Lottery Pools

Looking to save some money of lottery ticket purchases,  and to maximize your chances of winning the draw?

What is a Lottery Pool?

A lottery pool is when a group of friends, family members, or work colleagues get together to purchase joint lottery tickets. The idea is that each individual puts an equal amount of money into a group pool which will be used to purchase tickets for the entire group. When joining a lotto pool, individual players don’t need to purchase tickets on their own; rather, they only need to put forth a little bit of money each time they play and they are entered into the lottery raffle anyway. If the lottery ticket is a winner, the entire group that contributed to purchasing the ticket will split the money equally between all members.

Things to Do When Starting a Lotto Pool

There are certain steps that must be taken when forming a lottery pool.

Choose a leader: It is very important that there is one main person in charge of the pool who makes sure everything is run efficiently. The leader must be a super-organized individual who will need to collect the money from the group and then alert the entire pool of the winning lottery numbers as they are published. It is the group leader who will be tasked with claiming the prize money on behalf of the group if the group wins.

Write a group contract: It doesn’t have to be anything major like a complicated contract; it’s enough to simply highlight the most important details, so that you don’t run into issues down the line when picking up major lottery winnings. Details that should be included are who exactly is participating, how much money is to be given by each participant, who will choose the ticket’s numbers. It is important to get signatures from each member of the pool and to update the contract as changes happen, so that the information always remains relevant.

Make sure it’s legal: When starting a lottery pool, it is important to make sure that everything is fully above board and legal. Things you’ll want to find out is whether or not playing the lottery is legal in your state, because currently, there are still several states that don’t allow their residents to play the lottery as they consider it gambling. If your pool takes place at work, you will also want to make sure that your boss is okay with it, and that it doesn’t go against any workplace rules.

What to Do If You Win

By joining with others to purchase more lottery tickets than you’d have bought on your own, your chances of winning the lotter become that much better. If your lotto pool wins the lottery, you will have to claim the prize and then distribute the money equally between all members of the group. In the event of a lottery win, your main salvation will come from the fact that you already have a contract set up, meaning that you’ll be able to work things out in a civilized and legal way. Starting your own lottery pool can really help improve your chances of winning the lotto. Just remember, that you can’t win unless you play the lottery.

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