Help organizing a work pool and forming a contract

Reply #10

KY Floyd — Sat, 27 Jan 2007 02:37:00 GMT

This method offers no possibility for disputes.

There is always a possibility that there will be a dispute. The only question is how easy it will be to resolve a dispute when it comes up.

An email for each drawing listing the people you believe are in the group is a good way to prove that the people listed are in the group, but why would you need to prove that somebody is in the group? The problem is that the email may not be very helpful when somebody who played last week claims that

Reply #9

Greg — Sat, 27 Jan 2007 01:39:06 GMT

What worked best for the pool I ran was this:

1) All money was due the last week of the month for the next month; if you did not pay, you did not play. However, I personally would put in money for the first drawing only for those who could not be found during money collection time and each and every time they reimbursed me. I was never burned. We had 8-21 members in our pool depending.

2) Everyone received a photocopy of the tickets before the drawing so there was no dispute about which... [ More ]

Reply #8

Todd — Fri, 26 Jan 2007 17:53:51 GMT

The system will not flag a new member's account for posting a Lottery Post link.

Reply #7

konane — Fri, 26 Jan 2007 16:29:53 GMT

I'd personally have each drawing as a competely different pool, each standing on its own merit to prevent ties to any other drawings in the event someone drops out.

Reply #6

Travis Mc — Fri, 26 Jan 2007 16:21:14 GMT

Ok well thanks for all the info.. It looks like the best option would be to type of a paragraph or so explaining the details then having blank lines below that. The date will be put on there for the drawing and people will sign when they pay. Copies of that and the tickets will be given to everyone.

Reply #5

LottoGroups — Thu, 25 Jan 2007 16:32:36 GMT

Travis,

This question has been asked before. I find that the answers tend to recommend very complicated legal structures. I look back at cases where lotto groups collapsed into legal suits after a win and in all cases, the groups had absolutely no paper trail or any hint of a contract or written agreement. Of course it is important to not fall into their trap but on the other hand, it is not necessary to spends hundreds of dollars on legal and notary fees.

On that note, here is what I do f... [ More ]

Reply #4

Travis Mc — Thu, 25 Jan 2007 15:34:49 GMT

Ok.. thanks for the suggestions.. anything else? And about getting it notorized.. I was thinking of having a new contract for every drawing so I don't think that would work so well.

Someone has got to have a little something written up that they use at their workplace. I hope they would share.

Reply #3

Guru101 — Thu, 25 Jan 2007 15:26:20 GMT

Also, MAKE SURE it ONLY takes affect on the tickets that are in the POOL. For example, the statement, We agree to share the winnings. isn't good enough because lets say someone decides to go out later on and buy an extra ticket for him/herself. Well, if they hit the jackpot, when the other people find out about it, you don't want them trying to use the contract as a way to get money out of that ticket that wasn't in the pool in the first place. Include the details

Reply #2

Kidzmom — Thu, 25 Jan 2007 15:02:12 GMT

Make sure to get that contract notorized

Reply #1

amsoly41 — Thu, 25 Jan 2007 14:43:53 GMT

There was a good article on here under news called.

How To Protect Yourself In A Lottery Pool

news/135192.htm

I am sorry I can not give the link because of the rules for new memebers.

you may also try doing a search in your favorite search engine for Lottery pools

or do a search for the above.

this is a good thread.

Help organizing a work pool and forming a contract

Travis Mc — Wed, 24 Jan 2007 20:08:09 GMT

My brother and 6 other workers just decided to form a lottery pool for the powerball. So far they've all agreed to put in $4 twice a week and split the money. I wanted to help him form a simple method of running the pool and a contract to hopefully help in the event of a jackpot. Does anyone have a contract they'd like to share. I was thinking something along the lines of a one pager that they all sign when they pay for each drawing. Also copies of that page and copies of the tickets made a... [ More ]