing tickets, etc. Make sure everyone agrees to the rules.
- Make sure everyone pays in the same amount. No one should pay more or less than anyone else.
- Assign someone the role of manager/administrator to handle all transactions.
- Assign someone the role of purchasing the tickets. If more than one person is authorized, than include that in your rules.
- Clearly state how you will claim the winnings – lump sum, over time, etc.
- Have a place to keep and store tickets. Anyone in the pool should be able to see tickets whenever they would like. If you do get a winning ticket, make photocopies and circulate to everyone in the pool.
- Make sure everyone signs a copy of the rules and keep the agreements in a safe place.
What to Do If you Win
If one of the tickets in your pool does win, first smile and jump up and down. Then, it may be a good idea to hire a lawyer to make sure that everyone adheres to the agreement and to avoid any disputes. The good news is, that most lottery pools don’t have any problems when they win. But, just to avoid any potential issues, follow the steps above and you should be ok.
Don’t forget to check out the free Lotto on RewardIt for your chance to win.