How Do You Organize A Lottery Pool?
Organizing a lottery pool is easy, but it’s got to be customized based on who’s involved, the regularity of play, the rules of the organization executing the lottery, federal & state tax laws, etc. • Propose general rules of play to the potential participants. Modify and recirculate until you have agreement on these. • Include provisions for adding & deleting members. • Fix the amount for buy-in. No one should have a greater share just because they had more cash in their wallet that day. • Designate an administrator for the “pool” (a.k.a., group, syndicate) • State clearly who can purchase tickets for the group and who will be the primary person responsible for this. • Require contact information be provided for every participant. • Spell out how you will claim winnings. Be explicit about whether this is uniform for all winnings or varies by amount or taxable impact. • Get it in writing. Everyone who agrees to participate should sign your rules document. This becomes your contract. • P
