Poll of the Day > Looking to make a simple lottery contract for my coworkers

(+) Yeah! (+)

http://www.macleans.ca/wp-content/uploads/2014/10/LOTTERY-CONTRACT.pdf

https://www.rocketlawyer.com/blog/in-a-powerball-lottery-pool-use-our-lottery-pool-agreement-911173

These are the 2 I'm using for samples, was wondering if anyone here had any experience with this sort of thing. Really just want to outline basic guidelines; they all get along well so this isn't really needed, but I'd rather have it just to be safe
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This is what I came up with, I still want to add something about taking annuity if won, but what do you think about the rest?

Lottery Pool Agreement

1. We have associated together to purchase and own Powerball tickets.

2. We each have an undivided interest in the tickets purchased and own the ticket(s) as tenants in common.

3. The following individuals are participating in this agreement, all of whom have contributed a total of TWO dollars ($2.00) for the purpose of purchasing [number] (X) entries into the contest drawing:
[List all names]

4. No party (co-owner) to this agreement is under 18 years of age or otherwise prohibited by law from purchasing Lottery tickets or claiming a prize.

5. If the group wins free tickets in a draw, then the tickets will be replayed in isolation immediately by the same group in the next draw as a separate group draw (and so on, if more free tickets are won). No new members may join this group.

6. If the group wins cash in a draw, then it will be distributed equally among members of the group,
or used to purchase tickets in the next draw by the same group (and so on, if more cash and/or free tickets are won). If used to purchase tickets for the next draw, then no new members may join this group.

7. The members of the group have a duty of good faith to each other and will treat each other fairly and with respect.

8. By signing this form, you acknowledge that you have read and understood the above terms.

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Lottery pools just don't work because buying more than one ticket won't increase your odds of winning.
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but am I missing anything vital in the contract?
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This is literally going to end in an episode of forensic files.
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SmokeMassTree posted...

Lottery pools just don't work because buying more than one ticket won't increase your odds of winning.

There's a direct correlation between the number of lottery tickets bought and your chance of winning the lottery.

Your chance of winning the lottery is still virtually nonexistent because it doesn't grow exponentially.

Yellow posted...

SmokeMassTree posted...

Lottery pools just don't work because buying more than one ticket won't increase your odds of winning.

There's a direct correlation between the number of lottery tickets bought and your chance of winning the lottery.

Your chance of winning the lottery is still virtually nonexistent because it doesn't grow exponentially.

Incorrect

Say you have a 1/100 chance to win (just to make it easy)

You purchase two tickets

You don't have a 2/100 chance

You have two 1/100 chances
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In this topic, SMT shows a complete lack of anything resembling an understanding of statistics.

Chances for lotteries are set. They aren't based on number of tickets sold. The big ones pick a random mix of numbers. The possible outcomes are a finite set. If you purchase two different series of numbers from those sets, you will double your chance of winning. Lottery purchase pools indeed do increase the chance that everyone will win something. Now, as mentioned above, the chance is tiny. But it does increase.

Also, if you had two 1% chances, that's still higher than a 1% chance. How do you fuck this up this badly?

deadpigs101 posted...

http://www.macleans.ca/wp-content/uploads/2014/10/LOTTERY-CONTRACT.pdf

https://www.rocketlawyer.com/blog/in-a-powerball-lottery-pool-use-our-lottery-pool-agreement-911173

These are the 2 I'm using for samples, was wondering if anyone here had any experience with this sort of thing. Really just want to outline basic guidelines; they all get along well so this isn't really needed, but I'd rather have it just to be safe

almost guaranteed to change if you win a sizable amount
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SushiSquid posted...

In this topic, SMT shows a complete lack of anything resembling an understanding of statistics.

Chances for lotteries are set. They aren't based on number of tickets sold. The big ones pick a random mix of numbers. The possible outcomes are a finite set. If you purchase two different series of numbers from those sets, you will double your chance of winning. Lottery purchase pools indeed do increase the chance that everyone will win something. Now, as mentioned above, the chance is tiny. But it does increase.

Also, if you had two 1% chances, that's still higher than a 1% chance. How do you fuck this up this badly?

braincells got killed off
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You're wrong
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I explained how I was correct. Let's lower the number so it's easier to grasp.

There are five unique possible outcomes. You pay for a ticket and get assigned one of those. You've got a 1/5 chance of winning. If you bought another ticket, you would be assigned another of the possible outcomes, bringing you to 2/5 chance.

Now extrapolate that to the lottery and you'll see why purchasing multiple tickets does increase your (still very small) chance.

Incorrect
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SmokeMassTree posted...

Incorrect

lol
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Bump so more people can laugh at this.

DaltonM posted...

This is literally going to end in an episode of forensic files.

Haha, "two dead in lotto contract dispute ". I know a lot of people have these things in their offices, I don't know if I ever heard of a contract for it but it's probably better to write it all out ahead of time.

And obviously if you are paying the amount you would have paid for one ticket but sharing in the odds of many other people, you have a higher chance of winning something but when you do win you get less. That's the whole idea lol
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I need a clause for how we take the money if we win. I'd rather take it annually over 20 years, but is there any merit to taking one large lump sum?
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deadpigs101 posted...

I need a clause for how we take the money if we win. I'd rather take it annually over 20 years, but is there any merit to taking one large lump sum?

You're also leaving out a clause for when an active participant can't/doesn't chip in their $2 and the group wins that week. It's happened where people went on vacation, the work group won the jackpot, and the vacationer sued for a cut (and won).
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supergamer19 posted...

deadpigs101 posted...

I need a clause for how we take the money if we win. I'd rather take it annually over 20 years, but is there any merit to taking one large lump sum?

You're also leaving out a clause for when an active participant can't/doesn't chip in their $2 and the group wins that week. It's happened where people went on vacation, the work group won the jackpot, and the vacationer sued for a cut (and won).

you're right

If you have not paid in full for this draw prior to purchase of the tickets, then you are not a member of this lottery group.

Each lottery draw and each lottery group-play form is a new agreement to play the lottery. As such, there is
no regular group or regular member. The money as paid in advance of each ticket purchase, determines the lottery group for this particular draw.

If a person is sick or on vacation or otherwise unavailable to sign this form or to contribute their money,
then he/she is not a member of this group. There is no legal or moral obligation on the part of other member to contribute on his/her behalf.

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SMT thinks you have a 1/6 chance of rolling an even number on a 6-sided die.
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Final draft, what do you think?

Lottery Pool Agreement

1. We have associated together to purchase and own Powerball tickets.

2. We each have an undivided interest in the tickets purchased and own the

ticket(s) as tenants in common.

3. If you have not paid in full for this draw prior to purchase of the

tickets, then you are not a member of this lottery group.

4. Each lottery draw and each lottery group-play form is a new agreement to

play the lottery. As such, there is
no regular group or regular member. The money as paid in advance of

each ticket purchase, determines the lottery group for this particular

draw.

5. If a person is sick or on vacation or otherwise unavailable to sign this

form or to contribute their money,
then he/she is not a member of this group. There is no legal or moral

obligation on the part of other member to contribute on his/her behalf.

6. The following individuals are participating in this agreement, all of

whom have contributed a total of TWO dollars ($2.00) for the purpose of

purchasing [number] (X) entries into the contest drawing:
[List all names]

7. No party (co-owner) to this agreement is under 18 years of age or

otherwise prohibited by law from purchasing Lottery tickets or claiming a

prize.

8. If the group wins free tickets in a draw, then the tickets will be

replayed in isolation immediately by the same group in the next draw as a

separate group draw (and so on, if more free tickets are won). No new

members may join this group.

9. If the group wins cash in a draw, then it will be distributed equally

among members of the group,
or used to purchase tickets in the next draw by the same group (and so on,

if more cash and/or free tickets are won). If used to purchase tickets for

the next draw, then no new members may join this group.

10. The members of the group have a duty of good faith to each other and

will treat each other fairly and with respect.

11. By signing this form, you acknowledge that you have read and understood

the above terms.

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Final draft (just omitted the names), what do you think?

Lottery Pool Agreement

1. We have associated together to purchase and own Powerball tickets

2. No party to this agreement is under 18 years of age or otherwise prohibited by law from purchasing Lottery tickets or claiming a prize.

3. We each have an undivided interest in the tickets purchased and own the ticket(s) as tenants in common.

4. If you have not paid in full for this draw prior to purchase of the tickets, then you are not a member of this lottery group.

5. Each lottery draw and each lottery group-play form is a new agreement to play the lottery. As such, there is
no regular group or regular member. The money as paid in advance of each ticket purchase, determines the lottery group for this particular draw.

6. If a person is sick or on vacation or otherwise unavailable to sign this form or to contribute their money,
then he/she is not a member of this group. There is no legal or moral obligation on the part of other member to contribute on his/her behalf.

7. The following individuals are participating in this agreement, all of whom have contributed a total of TWO dollars ($2.00) for the purpose of purchasing [number] (X) entries into the contest drawing:
[List all names]

8. If the group wins free tickets in a draw, then the tickets will be replayed in isolation immediately by the same group in the next draw as a separate group draw (and so on, if more free tickets are won). No new members may join this group.

9. If the group wins cash in a draw, a vote will be held to determine if it will be distributed equally among members of the group, or used to purchase tickets in the next draw by the same group (and so on, if more cash and/or free tickets are won). If used to purchase tickets for the next draw, then no new members may join this group.

10. The members of the group have a duty of good faith to each other and will treat each other fairly and with respect.

11. By signing this form, you acknowledge that you have read and understood the above terms.

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