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A lottery pool agreement is not a legally binding contract but rather a document detailing the rules and guidelines for participants. It is recommended for business owners to obtain and modify this agreement to include a statement clarifying that their company does not endorse the lottery pool. Essential elements of the agreement may include the name and contact information of the lottery pool manager, guidelines on participant contributions and the consequences of non-contribution, the types of lottery games to be played (e.g., scratch tickets, Powerball, state lottery), and the number of lottery tickets to be purchased.