What Is A Lottery Pool? <\/strong><\/h2>\n\n\n\nA lottery pool is a group of people who\nput money together to buy lottery tickets and agree to split the prize if one\nof the tickets wins.<\/p>\n\n\n\n
As mentioned, lotteries are games of\nchance where the only way to increase the probability of winning is by accruing\nmore tickets. <\/p>\n\n\n\n
For example, numerous media outlets\nreported that the probability of winning the recent $1.337 billion Mega\nMillions jackpot was one out of 302,575,350. <\/p>\n\n\n\n
Hypothetically, if a\nplayer had purchased 100 tickets these odds would improve to 100 out of\n302,575,350. <\/p>\n\n\n\n
So why do so many\nlottery players choose to only purchase one ticket? <\/p>\n\n\n\n
This is\npredominantly due to the cost of playing. Most folks are not able or willing to\ninvest large amounts of money into slightly increasing their chances of winning\nbig. <\/p>\n\n\n\n
After all, even with\n100 tickets the odds of winning the jackpot are miniscule. <\/p>\n\n\n\n
That\u2019s why lottery\npools are a popular choice. You can improve your chances of winning but without\nthe additional cost.<\/p>\n\n\n\n
For example, if 100\npeople chose to form a lottery pool and bought one ticket each, the chances of\nthem winning the Mega Millions would match that of an individual who bought 100\ntickets themselves. <\/p>\n\n\n\n
However, on the flip\nside, the winnings of $1.337 billion would have to then be split 100 ways if\nthe lottery pool won, whereas the individual could keep it all for\nthemselves. <\/p>\n\n\n\n
Of course, splitting\nthe jackpot relies on winning in the first place but there is proof that\nlottery pools can and do work. <\/p>\n\n\n\n
In 2012, 20 workers\nat a Quaker Oats factory in Iowa won $241 million. In the same year, 48 SEPTA\nworkers won $173 million. <\/p>\n\n\n\n
In both these cases\nthe money was split amicably, highlighting how fantastic lottery pools can be\nwhen executed properly. <\/p>\n\n\n\n
Why Are They Associated With Offices?<\/strong><\/h2>\n\n\n\n <\/figure>\n\n\n\nWhilst many friends and families may\nfrequently form lottery pools, the practice is most closely associated with\nwork colleagues, especially office workers. <\/p>\n\n\n\n
The prevalence of lottery pools in\noffice settings is thought to be due to a number of reasons, not all of them\nfinancially motivated. <\/p>\n\n\n\n
In fact, many offices decide to form\nlottery pools as a means of boosting workplace camaraderie. This is because it\nprovides employees with a common topic of conversation that can form the\nfoundation of future friendships. <\/p>\n\n\n\n
In a practical sense, offices tend to\nhost a large number of people, which may lead to sizable lottery pools\ndeveloping. Mathematically speaking, larger pools mean an increased chance of\nwinning. <\/p>\n\n\n\n
This fact makes forming lottery pools\nwith colleagues preferable to creating smaller pools with immediate friends or\nfamily.<\/p>\n\n\n\n
How To Set Up A Lottery Pool<\/strong><\/h2>\n\n\n\nSetting up a lottery pool correctly\nrequires high levels of organization and transparency, especially in a\nworkplace setting where the number of participants can be significant. <\/p>\n\n\n\n
1. Form Your Team <\/strong><\/h3>\n\n\n\nRegardless of setting, the first task is always to recruit members. <\/p>\n\n\n\n
If the pool is being created in an\noffice, it\u2019s advisable to make everyone aware of the fact. <\/p>\n\n\n\n
This not only ensures those at the top\nof the company are comfortable with the lottery pool going ahead, but also that\nno employees feel left out or alienated. <\/p>\n\n\n\n
2. Set The Rules<\/strong><\/h3>\n\n\n\nOnce all have been approached and a\nlist of players has been collated, two decisions must be made. <\/p>\n\n\n\n
The first is if participants have to\nplay every week, or if they can opt-in or out depending on their\npreference. <\/p>\n\n\n\n
The second is what the buy-in for each\ndraw is. This could be anything from the price of one ticket to the price of 10\nand beyond. <\/p>\n\n\n\n
Tip:<\/strong> It is advised that all participants put in the\nsame amount of money each week as this will make the division of any potential\nwinnings that much simpler. <\/p>\n\n\n\nBusinesses that see a number of\nemployees absent throughout the week either due to working schedules or\ncommitments to clients, may wish to set up an in-house \u201cbank\u201d. <\/p>\n\n\n\n
This allows uncontactable or absent\nworkers to deposit money for future draws and therefore ensure that their money\nis collected for every weekly draw whether they be in the office or not. <\/p>\n\n\n\n
3. Buy The Tickets<\/strong><\/h3>\n\n\n\nAfter the week’s entry money has been collected a single individual should use it to buy a pre-specified number of tickets. <\/p>\n\n\n\n
Once the tickets have been received,\nthey must be kept in a secure location. <\/p>\n\n\n\n
All that is left to do then is to sit\nback, watch the draw, and hope for a lucky win!<\/p>\n\n\n\n
Lottery Pool Dos And Don\u2019ts<\/strong><\/h2>\n\n\n\n <\/figure>\n\n\n\nWhilst the process of forming a lottery\npool is quite simple, there are a few tips that ensure the pool is fair and\nfunctional for all. <\/p>\n\n\n\n
\u2705 Do Assign A Leader<\/strong><\/h3>\n\n\n\nFirst and foremost, every lottery pool\nshould have a clearly designated leader. <\/p>\n\n\n\n
This will be the person responsible for\ncollecting money, purchasing tickets, and maintaining clear channels of\ncommunication between all lottery pool members. <\/p>\n\n\n\n
Having a leader will ensure that the\nweekly processes are performed in a consistent manner, whilst players will have\na contact they can reach out to if they have any questions or concerns.<\/p>\n\n\n\n
\u2705 Do Make Sure You Sign A Contract<\/strong><\/h3>\n\n\n\nSecondly, make sure any agreements are\nput down in writing. <\/p>\n\n\n\n
Signing a contract may seem excessive\nfor those who see the lottery pool as a bit of fun, however there are numerous\nexamples of verbal agreements falling apart when millions of dollars are\nsuddenly up for grabs. <\/p>\n\n\n\n\n