Powerball: Is an office pool worth it? - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Powerball: Is an office pool worth it?

AMARILLO, TX - A winner will be drawn for the biggest Powerball jackpot in history Saturday night: $800,000,000.

After taxes, it's estimated a jackpot winner would take home $496 million.

That sum would grant you nearly $1.6 million per month for the next 26 years.

And to up the chances of winning, co-workers across the Panhandle region are pooling their money to buy more lottery tickets.

But make sure you consider creating a contract before your group has the chance to win big.

"It's a good idea to put it in writing who's in the pool, how much money they paid in, how many shares they have," said Dean Boyd, an attorney in Amarillo. "If it's in writing, and it's signed by everybody, then the agreement is clear and people understand what they've agreed to."

You don't need a lawyer to make up a contract: just write it up, and have everyone sign a copy.

If not everyone in your workplace is offered an opportunity to join the pool, and your group ends up with a winning number, the employees who are left out can sue. That's when a contract becomes necessary.

"If you were by habit in the office pool, and you were out sick or you know you had an injury and so you're stuck at home, you might have an argument. But you know instead of having an argument, it sure would be better to have a written agreement," said Boyd.

Boyd suggested hiring both a lawyer and a financial assistant to make sure your group keeps as much money as possible.

Copyright 2016 KFDA. All rights reserved.

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