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Learn how to organize a lottery pool

It is very easy to organize a lottery pool, but it is got to be customized depending on who is involved, the rules of the organization which executes the lottery, the regularity of play, federal and state tax laws, etc. In this article, let us see the simple steps on how to organize the lotto pool in brief.

  • To organize a lottery pool, first propose the general rules of play to the other potential participants. Until you get an agreement on these rules, modify and recirculate it.
  • Include the provisions to add or delete members. When a member is added or deleted each time, use the names of those people added with the new contract.
  • Fix the buy-in amount. Just because someone had more cash with them that day, do not let anyone to have a greater share.
  • The lotto pool needs an administrator. So designate an administrator for the lotto pool.
  • Also someone has to collect the money. So designate person or persons to collect the money.
  • You have to state clearly that who is responsible to purchase tickets for the group. You have to fix a person who should be a primary person and can do this.
  • Get the contact information from each and every participant.
  • Also, spell out the way you claim winnings. Ensure to be explicit about if this is uniform for all the winnings or it varies by amount or taxable impact.
  • Make everyone who agrees to participate to sign your rules document. That is, get it in writing and this becomes your contract.
  • Winning tickets should be only scanned or photocopied. Retain the original, non-winning tickets for a specified period of time for the audit purposes. By seeing the original, non-winning tickets along with the photocopied tickets, allow any member to purchase the pool’s ticket which saves a lot of time for the admin and also the unnecessary photocopying.
  • Whenever possible, keep the names out of public. You can establish a blind trust or a vechicle if you are planning to claim the jackpot, and claim the winnings in the trust’s name. This should be mentioned in the claims section of your rules.

You can find a lot of tips on organizing a lotto pool, if you do your own research online. You can make use of lotto pool agreements found on the web. If anyone can’t or won’t settle on the rules, then exclude them.

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