Pooling money together and playing the lotto?

Question

At work 10 of us pool our money together to buy lotto tickets. I collect the money and go to the store and buy them. We always buy the same numbers and as soon as I buy the tickets I photocopy them and give them to the people who have contributed. There are other people in the company who do not want to contribute. I would like to put something in writing and for everyone who contributes to sign it. Can you please suggest what I should include? I have been looking online and I do find information about groups pooling money together but nothing about contracts. Thanks a bunch for helping. I appreciate it.

Answer 1

You just need the group to pay you up front and contract in the same 10 people every week or month.  Even if they aren't contributing, give them the benefit of the doubt and book their bet and make them owe you the money so long as they say they still want in the group.  Every month, have everyone sign a new form with the new monthly commitment.  My dads work had a pool and matched 5 out of 6 once and he never got anything cause the guy running it never paid up.  We had copies, but there wasn't anything we could do because we didn't have any agreements for proof other than our word against his.  It was only $5,000 divided amongst 20 people or so, and some of the people got paid.  Not sure all the details. on that, but just be sure that you are collecting on a monthly basis and be digilent about getting the money up front for the month before the person can sign up.

Answer 2

your going too much, you know who has ponied funds and who hasn't. You can keep a list of who gives you money for lotto tickets when they hand you the cash, and simply put, you dont chip in you dont get to party when you win :)

Answer 3

Actually I've seen a bunch of those syndicate agreements around the web.  It's not unusual what you are asking for.

Answer 4

Maybe you could write:

The following people have a share in the whatever State Lottery Pool.  The numbers on this ticket are 1-2-3-4-5-6.

1-name   - signature

2-name   - signature

These are the only people who would be entitled to any monies won with this Ticket in our group.  

I, whatever your name is, is the caretaker of such ticket.

Have it notarized, then give each one a copy. Let them sign first before copying.



Also, it wouldn't be a bad idea to have blanks already made up so that all you have to do is the signing, dating and notarizing.

Hope this helps.