Lottery Pool info requested
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I'm thinking of starting a lottery pool at work. I've read a little about some run in the UK and realize that some are share based where people contribute different amounts so the payouts or distributions can be based on shares and that there can be different rules that a pool can implement. Some rules can be based on threshold amounts for when a distribution is paid out versus when the winnings can simply be reinvested back into the pool. I'm not sure about running the pool in this way but am curious as to what experience someone may have running a pool or even participating as well as what kinds of rules and policies you may have come across. Also, has anyone been doing this with a spreadsheet or custom program to compute shares or keep track of members and dues or contributions, etc.. We're thinking of limiting the pool to no more than 20 players and to have some legal agreements up front i.e. how the pool will be divided if we hit the jackpot. We've done this unofficially at times when the jackpot gets large and no one wants to do it permanently because you have to do collections and make copies of all of the tickets,etc. Anyone? What's your experience with pools been?
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I'm thinking of starting a lottery pool at work. I've read a little about some run in the UK and realize that some are share based where people contribute different amounts so the payouts or distributions can be based on shares and that there can be different rules that a pool can implement. Some rules can be based on threshold amounts for when a distribution is paid out versus when the winnings can simply be reinvested back into the pool. I'm not sure about running the pool in this way but am curious as to what experience someone may have running a pool or even participating as well as what kinds of rules and policies you may have come across. Also, has anyone been doing this with a spreadsheet or custom program to compute shares or keep track of members and dues or contributions, etc.. We're thinking of limiting the pool to no more than 20 players and to have some legal agreements up front i.e. how the pool will be divided if we hit the jackpot. We've done this unofficially at times when the jackpot gets large and no one wants to do it permanently because you have to do collections and make copies of all of the tickets,etc. Anyone? What's your experience with pools been?
JohnnyG wrote:
Anyone? What's your experience with pools been?
My experience? Usually goes something like this... Me: "No thanks, I don't gamble." Co-worker: "Alright, but if you're the only one in the office tomorrow, you'll know why."
Proud to have finally moved to the A-Ark. Which one are you in?
Author of the Guardians Saga (Sci-Fi/Fantasy novels) -
JohnnyG wrote:
Anyone? What's your experience with pools been?
My experience? Usually goes something like this... Me: "No thanks, I don't gamble." Co-worker: "Alright, but if you're the only one in the office tomorrow, you'll know why."
Proud to have finally moved to the A-Ark. Which one are you in?
Author of the Guardians Saga (Sci-Fi/Fantasy novels)You forgot the conversation the next day. Me: so you didn't win then? Co-worker: not this time. Me: so that's another fiver I haven't thrown away. suckers.
If you have knowledge, let others light their candles at it. Margaret Fuller (1810 - 1850) [My Articles] [My Website]
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I'm thinking of starting a lottery pool at work. I've read a little about some run in the UK and realize that some are share based where people contribute different amounts so the payouts or distributions can be based on shares and that there can be different rules that a pool can implement. Some rules can be based on threshold amounts for when a distribution is paid out versus when the winnings can simply be reinvested back into the pool. I'm not sure about running the pool in this way but am curious as to what experience someone may have running a pool or even participating as well as what kinds of rules and policies you may have come across. Also, has anyone been doing this with a spreadsheet or custom program to compute shares or keep track of members and dues or contributions, etc.. We're thinking of limiting the pool to no more than 20 players and to have some legal agreements up front i.e. how the pool will be divided if we hit the jackpot. We've done this unofficially at times when the jackpot gets large and no one wants to do it permanently because you have to do collections and make copies of all of the tickets,etc. Anyone? What's your experience with pools been?
Check your local lottery mafia organization to see if they have rules and regulations when doing group pools and if they offer a "template" contract. For example, in Québec, we have this template contract, but it's not always necessary : (PDF) http://general.loto-quebec.com/loteries/divers/jouer_groupe/pdf_lo_convention_f.pdf[^] When doing this regularly, always wait to the end of a current "run" (free tickets, re-investment ... ) before adding and removing people from the pool. Each participant should have a copy of the tickets, normally, when buying in group, you should get the official ticket and multiple copies for each participant. and above all ... good luck.
Watched code never compiles.
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I'm thinking of starting a lottery pool at work. I've read a little about some run in the UK and realize that some are share based where people contribute different amounts so the payouts or distributions can be based on shares and that there can be different rules that a pool can implement. Some rules can be based on threshold amounts for when a distribution is paid out versus when the winnings can simply be reinvested back into the pool. I'm not sure about running the pool in this way but am curious as to what experience someone may have running a pool or even participating as well as what kinds of rules and policies you may have come across. Also, has anyone been doing this with a spreadsheet or custom program to compute shares or keep track of members and dues or contributions, etc.. We're thinking of limiting the pool to no more than 20 players and to have some legal agreements up front i.e. how the pool will be divided if we hit the jackpot. We've done this unofficially at times when the jackpot gets large and no one wants to do it permanently because you have to do collections and make copies of all of the tickets,etc. Anyone? What's your experience with pools been?
I did run a lottery syndicate a few years back. Fairly simple: everyone contributed £1 and was limited to 10 people. Bought 10 tickets (5 wednesday and 5 saturday) and any winnings split equally (we never won a penny). We had a lottery syndicate agrrement so that there would be no arguments and I scanned the tickets and emailed everyone - took 5 minutes. In the UK you must have a signed agreement or everyone other than the primary ticket holder is liable for taxes on their shares. I think they may have a suitable agreement on the lottery website. Good luck: you're going to need it!
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." Red Adair. nils illegitimus carborundum me, me, me
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I'm thinking of starting a lottery pool at work. I've read a little about some run in the UK and realize that some are share based where people contribute different amounts so the payouts or distributions can be based on shares and that there can be different rules that a pool can implement. Some rules can be based on threshold amounts for when a distribution is paid out versus when the winnings can simply be reinvested back into the pool. I'm not sure about running the pool in this way but am curious as to what experience someone may have running a pool or even participating as well as what kinds of rules and policies you may have come across. Also, has anyone been doing this with a spreadsheet or custom program to compute shares or keep track of members and dues or contributions, etc.. We're thinking of limiting the pool to no more than 20 players and to have some legal agreements up front i.e. how the pool will be divided if we hit the jackpot. We've done this unofficially at times when the jackpot gets large and no one wants to do it permanently because you have to do collections and make copies of all of the tickets,etc. Anyone? What's your experience with pools been?
My wife runs a VERY SMALL lottery pool with her parents and a couple siblings. Very low key. Everybody contributes the same VERY SMALL amount each month and any winnings under $100 are "re-invested". They won ~$2000 once, that was kinda cool. I stay the heck out of it. I figure the odds of winning big is about the same as the lottery commission just accidentally sending me a check - so why bother?
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JohnnyG wrote:
Anyone? What's your experience with pools been?
My experience? Usually goes something like this... Me: "No thanks, I don't gamble." Co-worker: "Alright, but if you're the only one in the office tomorrow, you'll know why."
Proud to have finally moved to the A-Ark. Which one are you in?
Author of the Guardians Saga (Sci-Fi/Fantasy novels)At a small company I used to work for, the owner insisted on being in the workers lottery pool on the grounds that if they won, at least he would have some money to make up for suddenly having no workers... He was right too, a medium win would have lost him about 80% of his staff. When it rained, no one would tell him, so we could have a office sweep on how much water we got in his merc convertible before he noticed.
Real men don't use instructions. They are only the manufacturers opinion on how to put the thing together.
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You forgot the conversation the next day. Me: so you didn't win then? Co-worker: not this time. Me: so that's another fiver I haven't thrown away. suckers.
If you have knowledge, let others light their candles at it. Margaret Fuller (1810 - 1850) [My Articles] [My Website]
Exactly :)
Proud to have finally moved to the A-Ark. Which one are you in?
Author of the Guardians Saga (Sci-Fi/Fantasy novels) -
I'm thinking of starting a lottery pool at work. I've read a little about some run in the UK and realize that some are share based where people contribute different amounts so the payouts or distributions can be based on shares and that there can be different rules that a pool can implement. Some rules can be based on threshold amounts for when a distribution is paid out versus when the winnings can simply be reinvested back into the pool. I'm not sure about running the pool in this way but am curious as to what experience someone may have running a pool or even participating as well as what kinds of rules and policies you may have come across. Also, has anyone been doing this with a spreadsheet or custom program to compute shares or keep track of members and dues or contributions, etc.. We're thinking of limiting the pool to no more than 20 players and to have some legal agreements up front i.e. how the pool will be divided if we hit the jackpot. We've done this unofficially at times when the jackpot gets large and no one wants to do it permanently because you have to do collections and make copies of all of the tickets,etc. Anyone? What's your experience with pools been?
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I did run a lottery syndicate a few years back. Fairly simple: everyone contributed £1 and was limited to 10 people. Bought 10 tickets (5 wednesday and 5 saturday) and any winnings split equally (we never won a penny). We had a lottery syndicate agrrement so that there would be no arguments and I scanned the tickets and emailed everyone - took 5 minutes. In the UK you must have a signed agreement or everyone other than the primary ticket holder is liable for taxes on their shares. I think they may have a suitable agreement on the lottery website. Good luck: you're going to need it!
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." Red Adair. nils illegitimus carborundum me, me, me
Then you'll get some guy who was on holiday and thus forgot to pay but wants his share of the action. You need rules or it gets messy in the event of a win.
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Check your local lottery mafia organization to see if they have rules and regulations when doing group pools and if they offer a "template" contract. For example, in Québec, we have this template contract, but it's not always necessary : (PDF) http://general.loto-quebec.com/loteries/divers/jouer_groupe/pdf_lo_convention_f.pdf[^] When doing this regularly, always wait to the end of a current "run" (free tickets, re-investment ... ) before adding and removing people from the pool. Each participant should have a copy of the tickets, normally, when buying in group, you should get the official ticket and multiple copies for each participant. and above all ... good luck.
Watched code never compiles.
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I did run a lottery syndicate a few years back. Fairly simple: everyone contributed £1 and was limited to 10 people. Bought 10 tickets (5 wednesday and 5 saturday) and any winnings split equally (we never won a penny). We had a lottery syndicate agrrement so that there would be no arguments and I scanned the tickets and emailed everyone - took 5 minutes. In the UK you must have a signed agreement or everyone other than the primary ticket holder is liable for taxes on their shares. I think they may have a suitable agreement on the lottery website. Good luck: you're going to need it!
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." Red Adair. nils illegitimus carborundum me, me, me
A couple of times in the past when the jackpots are really large (over 200 million dollars) 20 to 25 of us will pitch in $10 each and we sometimes had over 200 tickets. But what was really time consuming was checking all of the tickets especially since if you don't win the jackpot, you'll win some smaller prizes and that doesn't include the time to make and distribute the photo copies of the tickets. This is why the pool never lasted because a person would volunteer to do it and then after two or three drawings say they wouldn't continue to run it.
