Tips To Start A Lottery Pool
A lottery pool is a great way to increase your odds of winning the lottery without spending a ton of money. Lottery pools are popular because the more tickets bought, the more chances you have to win. Before you join a lottery pool there are some important things to know.
Choose a Lottery Pool Manager
Decide on one person to collect money and purchase tickets. Make sure the person is responsible and trustworthy. The pool manager should be transparent in showing proof of ticket purchases. The lottery pool will need to decide how often they’ll play and when money will be due.
Pick the Game and Numbers
The group should decide which game(s) they want to play and how they’ll play it. Some lottery pools only play big jackpot games like Powerball or Mega Millions. Will your lottery pool buy quick picks or choose their own numbers? If you choose your numbers, who decides on those numbers?
What Happens If You Win?
Discuss and put in writing ahead of time, how the winnings will be distributed. Typically the prize money is divided evenly among all players that contributed money to that particular drawing. Make sure this is in writing to eliminate confusion if someone skips playing one week and misses a big win.
In some lottery pools the players are allowed to give extra money for more tickets and a larger percentage of the prize. The group should decide up front if this will be allowed. Generally it’s easier to keep everyone’s contributions and prize percentages equal.
Consult a Lawyer
If your lottery pool wins big, it’s a good idea to consult a lawyer. You should also check your state’s lottery rules about how prize disbursements are handled for lottery pools.