A Lottery Pool, or Lottery Club (they are essentially the same thing), is a group of
people who 'pool' their money in order to buy large numbers of tickets.
Usually, the ownership in the pool is based upon
investment. For example, there might be ten partners in a pool - each partner would
contribute the same amount of money, and each partner would 'own' 10% of the winnings from
the lottery tickets purchased for that Lottery Pool.
If
a Lottery ticket costs $1, and each of the 10 people in the pool
contributes $20, the group will share all of the winnings on 200
tickets. Each person would get 10% of the winnings, having
contributed 10% of the funds.
Suddenly, you can have 200 tickets instead of 20. You
can get computer- generated ticket numbers, or use your own numbers. You can 'Wheel'
a large set of numbers, or just get into a Lottery Pool.
As in our example, above, a lottery pool should have an ownership that is based upon the
investment that is made. If you contribute 10% of the investment, you should have a
full 10% of the winnings.
Your pool should have an agreement, at
least verbally, and someone in
charge. Ideally, an agreement will be written and notarized, but this rarely
happens. There have been disagreements before concerning the distribution of
winnings, so protect yourself before you invest.
If your agreement is verbal, have it be in front of all
members of the pool. If your pool is on the Internet, read all of the provisions and
terms carefully before investing.
It is always better to participate with
people that you know. These types of Lottery Pools and Clubs are a powerful resource.
You always have to protect yourself before you send in any money if the
lottery pool or club is with an
unknown party. Look into the details carefully.
Some of the Internet-based Lottery Clubs and Lottery Pools
are organized in a manner that protects everyone in the pool. Some Internet sites
say merely, 'Trust us ...'. Make sure you read what to look for, and how these
things work.
The established businesses that sell tickets and shares of
tickets on the Internet are generally reputable, but you should use common sense when
going into a club or pool. As we noted, it is always better to play with people you know, rather
than people you don't know. The pools that can be accessed below seem
to offer an interesting opportunity for a Web-based Lottery Pool.
Of course, the best Lottery Pool is where there is a formal
agreement among the pool members which is then registered with the lottery itself.
Actually, the Canadian 6/49 has this ability. Some lotteries let the pool members
write their names on the back of the ticket.
Generally, a Lottery Pool will begin at work, and include
fellow workers within a specific part of that company. One person usually runs this
pool, collecting the money, buying the tickets, and distributing the winnings.
These arrangements can be fine, but make sure that everyone
knows the ownership percentage of any wins. Better yet, ask the person who runs the
pool to re-cap each week with a memo or e-mail, and send it to each participant.
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