Businesses that see a number of employees absent throughout the week either due to working schedules or commitments to clients, may wish to set up an in-house “bank”.
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This allows uncontactable or absent workers to deposit money for future draws and therefore ensure that their money is collected for every weekly draw whether they be in the office or not.
3. Buy The Tickets
After the week’s entry money has been collected a single individual should use it to buy a pre-specified number of tickets.
Once the tickets have been received, they must be kept in a secure location.
All that is left to do then is to sit back, watch the draw, and hope for a lucky win!
Whilst the process of forming a lottery pool is quite simple, there are a few tips that ensure the pool is fair and functional for all.
✅ Do Assign A Leader
First and foremost, every lottery pool should have a clearly designated leader.
This will be the person responsible for collecting money, purchasing tickets, and maintaining clear channels of communication between all lottery pool members.
Secondly, make sure any agreements are put down in writing.
Signing a contract may seem excessive for those who see the lottery pool as a bit of fun, however there are numerous examples of verbal agreements falling apart when millions of dollars are suddenly up for grabs.
A clearly written and signed document ensures that there can be no arguments over who was playing, or the way the winnings should be split.
✅ Do Keep Tabs On Who Plays Each Week
Another important process is that after the collection of that week’s entry money, the pool leader should always email a full list of the week’s participants to all lottery pool members.
This ensures that those who have chosen not to play that week’s draw cannot stake a claim to any of the pool’s potential winnings.
✅ Do Make Sure The Leader Sends Copies Of The Tickets Out
The lottery pool leader should always send a copy of the week’s lottery tickets to all players upon purchasing them.
This is vital as it prevents the pool leader from never actually purchasing the tickets and pocketing the pool’s money or from using one of the pool’s tickets to claim the jackpot as an individual.
Sports Betting WebsitesA trend that has caused multiple lottery pools to take their leaders to court as reported by NBC News.
The importance of this process is reinforced by Jason Kurland, a Criminal and Civil Litigation Attorney who stated to Time Magazine:
“You can look at cases where there is a ‘leader’ collecting all the money, buying tickets and if not done right, that leader might win on their own ticket and no one in the pool will believe them. It’s pretty scary especially in states where it’s an anonymous winner, no one is going to know if the tickets aren’t photocopied.”
✅ Do Agree On How Winnings Will Be Split
All lottery pool participants should come to an agreement concerning how small winnings will be dealt with, as these amounts are probably not worth splitting between numerous pool members.
Popular alternatives to splitting small winnings include using the money to buy more tickets for the next draw or buying treats such as coffees for the pool members.
❌ Don’t Use Cash
❌ Don’t Use Cash
Whilst cash may seem like the easiest payment option, it can cause headaches in the future because it leaves no trace.
Digitally transferring money creates proof that the transaction occurred; proof that may well prove vital if players find themselves battling over winnings in court.
❌ Don’t Allow Verbal Agreements
For the same reason as not using cash, verbal agreements should also be avoided.
IOUs or verbal agreements on who has entered that week’s draw may well fall apart when large sums of money are at stake, so always get everything in writing.
In the US the legality of office lottery pools is predominantly down to location.
This is because lottery pools are a form of gambling and as such are dependent on the state’s gambling laws.
In states like Nevada, where gambling is commonplace and widely encouraged, there should be no problem with office lottery pools.
Of course, the opposite is also true, so you should always do your research before setting up a lottery pool.
