How Do Lottery Syndicates Work?

How Do Lottery Syndicates Work?

Lotto syndicates are composed of individual lotto betters who share the cost of playing the game. Many lotteries in UK and in the US have been won by syndicates. This is the reason why more and more people are enticed to join a syndicate, with the hope that they too will get a chance to win the game and be a couple of millions richer.

Since a syndicate can raise ample money from all its members, it can also play as many tickets as it can afford. The more tickets that a syndicate play, the higher its chance of winning the lottery game. Syndicates get funds from its members who pay weekly or monthly contribution. The amount of money contributed by each member shall be used to calculate their share in the winnings. The more money a member invests in the syndicate, the bigger his or her share in the winnings will be.

Many lotto betters believe that they have a higher chance of winning the game if they join a syndicate not only because of the number of tickets that they can play, but also because syndicates are supposed to play “system entry tickets”. These tickets allow betters to choose more than just seven numbers which is supposed to be the game standard. To illustrate, if you play a system 8 entry ticket, you will be given the chance to pick eight out of 45 numbers. If you play a system 18, then you have the chance to pick 18 out of 45 numbers.

However, it is also common among syndicate members to fight over the winnings, especially if some members refuse to trust others. As result, instead of a healthy and happy group win, the members end up suing each other, even hating each other for years just because of a misunderstanding involving millions.

Of course, this situation can be avoided if you take the necessary precautions. If you a creating a member-run syndicate, you better do the following before you regret ever winning the lottery:

1. Make an agreement. You have to create an agreement that stipulates how disputes are to be resolved even before your syndicate even starts to play the lottery. This way, you will be prepared in advance come the time your members start to quarrel over the winnings.

2. Use share tickets. You can tell your lottery retailer that you are representing a syndicate and ask for share tickets instead. These share tickets can be validly used to claim the prize of the member depending on his or her actual contribution. You can ask for share tickets if you have registered your syndicate to your lotto retailer.

3. Elect a leader. Assuming that you do not want to be the leader of the syndicate you have created, make sure that you elect a leader first before you start playing. The leading will be there to keep a record of all the contributions made by each member. Good records-keeping is the best way to avoid future disputes.

4. Include each member. The leader needs to distribute photocopies of the transactions entered into by the syndicate. If share tickets are not available, the leader has to make copies of the tickets bought and distribute a copy to each member.

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