Lottery pools are increasing in popularity. Look for or incorporate these guidelines in a lottery pool before starting a pool or participating.

HOUSTON, TEXAS, UNITED STATES, July 18, 2023/EINPresswire.com/ -- More people are turning to lottery pools as a strategy to win mega jackpots. Unfortunately, the dreams of a lottery pool group winning big may lead to someone creating a poorly-formed lottery pool with Texas-sized mistakes that could lead to headaches and possible litigation between participants.

Nina Ross is a veteran YouTuber and the face of the YouTube channel Business Operations, Management and HR. Nina is the founder of CIRTT Consulting, a business consulting firm in Houston, Texas and has been featured in Forbes, Newsweek and other publications as a business expert.

In Nina’s YouTube video “Lottery Pool Guidelines that Everyone Should Follow”, she offers the following advice to anyone wanting to start or participate in a lottery pool.

Designate a Lottery Pool Manager
Nina states that “the lottery pool manager is the one steering the ship so if there is no lottery pool manager, who is steering the ship?”
The lottery pool manager is the person who moves the lottery pool program forward. The lottery pool manager will perform a list of duties that include, but are not limited to: Collecting money: the lottery pool manager should be a trustworthy, honest individual since lottery pool participants may collectively contribute several hundred or several thousands of dollars weekly. Lottery pool managers should not have problems with money, extreme debt or criminal history that includes dishonesty or theft related issues.

Compiling participant information for all game activity: lottery pool managers tasks include distributing lottery pool agreements to participants, maintaining lists of participants that contribute to specific games. This could be anything: the participant’s name, name of game, date of drawing, amount contributed to each game, estimated winnings per participant, win or lose results, money won, how it was distributed, blah, blah, blah.

Purchasing/Securing Lottery Tickets
The lottery pool manager physically visits the stores, purchases the lottery tickets, secures the tickets and sends copies of pre-determined information to all participants. Lottery pool managers ensures that agreed upon games are the only tickets purchased with lottery pool funds, among other things. Nina favors doing a basic background check on the designated Lottery Pool Manager, saying, “lottery pool participants should know more than the name of the lottery pool manager, especially when large amounts of money are involved.”

Lottery pool managers must have certain natural characteristics such as being punctual and having attention detail since deadlines are crucial when purchasing lottery tickets and notifying participants.

LOTTERY POOL AGREEMENT
A lottery pool agreement is a document created by and/or agreed upon by lottery pool participants that outline the lottery pool rules and guidelines. A copy of the lottery pool agreement should be signed by each participant prior to joining the lottery pool. Each participant should keep a copy of the lottery pool agreement handy as it should answer all questions and scenarios related to the lottery pool.

Nina says [regarding lottery pool agreements], “it’s important to specify what types of lotteries are being played in advance in your lottery pool agreement. Naturally, it would be assumed that official state/national lotteries are being played…. nothing should be assumed.”

Some of the subjects discuss in your lottery pool agreement could be:
- Name of the Lottery Pool Manager, complete contact information and emergency contacts.
- Will the Lottery Pool Manager be a volunteer position or compensated for their time.
- Can the Lottery Pool Manager be fired or voted out for any reason?
- Is there a time limit on the Lotter Pool Manager position?
- How will the lottery ticket numbers be selected?
- Will there be a maximum number of lottery pool participants?
- What lottery games will be played.
- Number of lottery tickets purchased per game.
- Number of days/weekly will lottery tickets be purchased.
- How smaller winnings will be claimed and distributed.
- How will the jackpot be claimed: by an attorney or by the group? If by an attorney, who will pay the attorney?
- How will the taxes be paid on winnings?
- Media silence: who will represent the group and will the group remain anonymous or go public?
- How the jackpot will be claimed and distributed?

As the lottery pool evolves and changes, so should the lottery pool agreement. Nina says that, “lottery pool agreements should be reviewed and updated at least annually or during a major event such as the Lottery Pool Manager title changes or adding a new lottery game to the pool.”

LOTTERY POOL ACTIVITY DOCUMENTATION
Nina highly recommends lottery pool managers list the participants in the lottery pool each time a game is played. If the lottery pool participants agree to play weekly, a participant list should be created once a week and emailed to all participants before the lottery drawing. Nina further recommends the following additional information be distributed to participants: name of the lottery game played, date of drawing, and the winning numbers.

Nina also states that “there should be some form of regularly updated information spreadsheet available in a read-only format for participants to view at any time. This will allow full lottery pool transparency.” Some of the information could include the number of times a particular game is played, statistical information from the state or national lottery about a particular game, weekly amount of money collected by the lottery pool, blah, blah, blah.

SUMMARY
Employee lottery pools continue to grow in popularity. With that being said, Nina recommends that companies and business owners NOT endorse or approve lottery pools or allow employees to conduct lottery pool activities on company time. Further, Nina recommends establishing an employment policy outlining the company’s stance on conducting lottery pool business on company time due to the potential of litigation that may arise from disagreements and fall-out due to a poorly planned lottery pool.

Nina believes that unstructured lottery pools will abruptly end with mega-drama, "review all types of what-if scenarios before participating in or setting up a lottery pool to minimize issues and maximize fun."

Nina Ross
Nina Ross Business Consulting
+1 713-894-8512
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Lottery Pool Step-by-Step Setup That Covers Every Scenario

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