– Getting Started & Next Steps

Lottery Pools and How Exactly Do They Work?

Have you ever been in a situation where you heard a sky-high jackpot on the mega lottery and know that a handful of lucky people will receive it, even though “I’d be happy to receive just a fraction of the fortune?” Then, the lottery pool is definitely.

Basics of Lottery Pools

Lottery pools essentially give you a higher chance of winning the jackpot, or at least a hefty sum, without necessarily paying more for the tickets. It begins with a group of people with the intention of pooling money in order to purchase a bunch of lottery tickets together and the agreement is that if any of the purchased tickets win they’ll share the prize; so you may want to try forming office lottery group.

Of course, each of the participants will receive less money compared to when they bought the ticket on their own, but the chances of winning would be significantly higher.

How Lottery Pools Work

Let’s say for example that the lottery pool in your office has around 25 members. Each of them will give a dollar into the total money pool. The appointment manager of the pool will use the entire pool to purchase lottery tickets which will be around 25 pieces if it costs a dollar apiece. The responsibility of keeping the tickets safe is given to the manager.

Let’s say that the stars aligned and one of the tickets won the jackpot worth $25 million dollars, that’s before any taxes of course. For the one dollar that you gave, participants have 25 times the chances of winning the small fortune.

Keep in mind that not all of the lottery pools are as easy as this. Let’s say that members of the pool purchase more ‘shares’ in the pool through higher contributions. If one member in the aforementioned example gave $5 instead of the agreed-upon $1, the manager will have to buy five extra tickets, leaving them with a total of 30 tickets, that persons will be able to receive 5/30ths of the prize.

Are There Ever Any Problems with Lottery Pools?

Sadly, the answer is yes. Since there is considerable money at stake, there’s a chance that people will cheat fellow members and act badly towards them. On more than one occasion, people have actually sued one another for varying reasons but all related to the lottery pool which includes whether tickers were bought for the group or for private use, conflicts over the participants if the agreed-upon numbers were entered and so on.

There have been times where people organized and collected money for lottery pools then without buying any tickets, they pocket the cash altogether. Problems like these can be avoided with proper preparation.

Are Lottery Pools Prohibited in Your Workplace?

Apart from the general laws that prohibit gambling, ensure that the workplace doesn’t specifically prohibit lottery pools especially during working hours. There are companies that can fire employees because of gambling if they consider it as a grave offense. Before starting any kind of lottery pool, read up on the employee handbook or code of conduct in the business; don’t forget to check with the human resource department.

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