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A lottery pool contract sets down the rules that govern how the lottery pool is run, avoiding lottery pool problems like questions of fraud or lawsuits if you win.

But what should be in a lottery pool agreement? Here are some of the questions that you might want to answer in your contract.

When Will Your Lottery Pool Buy Tickets?

Some lottery pools buy tickets on a regular schedule -- once per week, or once per month, for example. Others buy every time a jackpot hits a certain value. And still other pools are a one-off deal; they form anew every time an interesting Play online lottery drawing comes up.

Your lottery pool agreement should specify which drawing or drawings will be covered. It should include both the lottery games you play and the specific drawings you will participate in.

Who Is Participating In the Lottery Pool?

It's a very good idea to outline exactly who is participating in the lottery pool. Lawsuits have been brought against winners in the past ​when coworkers claimed that they were unfairly excluded from a jackpot.

Other questions your lottery pool agreement should cover include whether (and when) new people can join the pool and whether members can participate in some drawings while sitting out from others.

Can Members Buy More than One "Share" In the Drawing?

Some lottery pools allow members to put in more money to receive more shares in the prize if they win. For example, if a single ticket costs $1, a member can choose to throw $5 into the pot to receive 5 shares of the jackpot they could win.

Other lottery pools keep it simple by creating an even split; every member puts in the same amount of money, and every person receives the same amount in the case of a win.

Your lottery pool agreement should specify which variation your group wants to use.

How Are the Lottery Numbers Chosen?

When you buy Play lottery online tickets, you have two options: let the computer choose your numbers randomly, or pick your own numbers. Which method will your lottery pool choose?

Simplest is to agree to let the numbers be chosen randomly.

If you do agree to let members choose their own numbers, you might also want to have your lottery pool agreement waive responsibility if the person buying the tickets accidentally chooses the wrong numbers. Imagine the bad feelings if the wrong numbers were purchased and the right ones won!

What Happens to the Small Prizes Your Lottery Pool Wins?

Everyone joins a lottery pool in the hopes of winning a jackpot. But oftentimes, the winning tickets only pay off a dollar or two. Your lottery pool rules should clearly state what happens to small prizes.

You can try to divvy up the prize among all the participants, no matter how small. Or you can put the small prizes toward another drawing. Or you can choose to donate small amounts to charity or to an office coffee fund ​or save up those small drawings for a group lunch.

If you do choose to put the smaller prizes toward the next lottery drawing, it makes sense to say that only people who chip in to participate in the next drawing get the benefit.

For example: Say that this week, your pool of 20 people wins $5. That $5 is put toward the next week's drawing. In the next week's drawing, only 15 people participate, each putting in a dollar to buy a $1 ticket. With this suggestion, only the 15 participating people have the chance to win in the new drawing. Although 20 tickets are actually purchased, the 15 will split the prize 15 ways, if they win.