Experts offer advice on lottery pools - WNEM TV 5

Experts offer advice on lottery pools

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Several people go in on lottery pools with their friends and coworkers, but some experts say buyer beware.

Lottery pools collect money from a group of people and put that money towards a bunch of tickets for the next drawing.

Some experts suggest the group puts together a written agreement with all parties involved. In that agreement you should write down the names of those involved and how much they contributed.

Pools should also decided whether the payment would be taken in a lump sum or in annual payments and determine how the winnings will be provided.

One Mid-Michigan lottery player said he already follows those steps.

"Something that was drawn up, actually we talked to, I believe we talked to some legal somebody and some kind of agreement where yes, everyone is partaking. Everyone's name is on it and you have to sign it," Mike Warnemuende said.

According to the Powerball website, they will work with the winners and will pay out as requested to as many people that are involved.

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