Forming A Lottery Syndicate – A Quick How To Guide

Forming A Lottery Syndicate – A Quick How To Guide

If you love playing the lottery there are several reasons to form a syndicate - in other words a group of people that you play with. Not only can it make the experience a lot more entertaining, but your chances of winning will heavily increase as together you’ll be able to buy a lot more lottery tickets. Many of the big jackpots are in fact won by syndicates.

Getting a group of people together to play the lottery doesn’t sound very difficult and it isn’t. However, there are a couple of things that are very important to consider which can be easy to forget about. So to help you form the perfect lottery syndicate and keep this running I have put together a quick guide that should cover everything you need to know.

Setting Up The Foundation Of The Syndicate

The foundation of a syndicate is its members and the way they go around playing the lottery. When you create a syndicate you have to ask yourself questions such as:

• How Big Of A Group You Should Be
• What Lotteries You Will Be Playing
• How Often The Lotteries Should Be Played
• The Amount Of Money Each Member Will Stake

Answering these questions it’s very important that all of the syndicate members are satisfied with the conditions. You have to think about the odds you will have of winning a jackpot and then compare these odds to how big the winnings can get.

You could form a syndicate with a million people and buy a million lottery tickets to have a tremendous chance of winning. But what good would that be if you have to split every win in a million? There wouldn’t be much left, thus playing the lottery that way would be pretty much pointless.

Deciding If You Are Playing Online Or Not

These days there are a bunch of gambling sites allowing you to play the lottery online as opposed to visiting a physical retailer. Many prefer the old ways as it’s much more social and if you’ve formed your syndicate with people you know, getting together regularly to buy tickets can be quite nice.

However, playing online doesn’t only come with simplicity and comfort. You can also get bonuses that increase your budgets, as well as various discounts when you buy several tickets. Not to mention setting up subscriptions that handle themselves.

Creating A System To Track Progress

Every syndicate needs some form of tracking system to work and a person handling this. You have to keep track of the numbers you are playing and the winning results of every draw. You must also know who has paid their share and who hasn’t. This is crucial.

Creating a system doesn’t have to be difficult. You can easily do it in Excel or with a piece of paper should you prefer this good old way. The important thing is that the person in charge of the syndicate – which is probably you – keeps up to date with the tracking system.

Deciding What To Do With Small Wins

Most lottery players aren’t interested in splitting a few hundred bucks – they’re in a syndicate for the big money. However, the small winnings have to be spent somehow. You have to agree on this. It could for instance be that they’re re-invested into additional lottery tickets or that you save the money for a pub crawl or something similar once in a while.

Making A Legal Agreement

If you’re creating a syndicate with a group of friends you can probably trust each other. However, if you’re setting it up with strangers you want your back covered if something goes south. A legal agreement that is signed by all members ensures that winnings will be split evenly and that no troublesome court visits have to be made. Even if you feel like you can trust your syndicate members it’s better to be safe than sorry when that hundred million dollar jackpot hits.