The 17-year-old actress will play their teenage daughter, reported Deadline.
Ferrell, 48, and 43-year-old Poehler will portray parents who lose the money intended to pay for their daughter's college tuition and open an underground casino out of desperation.
Andrew J Cohen is directing the film from a script he co-wrote with Brendan O'Brien.
The project marks Cohen's feature directorial debut.