With the Powerball jackpots at $300 million and the Mega Millions jackpot at $250 million, there is plenty of money to spread among large groups of lottery players in pools and syndicates. (In the U.K ., Brits call them lottery syndicates; Americans call them lotto pools.) Lottery jackpots are won increasingly more often by groups of people who pooled their money.
If either the Mega Millions jackpot at $250 million or the Powerball jackpot at $300 million were split among 100 lottery players who pooled their money together, each one would collect more than a million dollars in a cash lump sum if the ticket wins the top prize. With this much money at risk, you need a binding lottery syndicate or lotto pool agreement signed by all the participants.
Pools can consist of two people or more – even 100 when the jackpots are this huge. Lotto pools or lottery syndicates can be organized wherever people meet on a regular basis. The possibilities are endless. Lotto pools are most popular on the job among fellow workers. When you win, others will share your joy. And when you lose, you can groan and gripe together. So, pooling can be loads of fun. Besides, who knows? You may even win a jackpot!
POOL ONLY WITH PEOPLE YOU KNOW
Avoid Internet lottery pools. Google “lottery pool scam,” and you’ll find 90,000 results: Google “lottery syndicate scam,” and you’ll find 29,900 results. Internet sharks are out there en masse ready to steal your money.
Before you contribute your share of cash to any pool or syndicate, be sure that an agreement is drawn up (with everyone’s address, telephone number, e-mail address) signed and dated by all participants. At the time of purchase, a $1 lottery ticket might seem inconsequential – until it is a winning ticket worth a quarter of a billion dollars! When so much money is at stake, even a best friend might decide the big windfall is more treasured than your friendship. The person who signed the back of the winning ticket is the legal owner. Without a paper trail (a signed and dated agreement), possession is 99 percent of the law.
HOW TO SET UP A LOTTERY POOL OR SYNDICATE
When deciding on the size of your pool, consider the amount of money each member of your pool wants to contribute each week and how often you want to play together. Of course, participating in pools with small amounts of money does not prevent you from buying additional tickets for yourself.
Each member can (and should) participate in the management 파워볼사이트 of the pool. One person can be designated as the banker who collects the money and keeps the accounts. Others can work on selecting the best numbers to play. Still others can wheel the numbers and fill in the bet slips. (Always use a Balanced Wheeling system when pooling to trap the winning numbers.) Another person can be responsible for buying the tickets. Meetings should be held on a regular basis to get the input of all the members of the group.
WRITTEN AGREEMENTS SHOULD INCLUDE THE FOLLOWING ITEMS
Once you have the members of your pool lined up, decide on a name for your group. Then, draw up a simple agreement describing the pool’s bylaws and have each member sign it. The agreement should provide for the periodic payment of a certain amount of money by each member into the pool fund, and it also should provide for methods of distribution of the winnings — or non-distribution if pool winnings are small and are slotted to be reinvested in additional lottery tickets.