Before you start a lotto pool, you need to determine the answers to several important questions:
After determining the basic elements of your lotto pool, you will be able to approach potential members to join. When your circle of
fellow pool players is complete, you can make necessary adjustments, such as the monthly contribution each person will make to the pool.
- What lotto game should you play? Some lotto pools play every draw the state or multi-state lotteries offer.
Others only play when the jackpot reaches certain amounts. Many lotto pools play out-of-state games, particularly
when most members live in a non-lottery state.
- How much should each member contribute? How much can you afford to spend each week or month? To make a pool
worthwhile, each member should plan on putting at least $10 monthly into the fund.
- What's the size of the lotto pool? This is an important question. If your pool is too small, you're just as well
off playing alone. If it is too big, it's hard to manage and your potential winnings are sharply reduced. The best
size for a lotto pool is between 5 and 15 members.
- What is your criteria for selecting members? You should form lottery pools with people you know - family, friends,
fellow employees - and not just acquaintances. Not only does it make pooling more fun, but there are critical issues of
trust involved whenever you are playing for money.
- How do you pick your numbers? Some lotto pools use Quick Pick to select numbers. It is strongly recommended, though,
that Lotto Pools use a Wheeling System
to pick numbers, taking advantage of a pool's ability to play more combinations than individual players.
A written agreement is necessary to avoid future disputes or even lawsuits. A typical lotto pool agreement should contain the following elements:
- Purpose of the lotto pool.
- Member selection criteria.
- Amount of contributions.
- How often to play or how big when the jackpot reaches to play?
- How the winnings are distributed?
- Cancellation of membership.