Lottery Pool Agreement

Lottery Pool Agreement

Lottery Pool Agreement

The following individuals agree to join a lottery pool for the month of ___________________, for the purpose of jointly playing the _______ State Lottery:
___________________________________________________________ and the following games of the __________ State lottery:  _________

and designate, ______________ as the Lottery Pool Manager for this month. Each participant shall be liable to contribute $____ per game played. Each party to the pool shall turn over all funds for the purchase of tickets at least 24 hours prior to the closing time for purchase of tickets for each game. In the event that a person does not do so, they shall nevertheless be liable to pay in their share of the money used, if a ticket or ticket is purchased for them.

In the event that any prizes are won, the pool manager, who shall serve without compensation, shall evenly divide the prize among the participants, deducting any amount owed for a failure to pay a required share. ANY AND ALL FUNDS WON AS PRIZES SHALL BE CONSIDERED TO BE HELD IN TRUST FOR THE POOL BY THE MANAGER.

This agreement shall not automatically renew and shall expire at the end of the month stated.

In the event of a prize being won in excess of $ ______, and settlement options are provided, the vote of the majority of the pool members shall decide. If there is no majority, the pool manager shall decide.

Any member may withdraw by written notice to the pool manager, and the pool shall thereupon end, but shall remain in effect for the past games played as a pool.

This is the entire agreement of the parties and there are no agreements express or implied not stated herein. This agreement may only be altered in writing signed by all parties.

Dated: ______________________________.

Accepted and agreed: ____________________________________________________
Signed by All the Parties

Lottery Pool Agreement
Review List

This review list is provided to inform you about this document in question and assist you in its preparation.  This agreement is more well care.  It is bad enough to lose with the lottery.  But to win the lottery and then lose your friends over haggling about who got what would be downright silly.  This agreement helps protect against that contingency for two reasons:  first, you have the agreement in writing; and secondly, everyone has a chance to determine whether they “really” mean in before they sign.

1. Keep multiple copies.  Keep the paperwork in order as long as you elect to invest in lottery tickets.

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The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. It is provided as is, and isn’t necessarily endorsed or approved by Due to the variances of many local, city, county and state laws, we recommend that you seek professional legal counsel before entering into any contract or agreement.

4 Comments For This Post

  1. Murray Flentroy Says:

    Hi, I’ve found your stuff pretty helpful but you can improve it by answering my question – )) how many Lottery winners picked their own numbers? Do you know a website where you can find out the percentage of lottery or powerball winners who picked their own numbers or did a quick pick?

  2. Frank Says:

    Not sure about a site, but I was watching a documentary on TV the other night and it stated that about 70 percent of picks were quick pick with the remainder picking their own numbers. They determined that their was no statistical advantage either way. However, if you select a commonly picked set of numbers and win you may have to share those winnings with many.

  3. Keith Says:

    One aspect that I don’t like about this contract is that it allows a person to participate in the winnings even though they may not have contributed in advance of the drawings. Thus, they could “forget” to contribute until after the drawing. If nothing wins, they could try to weasel out of paying, but if there is a significant win, then they could come up afterward and say “Here’s my $2 fee, where are my winnings?”.
    My contract would say that if you don’t pay in advance, then you are not a participant for that drawing and thus are not entitled to any winnings.

  4. KZA Says:

    Is legal for the pool manager to charge a fee?

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