Organizing a Lottery Pool

  by: admin - Category: lottery pool

Organizing a private lottery pool is not difficult, but its important to be clear on all rules of participation before you begin buying tickets, icnluding aspects such as: who’s involved, the regularity of play, the rules of the organization executing the lottery, federal & state tax laws, etc.

10 Easy Lottery Pool Steps:

1. Propose general rules of play to the potential participants. Modify and recirculate until you have agreement on these.

2. Include provisions for adding & deleting members.

3. Fix the amount for buy-in.

4. Designate an administrator for the “pool” (a.k.a., group, syndicate)

5. State clearly who can purchase tickets for the group and who will be the primary person responsible for this.

6. Require contact information be provided for every participant.

7. Clarify how you will claim winnings.

8. Get it in writing. Everyone who agrees to participate should sign your rules document. This becomes your contract.

9. Provide copies of the tickets. Retain the original documents for a specified length of time.

10. Keep the names out of public record whenever possible. (This should be stated in the claims section of your rules.)