Playing the lottery as a member of a syndicate can come with a sizeable odds
benefit markedly if the syndicate has a greater number of people partaking.
Conversely, being a syndicate member does have its downside.
Playing with an online managed syndicate is probably the safest way to play in syndicate.
Good managed, company syndicates generally have in place all the legal and monetry terms
and conditions. They usually check numbers and inform members immediately of wins and send
checks straight away.
Online Managed syndicates generally have in place things like a members back office
log-in section, where you can check thing like...
your draw results
your Member profile
your syndicate numbers
e-wallet or e-bank if they have one
With online lotto syndicates you don’t have to worry about finding other members to join the
syndicate or about collecting their money for each draw - that’s taken care of by e-lottery. Besides which...
No more forgetting to buy tickets
No last-minute panics when there are big rollovers
Join more syndicates for rollovers if and when you want to
No more losing your ticket
No more forgetting to check your numbers - They email the
results to you right after each draw, plus they will be displayed on your syndicate website
No need to collect winnings from a shop - They send you your share of the winnings
The first and possibly the most obvious negative feature of a lottery syndicate is the
fact that all winnings are divided between all players in the syndicate equally.
Therefore, the larger quantity of syndicate members there are, the less cash
each of these members will receive. Owing to this, a sizable lotto syndicate
success may only create enough prize money for each member to pay for a vacation
or a new computer; but definitely not sufficient to pack in your job and buy a
private jet! As long as every syndicate member is aware of this prospect then
everybody should be cheerful.
Lottery Syndicate Agreement
The second catch with lottery syndicates directly relates to the point made above.
Stories can occasionally be seen in the press relating to a greedy syndicate
member(s) who is reluctant to pay out the syndicate winnings to colleagues and
instead tries to keep it.
This can undoubtedly be a huge setback if the syndicate
has been formed without using a legally binding syndicate contract. If this is
the state of affairs, each of the aggrieved members has then got to provide evidence in legal terms that they have actually been ripped off.
There have also been cases where a syndicate member has lost their portion of a syndicate win owing to delayed
or non payment of their entry payment. Situations like these often lead to legal action.
The third snag that may develop if no proper syndicate agreement is in place is that
of inheritance tax issues. If the leader of the syndicate collects the prize money
and then gifts every member their equal share, then this tax could become a reality
for every syndicate member.
Problems such as this can be reduced therefore simplifying the whole process.
If the syndicate is formed using a syndicate agreement that is legally
binding then any of the scenarios emphasized here will no longer be an issue.
These agreements can be downloaded from your lottery provider’s website and in
many cases can be picked up from your lotto retailer.
Syndicate Benefits Out-Weigh the Bad Points
There is no real doubt that the benefits of joining a lotto syndicate far
outweigh the negative aspects involved.
If the syndicate is registered in the correct and legal way as mentioned, the only things you truly have
to worry about are paying your money each week.
Then think about what you will do with the funds when your lottery syndicate gets lucky.
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