As jackpots get higher, we hear about more and more lottery players pooling their resources to buy Mega Millions and Powerball tickets as a group. Great idea! In fact, we’re here to help!
We want to make sure you have the best experience possible, so if you’re organizing group play, please be sure that everyone knows and understands the rules of your particular group. Before you hit the jackpot, here are a few things you can do to make sure it’s fun and that everyone is treated fairly.
- Group rules should be discussed and then distributed to each member of the group, so everyone knows the group’s requirements and what will happen, according to those rules, in a variety of different circumstances. Remember, when the rules are in writing, there’s no question about how to divide winnings or who is in the pool and who is not. Things to consider:
- What if someone in the group is absent or does not pay on the day money is collected?
- What if that person has another member cover them and pay their portion on that particular collection day? Will both players receive an equal share of the winnings?
- Are players allowed to participate on an occasional basis, or must they participate in all group play?
- What will you do with smaller winnings? Divide the prize money? Put it toward the purchase of more tickets?
- Let your team know where you purchase the group’s tickets.
- Make copies of the tickets for the group prior to the drawing, and post them or let the team members know what the numbers are.
- Write your team name on the back of the original tickets, and make sure they are kept in a safe place and can be found, if necessary, by your team members.
- When you win, have everyone fill out a claim form. These can be found on our website. Each winner may choose annuity or cash value on a jackpot prize.
- And finally, have a plan!
- For larger groups, have a notification system in place or a list of phone numbers where members can be reached - especially over a weekend!
- Determine who will be the team spokesperson.
- Who will be the “go to” financial advisor for the group? - You may want to contact this person(s) prior to claiming.
- How will you claim your winnings - evenly divided among the group? How long after the drawing?
- Be aware of deadlines, and plan accordingly. Players have 60 days from the claiming date to choose between the cash or annuity payment options. After 60 days, the prize must be paid as an annuity.