How to Do a Lotto Pool
A lotto pool can start off as a way to build community feelings among co-workers, neighbors and family members. It is a way to enjoy the excitement of participating in state-run lotto games, and sharing the experience with others. An administrator needs to be selected by the members of the pool to buy the tickets, and to pay out the proceeds in the event that any of the purchased lotto tickets happen to win. The key aspect to selecting an administrator is trusting the individual.
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Instructions
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Select an administrator to run your lotto pool. The administrator needs to be organized and consistent and must be someone who will buy the tickets every week without excuses, or will make arrangements on weeks he is not present. Finding a trustworthy person is even more important than finding an organized individual.
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Announce the way the lotto pool will work. For example, in an equal-participation lotto pool, each participant kicks in an equal amount each week. Those who are in this kind of pool must get their money into the administrator by a prescribed deadline each week lotto tickets are bought. If a winning ticket is purchased, each participant gets an equal amount. If participants purchase "shares" in their lotto tickets, they get a percentage of the winnings based on the amount they contribute.
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Place all contribution amounts and lotto ticket purchases on a spreadsheet so all participants can see how much has been contributed to the pool and how much has been put into the game tickets. This needs to be done without fail to demonstrate that the lotto pool is being run honestly.
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Pay off all winning tickets promptly. When small wins are accumulated, this is a simple procedure because the administrator turns in the tickets, gets the proceeds, and pays off the participants. In the event of a big win, it is more complicated because the payoff is often made over a number of years, but the pool members may want to get paid off immediately with a lump sum distribution. This may require the hiring of an attorney to work out a settlement.
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References
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