Lottery Risk Management

So what happens when you are part of an office lotto pool and win? And what happens when some folks don’t participate the one week the group buys the $50 million ticket?

This is just what’s going on in a Toronto office where additional people are claiming an interest in the prize so the Ontario Lottery and Gaming Corp (OLG) is delaying the prize payout until they complete their investigation.

How do you mitigate your Lotto Risk? Tony Bitoni of OLG offers this advice to those who manage office lotto pools:

  • Appoint a Group Leader
  • Keep photocopies of purchased tickets.
  • Keep a list of participant names with signatures, phone numbers and the amount paid.
  • Send a weekly email to all members with the jackpot amount, draw date, cost per play and cut-off time for payment.

Your national/local lotto or gaming commission likely has similar rules on their websites so read them and protect your winnings.

I am part of just such a group in my office and recognize there are two risks:
1) I can never leave the group because if I do, and the group wins, I will be disgruntled. For $2 a week, it’s not worth the risk of “winning”.
2) As a manager and risk professional, I am often worried about retention risk if the group strikes it rich and everyone in operations or accounting quits. While not everyone will likely follow this path, it is still a concern.

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