Official FFA Lotto Club Rules
[*]The club will purchase tickets for the Mega Millions lottery.
[*]Everyone in the club will pay and have an EQUAL share in any winnings.
[*]All payment details will be handled via PM or email only.
[*]All regular club tickets will be purchased in 5 week (10 drawing) increments
[*]Ticket purchases will be done via EasyPick
[*]Tickets will be scanned and posted prior to the first pick of each period.
[*]Each club member will be responsible for paying $10 prior to each regular club purchase, due by 3pm ET on the Monday preceding the first drawing.
[*]Any winnings from a single drawing totaling less than $500 will be accumulated to be used for funding a slush fund for purchasing larger quantities of tickets for big jackpots or other lotteries (PowerBall, etc)
[*]Majority vote will determine when and how many tickets will be purchased using slush funds for large jackpots/other lotteries
[*]New club members can only join at the 5 week interval coinciding with ticket purchases
[*]New club members will be required to pay the 5 week payment, their escrow, plus an amount equal to 10% of the current slush fund (that money will be added to the slush fund).
[*]Members can leave the club at any time but forfeit any funds in the bonus pot/slush fund, and their escrow will be used to fund their final 5 week subscription. No refunds of any kind will be made.
[*]Each member will be responsible for funding an escrow account to cover late payments. This will be due upon initial buy in to the club and again any time the escrow is used.
[*]If a member does not pay their dues on time their escrow will be used to pay their fee. If they don't make a payment by the next drawing, they are out and forfeit all accumulated winnings AND escrow. If they get back in after their escrow was used, but prior to the next drawing, they have to pay the fee for the next drawing AND repay their escrow. If they don't pay both, they're out.
[*]There will be a maximum of 50 members in the club.
[*]A complete list of members, an escrow report and a slush fund report will be posted for each period.
Things to work out/think about.
1) TO PROTECT THE THOSE ADMINISTERING THE CLUB DO NOT MENTION IN THIS THREAD OR ANY RELATED THREADS THE FORM OF PAYMENT USED.
Please PM me for a link to our online spreadsheet with member, payment and fund details.