Setting up a Lottery Syndicate or lottery pool is quite straightforward. First, what is a lottery syndicate?
Well it simply means that you will play the lottery with an organisation of friends, family members, colleagues (or people you don’t even know!) forming a team to play lottery games with the sole goal of winning! Or having fun! With a traditional Lottery syndicate, setting up a Lottery Syndicate can be quite hard work. Ticket money will need to be taken from the syndicate members and the winning prize pot spread among all the playing members, with equal winning to match their cash input in the buy of the lottery tickets in the first place. If this sounds complicated then is can be. Setting up a Lottery Syndicate using traditonal offline methods can take some thought and organisation! Here is a tip, it’s best to always have each player in the syndicate input the same amount. Makes splitting the winnings so much easier!
Why go to the effort of setting up a Lottery Syndicate?
Many people ask why you would even want to go to the effort of setting up a Lottery Syndicatedo in the first place? Basically people play in lottery syndicates because they want to increase their chances of a regular win, a better win or even to win the jackpot (THE BIG ONE!). The purpose of setting up a Lottery Syndicate is to pool members entries and effectively get more entries, but for less money. It makes perfect mathematical sense if you think about it. A fact here is you did not know, 1 in 4 lottery jackpots are won by a syndicate. FACT! By playing in a syndicate you increase your purchasing power and increase your chances of winning big money.
It is at this stage worth pointing out that you must bear in mind that although a large syndicate is likely to win more often that playing alone, the winnings will have to be split among all of the syndicate members, this reduces the amount that actually ends up in your pocket. But, that understood, still setting up a Lottery Syndicate or playing in a lottery syndicte makes good sense!
10 things you must do when setting up a Lottery Syndicate
Once you have your team members and you have finished setting up a Lottery Syndicate players you need to decide the following in your syndicate agreement. Once decided, make sure your agreement covers the following:
- The date the agreement was drawn up
- The appointed manager’s name
- The names of the members of the group
- The games and numbers to be played
- Which draws will be entered i.e. Wednesday, Saturday or both
- How much each member will pay per draw
- How any winnings will be split
- What happens if a member fails to pay their contribution at any time
- If the group has a big win, whether the members will take publicity or not
- What happens if you need to go about setting up a Lottery Syndicate again
If all this sounds like just too much hard work then it probably is! Why not consider playing in an online lottery syndicate like LoveMyLotto? It means that setting up a Lottery Syndicate is now a thing of the past!
Setting up a Lottery Syndicate is not difficult with Love My Lotto!