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.