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Lotto Pools - Best Tips?

Topic closed. 20 replies. Last post 4 years ago by rdgrnr.

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dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
Oklahoma
United States
Member #82391
November 12, 2009
6290 Posts
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Posted: February 28, 2013, 5:16 am - IP Logged

Good luck with your pool, keep it small , list the rules and win

I Agree!

I Love Pink & Green 1908

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    New Member

    Canada
    Member #137795
    January 12, 2013
    24 Posts
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    Posted: February 28, 2013, 7:35 pm - IP Logged

    At my workplace we are going to start an official lottery pool, and by "official" I mean a sign-up sheet that will be passed around for all participants to sign.  We've organized lotto pools many times over the past few years but it's been done in a rather slapdash fashion.  Now we want to do it right so as to avoid, oh, you know, any number of courtroom nightmares we read about in the lottery news, should a large win occur.  We don't want a litigation experience.

    So we need to get the ball rolling but there's a disagreement going on between a few key people over how much money will be wagered, and by whom.  You see, some employees will spend only $1 per game ($2/ week)  while other, more enthusiastic members love spending $10 ($20/ week).  Most of us are somewhere inbetween.

    Advice, please:  Would it be best to have all wagering be equal/ same, say, each participant throwing in $2- $4 per game, consistently, all equal?  Or should we keep it loose, with the wagering always varying from player to player, with the winnings being split proportionally, like shares?  What do you think?

    The way I run mine is we play for a certain amout of draws, our case its 26 draws. twenty shares. you can buy as many shares as you want. All money is paid up front, then we play after everyone is paid up. Contract explains who owns how many shares, get the idea?

      maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
      Massachusetts
      United States
      Member #37433
      April 14, 2006
      2747 Posts
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      Posted: February 28, 2013, 10:07 pm - IP Logged

      At my workplace we are going to start an official lottery pool, and by "official" I mean a sign-up sheet that will be passed around for all participants to sign.  We've organized lotto pools many times over the past few years but it's been done in a rather slapdash fashion.  Now we want to do it right so as to avoid, oh, you know, any number of courtroom nightmares we read about in the lottery news, should a large win occur.  We don't want a litigation experience.

      So we need to get the ball rolling but there's a disagreement going on between a few key people over how much money will be wagered, and by whom.  You see, some employees will spend only $1 per game ($2/ week)  while other, more enthusiastic members love spending $10 ($20/ week).  Most of us are somewhere inbetween.

      Advice, please:  Would it be best to have all wagering be equal/ same, say, each participant throwing in $2- $4 per game, consistently, all equal?  Or should we keep it loose, with the wagering always varying from player to player, with the winnings being split proportionally, like shares?  What do you think?

      Allow people to contribute whatever money they can or wish to. Prize distribution will be simple math. Everybody will get paid in proportion to their contributions. Stipulate that on the charter/constitution from the get-go and you are all set. With that said, your pool will have to payout any winnings as soon as the day after the winnings. This is because if you carry over the winnings of one draw to the next and with people contributing different amounts then I can see a major problem if the two sets of money end up winning. Am I making sense to you because I almost lost myself there in the cornfield lol Think of it like stocks of Ford Corporation. Each shareholder gets dividends according to the number of shares they hold. Goodluck!

      That money's gone fo ever

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        Kentucky
        United States
        Member #32652
        February 14, 2006
        7322 Posts
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        Posted: March 1, 2013, 6:43 pm - IP Logged

        At my workplace we are going to start an official lottery pool, and by "official" I mean a sign-up sheet that will be passed around for all participants to sign.  We've organized lotto pools many times over the past few years but it's been done in a rather slapdash fashion.  Now we want to do it right so as to avoid, oh, you know, any number of courtroom nightmares we read about in the lottery news, should a large win occur.  We don't want a litigation experience.

        So we need to get the ball rolling but there's a disagreement going on between a few key people over how much money will be wagered, and by whom.  You see, some employees will spend only $1 per game ($2/ week)  while other, more enthusiastic members love spending $10 ($20/ week).  Most of us are somewhere inbetween.

        Advice, please:  Would it be best to have all wagering be equal/ same, say, each participant throwing in $2- $4 per game, consistently, all equal?  Or should we keep it loose, with the wagering always varying from player to player, with the winnings being split proportionally, like shares?  What do you think?

        http://www.lotterypost.com/news/257885

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          Columbia, SC
          United States
          Member #135285
          November 21, 2012
          584 Posts
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          Posted: March 1, 2013, 7:07 pm - IP Logged

          Make copies of the tickets included in the pool and have them sign the copied pages.

          I also make up a contract and have each one sign stating that winnings will be divided equally amongst those who are in the pool and I have their names on the contract and have them sign that as well. I don't know if you (or anyone else in the pool) purchases any individual tickets outside the pool, but if so, it's a good idea to state that in the contract any tickets bought outside the pool belong to those individuals only and any winnings belong solely to the individual. As far as money goes, if they don't pay upfront, they wouldn't be included in the pool.

          "If you can DREAM it, you can DO it!"- Walt Disney

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
            United States
            Member #73904
            April 28, 2009
            14903 Posts
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            Posted: March 1, 2013, 7:43 pm - IP Logged

            Make copies of the tickets included in the pool and have them sign the copied pages.

            I also make up a contract and have each one sign stating that winnings will be divided equally amongst those who are in the pool and I have their names on the contract and have them sign that as well. I don't know if you (or anyone else in the pool) purchases any individual tickets outside the pool, but if so, it's a good idea to state that in the contract any tickets bought outside the pool belong to those individuals only and any winnings belong solely to the individual. As far as money goes, if they don't pay upfront, they wouldn't be included in the pool.

            I Agree! I like common sense.


                                                         
                                 
                                                     

             

             

             

             

                                                                                                               

            "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                        --Edmund Burke