If you're close with any of your work colleagues, the chances are that you have reminisced about what life would be like if you were to win the lottery. Would you continue to work? Would you buy the company? Who you would hire or fire?
If you are looking for a way to increase your chances of winning without spending a lot of money - why not start a lottery pool? Not only will it boost morale in the office but it would also give you something to talk about and bring you closer together.
Like any relationship in business, before getting started, it is recommended that you set up a lottery pool contract. This is the best way to avoid any tension and hard feelings between the lottery pool members.
A lottery pool contract offers a broad outline of how the pool will be run, ensuring that everyone is on the same page and knows what to expect. The contract doesn’t have to be extremely formal but serves to let all members know, understand, and agree to the set of rules.
Having a lottery pool contract will help you avoid a range of problems from hurt feelings, damaged egos to lawsuits. Before drafting any legal document, you’ll have to gather all the information you need.
So, to help you draft an airtight lottery contract, we’ve compiled some questions you might need to answer;
1. Who will be the lottery pool manager?
The most important thing when drafting a lottery pool is to have a good idea of who will be in charge. Whoever will be in charge doesn’t need to do all of the work as they can delegate and they’re the point of contact when someone has questions.
Also, part of their duties is ensuring every participant has a copy of the lottery pool contract and keeps track of the signed copies. The person in charge will also make decisions on where the lottery tickets will be stored after being purchased or who will buy tickets this week.
2. When will your lottery pool buy tickets
When it comes to purchasing lottery tickets, some lottery pools have a regular schedule, like once per week or once a month. While other pools only purchase a lottery ticket when the jackpot gets to a certain amount. In some instances, a lottery pool will only exist for a single draw and form a new one when a big jackpot comes up.
Thus, it is important to specify in your lottery pool contract which lottery draws will be covered. Also, the contract has to include the lottery games your pool will play and the draws it will participate in.
3. Who will participate in the lottery pool?
Before drawing up your contract, you’ll need to have an idea of who will be part of your lottery. If your pool wins a massive jackpot, some will regret not joining, while some will try to find a way to get their hands on your windfall.
There have been instances of co-workers suing lottery pool winners, claiming they were unfairly excluded from the pool that won the jackpot. From the onset, you’ve to outline who is invited and how people can find out about the lottery pool.
Some of the other questions your lottery pool contract should cover is whether new people can join and if members can take part in certain draws and skip others.
4. Can lottery pool members buy more than one ‘share’ in the drawing?
In some lottery pools, members can put in more money to receive more shares if a jackpot is won. While others keep things simple by creating an even split. This means each member puts in the same amount of money and they all receive the same amount should they win the lottery jackpot.
Your lottery pool contract should, thus, give an outline of how the jackpot will be split.
5. How will the lottery numbers be chosen?
You’ve two options when it comes to choosing your lucky lottery numbers, either you pick your own lucky lottery numbers or let the computer choose them. The question now is which method will your lottery pool choose?
One of the simplest options is agreeing to let the lottery numbers be chosen randomly. If you allow for members to pick their own numbers, it needs to be specified how and by whom the numbers will be chosen.
Should you choose the latter option, you might want to have a lottery pool contract waive responsibility if a member chooses the wrong numbers.
6. What happens with small prizes your lottery pool wins?
People who join a lottery pool hope that they will win a massive jackpot, but you’re more likely to win smaller prizes. So, your lottery pool contract should state clearly what will happen when small prizes are won.
One option will be to share the prize equally amongst all members, no matter how small it may be or put the money towards buying more lottery tickets. Another option is donating the small prizes to charity, an office coffee fund, or save for a group luncheon.
If the small prizes are channelled towards the next lottery draw, it would make sense that only the people who contributed will benefit from the next draw.
7. Can lottery pool members buy tickets privately?
Imagine a situation where you are in a lottery pool and your manager wins a lottery jackpot but will not share their windfall. And their reason for not sharing the winnings is that the winning lottery ticket was bought privately and not with funds from the lottery pool.
Such a scenario has occurred previously. To avoid it, your lottery pool contract needs to state whether members, especially the one in charge of purchasing lottery tickets, can buy tickets outside of the pool.
If your lottery pool allows for participants to buy lottery tickets privately, it is advisable to make copies of the pool’s tickets. The aim is to be clear on which lottery tickets belong to the pool.
8. Will your group take a lump sum or Annuity?
One of the most important decisions you’ll have to make about your lottery pool is whether to take a lump sum or an annuity. It is better to make a decision ahead of time and mention it clearly in your lottery pool contract to avoid conflicts when you win.
9. Will your lottery pool remain anonymous if you win?
Some countries do allow their lottery winners to remain anonymous when they win a lottery jackpot. It helps to avoid the negative fallout of winning the lottery jackpot, such as being hounded by the press or being bombarded with requests for donations.
Keeping your identity anonymous, when your lottery pool wins a jackpot, can be difficult if some of the members aren’t on board. Avoiding this problem means you have to get all participants to agree to whether they will remain anonymous or announce their win from the onset.
Finishing up your lottery pool contract
The abovementioned pointers are not a comprehensive list of everything that will need to be covered in your lottery pool contract. It aims to begin a conversation about your desired goals with your pool.
It is advisable to consult with a professional lawyer who is familiar with this kind of contract. Once your lottery pool contract has been drafted, it’s important all members read it, understand it and also sign it. You can also have neutral third parties be witnesses to the signatures and your lottery pool manager should keep all the copies.
Have you finalised your lottery pool contract and brought your members on board? Check out our huge selection of international lotteries available on Lotto247 and get playing today.