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FAQs About Making a Lottery Pool Contract
A Lottery Pool Contract allows a group of individuals to make a clear, legally binding agreement that explains how the group will cooperate to purchase lottery tickets and split the proceeds if any of the tickets win.
Individuals who plan to participate in or run a lottery pool among their friends, family, or co-workers. If you are participating in a lottery pool and there is no agreement, it may be helpful to suggest your group make one.
A Lottery Pool Contract is important because without a signed, written agreement, whoever is physically in possession of the ticket could run off with the winning ticket. A Lottery Pool Agreement also sets out other important terms to make sure everyone is on the same page.
In most states where there is a state run lottery, a Lottery Pool Contract, especially if signed by all involved, will be legal and enforceable. If your lottery pool wins and the group representative disappears, you may want to seek legal help as soon as possible to review your options.
Generally, a Lottery Pool Contract appoints a representative or manager who collects and distributes the winnings according to the agreement. Lottery pools may allow the representative to set up a professionally managed Trust to receive and distribute the winnings so that the representative or manager is not tasked with these important duties.
Last reviewed or updated 10/31/2022