Joining A Powerball Office Pool? Here's What You Need to Know
NEW YORK (CBSNewYork) — To pool or not to pool? That is the $1.5 billion question.
So now that the historic Powerball jackpot has topped the $1.5 billion mark, everybody we know seems to have jumped into one or more office pools.
Those folks who are willing to share the cost and the spoils should know that there are some rules o' the pool that you may want to follow in order to avoid any office tensions or lawsuits in the highly unlikely chance ( 1-in-292,000,000) that one of your tickets is THE ONE! By hey, you gotta be in it to win it, right?
"Before soliciting names and collecting money toward the purchase of tickets for Wednesday's Powerball drawing or any other New York Lottery drawing, there are a number of strategic and pragmatic steps that need to be taken into consideration to ensure a fun and positive outcome for all involved," said Gardner Gurney, Director of the Division of the Lottery.
The New York State Gaming Commission's Division of the Lottery issued tips to Lottery players considering setting up or contributing to an office pool:
- Elect a group leader who will be responsible for collecting and accounting money from the group.
- Keep an accurate list of all participants, make note of those who opt out and distribute the list to all whose name appears on the list to avoid any confusion later on.
- Agree on who will buy the ticket and where and when the ticket(s) will be purchased.
- The buyer should provide a copy of the ticket to all in the group within a specified period of time prior to the drawing.
- Consider limiting the number of people in the office pool to 10 or less.
Doorman Steven Yerganian said he's teamed up with 25 of his co-workers at Symphony House in Midtown to pool their cash in hopes of winning the jackpot, CBS2's Hazel Sanchez reported.
"I don't think this just rocked the face of the earth...this rocked the face of the universe," Yerganian said. "We have the system down, we have everything under control here."
Tax attorney David Selig has represented three multi-million dollar lottery winners. Selig suggests office pools or large groups form a trust or limited liability corporation to guarantee equal distribution of winnings and tax responsibilities.
"Make each one of the winners a member of that LLC," Selig said. "The monies are deposited into that vehicle and then when the distributions are made whether they be annually or all at once, each member receives their proportional share."
According to lottery officials, if groups do not form and LLC or a trust, only 10 members of the group allowed to recieve checks will be responsible for tax implications.
(TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
