Sometimes lottery tickets can be expensive and buying one ticket doesn’t increase your chance of winning. That’s where online lottery pools come in. By taking part in a lottery pool you’ll have more number combinations entered into the draw which boosts your chance of winning.
But exactly what is a lottery pool and is it legal? That’s what you can find out in this article. We’ve provided valuable information about how lottery pools work and how you can become part of one online. Keep reading to find out more!
- What is a Lottery Pool?
- Are Online Lottery Pools Legal?
- How do Lottery Pools work?
- Does a Lottery Pool Increase Your Chances of Winning?
- How to Join an Online Lottery Pool
- The Best Online Lottery Pools to Choose From
- What Do Lottery Pools Do With Smaller Prizes?
- Who Participates in Lottery Pools?
- Advantages of Online Lottery Pools
- What are the Drawbacks of Online Lottery Pools?
- Final Thoughts
What is a Lottery Pool?
A lottery pool or syndicate is when a group of people pools money together to buy more lottery tickets for a draw. It increases your chances of winning a lottery game because more number combinations are picked depending on how many tickets your group sends through.
If your group wins money, the prize is split equally and paid to each player. In some cases, if the group wins small prizes they’ll use the money to buy more lottery tickets instead of cashing out. But if a group wins the jackpot they’ll split the money and cash out.
For example, if you have a group of 10 people and you’ve won a US Powerball jackpot of $1.5 billion, each person will receive $61,600 after taxes. Lottery pools allow you to connect with other players and work together to increase your odds.
Are Online Lottery Pools Legal?
Online lottery pools are 100% legal but only if you play through licensed sites that offer syndicates. There are sites that claim to offer large jackpots but sometimes they’re shady and are only out to gain access to your banking details and steal your money. You must ensure that you play through a legitimate lottery site.
You can check whether a lottery site is legitimate if you check the following:
- Credentials on the site are usually found at the bottom or on their terms and conditions page.
- Their reputation through online reviews.
- A number of years in operation.
- Verified winners.
How do Lottery Pools work?
How a lottery pool works will depend on the site you play through. Each site will have a different set of rules or types of pools that you can play. Essentially, you’ll join a group and pay a certain amount towards a bundle of lottery tickets. Some sites allow you to choose your own numbers and others will choose them for you. Here is a short guide on how standard lottery pools work.
Lottery Pool Manager
To begin a lottery pool there must be a manager to control what happens in the group. Typically, the manager will have everyone in the group sign a contract. The manager will also be responsible for:
- Collecting the money
- Buying the lottery tickets with the collected money
- And handling the prize money and sharing it out
The lottery pool manager must be someone trustworthy to handle all the finances and buying of the tickets.
Imagine having a group of 20 people participating in the pool and they each put in $5. With this amount of people you can have $100 for each draw you want to play. If you’re playing Mega Millions this means your group can buy 50 tickets at $2 each.
This maximizes your chances of winning on a budget because now you have 50 tickets in a draw and you only have to pay $2 towards the pool.
When you join a lottery pool and play mega lotteries you can contribute $5 for a chance to be entered 50 times into a draw as opposed to only two chances if you were playing as a single player. Additionally, if you play Lotto Max, each player will have 60 entries for the same $5 investment.
The only downside to playing in a lottery pool is that the full jackpot amount will be split between each player in the group. The amount everyone gets will depend on the jackpot. For example, if the jackpot is $40 million, each member will receive $2 million. But if the prize money is only $10,000, each participant will only receive $500,000.
If you have fewer players in your lottery pool that means each participant will receive more from the jackpot. You’ll also have to factor in taxes when you get your prize money.
Some lottery pools may allow you to own shares so you can increase your prize money if your group wins. The more money you contribute to the pool the more money you can get from the jackpot. For example, if you buy four shares at $5 each out of the 20 players in a pool you’ll own 20% of the lottery winnings.
Does a Lottery Pool Increase Your Chances of Winning?
The chances of winning the lottery on your own are extremely small. What’s more, there is no guarantee that you’ll win a massive jackpot especially if the odds are 1 in 302,575,350 or more. Joining a pool is one lotto strategy that can boost your odds.
You’ll be happy to know that there have been some major wins from lottery pools in the past. Here are a few stories that might inspire you to join an online lottery pool.
- 11 co-workers in California won $543 million from Mega Millions
- 26 player lottery pool won $1 million
- 20 co-workers won $241 million from the US Powerball and later won more than $10,000
- 5 friends split $106 million from the Mega Millions jackpot
How to Join an Online Lottery Pool
Almost all licensed lottery sites offer lottery pools that you can join. If you’d like to try playing a lottery pool here is a short guide on how to do it.
Find A Lottery Website that Offers Lottery Pools
Unfortunately, there are some licensed lottery sites that don’t offer lottery pools so you’ll need to find one that does. LottoGo is one of the best sites because it offers 15 syndicates for you to play where you can win massive jackpot prizes and it’s a legitimate site!
Choose the Lottery to Play
Now that you’ve chosen a site, you want to choose a lottery that has the best prices on lottery tickets and an excellent jackpot amount. Don’t choose lotteries with small prizes because if you have a large group you won’t get paid much money. Choose a lottery such as EuroMillions that offers a massive €210,000,000 jackpot.
Choose Your Investment
You can choose how much money you want to invest in the lottery pool. The more money you invest the more you’ll get when your group wins the jackpot. However, if you all agree to pay in an equal amount then the prize money will also be shared equally amongst players.
Finalize Your Transaction and Join
Once you’ve decided on the amount you’d like to invest you’ll want to finanize your transaction on the site to join the lottery pool. Some lottery sites allow you to add funds into your online wallet so you can easily pay for tickets and pools you want to join.
Wait for the Results
Once everyone has placed their amounts into the pool the lottery tickets will be bought. Check the draw date of the lottery you’ve played and decide if you want to watch it live or wait for the lottery site to post the results on their website.
The Best Online Lottery Pools to Choose From
The US Powerball has a large number of syndicates to choose from. You can pick between 50 and 200 lines making the odds of winning more favorable. The cost of joining a syndicate can be between $10 and $100 but this will depend on the site you play through and the syndicate you choose. For example, TheLotter sells a share in the US Powerball syndicate play for $13.89.
What’s more, when you join a lottery pool on the US Powerball you have a chance of winning up to $40 million.
With EuroJackpot the odds of winning a prize with 100 tickets is 1:1.3. To play a EuoJackpot’s lottery pool you can go through sites such as TheLotter or LottoAgent. Furthermore, the cost of joining a EuroJackpot online lottery pool can be between €5 to €50. However, this will depend on the syndicate’s rules and how many tickets you buy.
The reason why so many players choose EuroJackpot for their lottery pool is that your team can win as much as €90 million. And it has 12 prize tiers as well. The jackpot doesn’t go below €10 million.
Mega Millions is one of the biggest lottery games in the US. The odds of winning a prize for 100 tickets is 1:1.47. If you play Mega Millions of pools through TheLotter you can choose up to 200 lines and 150 shares. The cost for playing this lottery pool can be between $20 to $50 but this will depend on the number of lines you buy and the syndicate you pick.
The Mega Millions lottery has two draws per week and you can win a lottery jackpot of up to $40 million!
What Do Lottery Pools Do With Smaller Prizes?
It doesn’t make sense for a lottery pool to cash out small prizes of $10 or even $100 because of the low amount each member may receive. So instead of cashing out smaller prizes, group members may roll it over to the next draw.
Rolling over smaller prizes allows your syndicate to buy more lottery tickets for extra shots at winning the jackpot. Additionally, it doesn’t require you to spend extra money out of pocket so you can continue rolling over the small prizes until your pool wins the jackpot.
If your pool wins as much as $600 the group manager may state that members don’t have to place their investments for the next six weeks. Or you can choose to double the number of tickets for the next six weeks.
Who Participates in Lottery Pools?
Friends and family members participate in lottery pools but the most popular pools are among co-workers. This is because your office has a large group of people who can add to the pool for better odds of winning. Joining an office lottery pool can be a team-building exercise.
On the other hand, if you don’t have a group of people to join a lottery pool with you can always choose a syndicate through one of your favorite lottery sites. On the site, there will be people from all around the world who can join the pool. This may be more suitable for people who don’t want to compromise their friendships and relationships with co-workers if any problems arise.
Advantages of Online Lottery Pools
One of the biggest advantages of joining a lottery pool is that your group can buy more tickets without you spending a large sum of money out of their own pockets. Most members will chip in $5 to $10 each and then buy a bundle of 50 to 100 tickets. If you want to win more from lottery prizes you can buy shares.
Additionally, it’s also quick and easy to join a lottery pool online depending on the site you choose to play through. Some sites offer multiple syndicates and different types to choose from such as:
- Random selection
- Additional Numbers Match Guaranteed
- Guaranteed Number Match
You also get assigned a syndicate manager that will collect the money and purchase the tickets on your team’s behalf. This means you don’t have to worry about what happens with all the tickets and splitting the prize money should your team win the jackpot.
What are the Drawbacks of Online Lottery Pools?
One of the major disadvantages of joining an online lottery pool is that you don’t get to keep the full jackpot prize if you win. The prize money must be divided among your team members. Furthermore, when you play online pools you don’t get the chance to meet your team members. With physical lottery pools you can build morale with your group and discuss strategies with them.
As you can see, joining an online lottery pool is fun, quick, and easy if you play through the right websites. For as little as $5 your team can buy 100 tickets with various number combinations which boosts your odds exponentially. If you want the chance to play lottery pools online then use our guide to learn how to join and find the best site to play through.
What are the taxes for lottery pools?
If you’re playing a lottery that taxes players you will have to pay the same tax rate as you would if you were a single player. Before choosing a specific lottery to play, calculate how much your team will receive after taxes.
Do you need to sign a lottery pool agreement?
Yes, most lottery pools require players to sign an agreement that protects you and your prize money if your team should win. Everyone must understand the rules of the game before signing the agreement.
Is a lottery pool worth it?
Yes, playing a lottery pool is worth it because your team gets to enter hundreds of lottery tickets for a small cost to each player. Each ticket will have different number combinations which will also boost your chances of winning.
Do lottery pools win more?
Lottery pools can win more because of their higher odds of winning compared to an individual that buys one ticket per draw. Thousands of players have won jackpot prizes by playing lottery pools.