Lotto pool.

[davidcs1]

Some co-workers and I want to start a lotto pool. Is there a legal form you can get?
Or how should such a contract be wrote out?
I want no legal problems if we should win.

[This message has been edited by davidcs1 (edited October 07, 2000).]

 

[lawrat]

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

Well, it is legalized gambling so I think a contract would be enforceable. just put down that all parties agree and understand that the winnings will be split evenly.

Put in each person's name and how much they contributed.

Put in dates, signatures, etc so everyone knows what the deal is.

 

[JETX]

Having done several lotto pools (among friends), here is what I did:

1) For each purchase, keep a list of names and how much. The list also has a copy of the formula for 'distribution of winnings' at the bottom, also any other specific conditions or terms.
2) After gathering 'investment funds', purchase the tickets (either specific numbers or quick-picks).
3) Make copies of the 'buyers list' and the tickets. Make a copy available for each member to get one.

That way, each person knows the numbers and has confirmation of their inclusion and pay-in, pay-outs. This keeps both the players and the ticket buyer honest and aware.


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Steve Halket
Judgment Recovery of Houston
[email protected]
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This is my PERSONAL OPINION and is not legal advice! Consult your local attorney for your specific situation and laws!