What are lottery pools and how do they work?

Remember that with lottery pools, while the odds of winning a prize increase, the payout decreases.

Photo: Mehaniq/Shutterstock

Lottery pools allow you to get better odds of winning a lottery without paying more money for tickets. And it is that it is a group of people who pool their money to buy many tickets.

If any of the tickets they buy win, they split the prize. Sometimes, group members agree to let the smaller prizes roll over to buy more tickets with them, instead of cashing in, Live About reported.

The result is that while the odds of winning a prize go up, the payout goes down, but you could get lucky and win a very big prize.

As an example to illustrate how groups like this work, imagine that you are participating in a lottery at work, and that it has 50 members.

Each of your co-workers contributes a dollar to the common fund. The lottery pool administrator then purchases 50 lottery tickets at $1 each and stores them safely until the lottery draw.

Now, let’s say the lottery pool got really lucky and won a $50 million lottery jackpot. In this case, each of the members who participated will receive one million dollars (before taxes).

The point of lottery pools is that the more tickets you buy, the more likely you are to win.

Keep in mind that depending on where you live, lottery pools may be restricted or illegal, so it’s important to check before you start one.

Remember that in the United States there are no federal laws that prohibit gambling, but individual states may regulate it. This means that if gambling is banned in your state, lottery pools are too.

In addition to laws prohibiting gambling, there are also you should ensure that your workplace does not prohibit lottery pools during business hours. In some companies, gambling at work is a crime and punishable by dismissal.

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