What are Lottery Syndicates?

What are Lottery Syndicates?

You might have heard of the group of drivers in UK who formed a syndicate and won 38 million pounds in the lottery. But what is a syndicate anyway? In simple words, it is a group of lottery players who contribute money to a common fund that shoulders the cost of buying a lot of Lotto tickets. The rationale behind syndicates is simple: it would be impossible for a “poor” player to buy many tickets by himself. Given that the more ticket your play, the bigger your chance of winning, players would rather form groups to buy tickets in bulk and then later on, share the winnings if ever there is any.

The sharing system of the winnings depends on the money invested by the player to the syndicate. For example, if the syndicate sets a minimum contribution on 2 pounds each week, and you decided to give four, then you are entitled to two shares in the event that one of the tickets bought by the syndicate wins the game.

Lottery syndicates often bet on the different lottery games. So, you can choose to join a syndicate that plays for the Powerball, OZ lotto or any of the lottery games you wish. You can buy as many shares as you want, although some syndicates limit the amount of shares that some members can buy.

How can you join a syndicate?

There are two easy ways to join a syndicate. One is by asking your lottery ticket retailer for syndicates that have established their credibility and the other is by creating your own syndicate.

1. Existing Syndicates

It is best if you ask your ticket retailer for the syndicates in your locality. Your retailer knows best which syndicates are legit and which are most likely to run away with your money. Some retailers are also affiliates of big syndicates so you can buy shares directly from them. Instead of giving you the ticket, affiliate retailers will only give you valid syndicates share ticket which you can use to claim your share in the event that the syndicate’s ticket wins the lottery.

2. Creating your own Syndicate

You can include your friends, family or co-workers in the fun of playing the lottery. You can create your own syndicate and ask them to sign up as members. All that you need to do is to collect money from them and list down their contribution. Once you have collected all the money you need, you can go to a lottery retailer and bet on a game. Be sure to tell the retailer that you are betting for a syndicate so that they may give you share tickets which you can give out to your syndicate members. Each member can then claim their prize using the share tickets. This way, you wouldn’t have to worry about anyone running away with all the money.

How to know if you won the game?

It is easy to find out if you won the lottery. You can go to your lotto retailer and use their ticket checker to see if you have the winning ticket. You can also watch the live draw of the game; draw schedule will be posted in your retailer. You can also call numbers printed on your ticket. Just be sure that you do your calls or inquiries in a safe place, especially if you won millions.

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