Need advice

Reply #11

CASH Only — Thu, 03 Oct 2002 18:29:19 GMT

Rose: Assuming you would prefer LUMP SUM, and you want to be part of a lottery pool, you better make sure the pool agrees to the cash payoff. TX needs to adopt the 1998 federal guidelines (which should have been made mandatory) allowing players to make the cash/annuity choice _after_ they win (NY hasn't gone along either).

Reply #10

AmuzingP3s — Thu, 03 Oct 2002 17:36:23 GMT

CashOnly--at the time we had the pool, in mid 90's there was no Cash Option in TX, but it would be important to consider it now that it is available.

Reply #9

Teufellj — Wed, 02 Oct 2002 23:32:10 GMT

Hello there Guest,My two cents worth is this...if there are only two of you then a notorized copy of intent is satisfactory, containing what you will do; how you will do it; and who gets what amount, etc. Any more than two people then I would suggest an iron clad, big bucks contract with the same information. With three or more people and a big win, things and friendship tend to get a little sticky. Teufellj

Reply #8

Bryan — Wed, 02 Oct 2002 21:45:49 GMT

Howdy Guess,I have been the ticket holder for several groups of lottery players. (Doing one now as a matter of fact) Just for my protection and the protection of the other players. We always bought the tickets at least a day ahead so we could make copies for everyone in the group so no one had to guess if we won or not.Also, I played my own numbers. So, to combat the possibility of switching tickets. I bought the group's tickets at a certain store and my personal tickets at a different store. (e... [ More ]

Reply #7

CASH Only — Wed, 02 Oct 2002 18:02:10 GMT

Rose: If your pool had won a jackpot, I would have hated to hear of each of you having to receive annual payments. If you ever play in a pool again, you should make sure the pool is for CASH/LUMP SUM unless there is a unanimous vote for the annuity (of course, someone wanting lump sum shouldn't be in an annuity-only pool).

Reply #6

AmuzingP3s — Wed, 02 Oct 2002 16:34:50 GMT

I meant to say above that we had a 5 of 6 win , not a 5 of 5. I was using Gail's Advantage Plus and wheels. We would choose new numbers each time we play because we were not playing every day and I thought the data changed in between.

Reply #5

AmuzingP3s — Wed, 02 Oct 2002 16:26:28 GMT

I once belonged to a small pool at work here in TX (4--same--people only) and we had a 5 of 6 win (when it was only 50 lottery numbers). It was about a $2700 prize. By the way we missed the 6th numbe, and a $65,000,000 for one digit. We would only play when the jackpot was over the minimum, $3,000 at that time. It was unanimously decided that I would pick the numbers, fill the cards, purchase the tickets, hold them, cash and distribute the winnings, even if it was a small win. Showed that th... [ More ]

Reply #4

lottoscorp — Thu, 11 Apr 2002 15:58:45 GMT

Your problem is simple:After taxes are taken out!...Split everything evenly foreach one who contributed to the pool.

Reply #3

hosni — Thu, 11 Apr 2002 02:11:41 GMT

You need the Michael P. Burke book *WIN MILLION$$ PLAYING THE LOTTERY*. The book also includes How To Form a Lottery Club and Win Your Share of Million$.In the book he has all kinds of forms for Club membership and good advice. Mike's book may still be available from the Publisher, Kennesaw Mountain Publishing, Inc., P.O. Box 440369m Kennesaw, GA 30144. Phone: (404) 428-6632 John in Escondido, CA

Reply #2

Guest — Thu, 11 Apr 2002 02:04:49 GMT

The cash/annuity issue is of course more important when people share ticket(s). If TX still requires the choice be make when you play, _always_ choose LUMP SUM/CASH. If the choice is made AFTER you win, 1) either make sure the contract is for choosing LUMP SUM/CASH, or, should the pool want annuity (unlikely) that those preferring CASH are not in the pool (so that those wanting lump sum aren't stuck with annual payments).

Reply #1

Gamma Ray — Thu, 11 Apr 2002 01:13:02 GMT

Please note, I am not an attroney or lawyer. The following is just my personal opinion. It will help if dispute happens. It will be a good evidence for the court.If the no of players is not too much you guys can have all you names signed at the back of the ticket!Or you guys can draft a partnership agreement on betting. How is every partners dollar contribution (% $ contribution). And how is the distribution of the gain for every partner, by % $ invested.It will be great if there is an external

Need advice

Guest — Thu, 11 Apr 2002 00:55:59 GMT

A couple of coworkers are thinking of going in on tickets as a team. If one person's tickets win then all benefit. What kind of contract should we draw up? Presently no one has brought that up but I know it has been an issue in TX when some people got greedy. How does one decide who will receive/sign the winning ticket to redeem