A lottery syndicate is a group of individuals who buy lottery tickets collectively and share any winnings in proportion to each person’s contribution. By pooling their money and purchasing several tickets together, the group markedly improve their chances of winning the jackpot, albeit any winnings must be shared between them. Here at Lotto Social, our ever-popular online syndicates offer a quick, easy and secure way to play in a syndicate yourself.
What are the benefits of a lottery syndicate?
The main benefit of a lottery syndicate is the enhanced chance of success. If somebody enters the National Lottery alone, they have about a one in 14,000,000 chance of winning the jackpot. Yet, if they play with a group of, say, nine other players, they’ll now have a 10 in 14,000,000 chance of winning.
Whilst they’ll have to share the prize with the rest of the group, the increased odds of bagging the main prize make this compromise well worth it. Being part of a syndicate is also a more cost-effective way of entering the lottery, as individuals can spend what they normally would, but with a much higher chance of success.
How to set up a lottery syndicate
One way of setting up a syndicate is to bring together a group of people you know. All it might take is a simple mention of the words ‘lottery syndicate’ at work or at the pub to find willing members. Some of the more typical groups that set up syndicates include:
- Sports teams
If you are struggling to find members or simply want to grow your syndicate, using social media or even posting a flyer on your local community board are just a couple of ways you can find some contributors.
It is imperative, however, that you only take on those who are committed to the common aim of winning some serious money, and who you can rely on to make their payment each week.
Alternatively, you can join an online syndicate. The greatest thing about online syndicates is that you are automatically put into virtual groups with others, which saves you the effort of organising and guarantees that you receive what is rightfully yours.
The unfortunate reality with offline syndicates is that there is a risk of deceit and deception from certain members that can lead to others missing out on the prize money.
This kind of risk is avoided altogether when playing in an online syndicate. Online syndicates guarantee you the prize money from any draws you enter. Here at Lotto Social, we will automatically purchase your tickets, add them into existing syndicates and manage any payouts for you.
There is, therefore, no chance of a syndicate member refusing to share the winnings. All you need to worry about is how you spend that prize money. What’s more, we bring our customers together to play the lottery, by providing spaces for you to chat and join new communities.
The clue is in our name—we ensure the lottery is no longer an individual game, but a social one!
The importance of a syndicate manager and a binding agreement
Once you’ve formed your syndicate, the next stage is appointing a syndicate manager. They will be tasked with purchasing the tickets to your chosen lottery draw(s), and must be organised, dependable and trustworthy, as the whole operation will rely on them.
As well as handling the money and buying the tickets, the syndicate manager will be responsible for being your syndicate’s main representative.
If you join an online syndicate, all of this is automatically taken care of on your behalf. At Lotto Social, we will handle tasks like purchasing tickets and distributing winnings for you.
By agreeing to our terms and conditions you agree to be bound to this setup, and do not have to worry about appointing a syndicate manager or organising anything yourself.
It is also imperative for all members to sign a binding agreement to help prevent issues like money being distributed unfairly. The agreement should outline:
-Who each member is and what duties they have (e.g the syndicate manager)
-How much each individual is contributing
-When the syndicate was set up
-A formal pay-out procedure detailing what happens in the event of a win—i.e how the winnings will be split and how much each member is entitled to
The agreement should also include clauses for members wishing to join or leave the syndicate, as well as what happens in the event of a missed payment. All of this will settle any disputes—like if you do win big and a member or two claim they’re entitled to a larger share than everyone else.
This will protect every member and guarantee fairness. All members must sign the agreement to certify that they understand and agree with the terms outlined and make it binding.
For online syndicates, all of these considerations are again outlined in the terms and conditions members agree to when signing up. As a result, there is no need to draw up your own agreement.
You do not need a license or permission to form your own syndicate, although it must be set up in a particular way to ensure that it isn’t deemed to be ‘promoting a lottery’ under the Gambling Act 2005. Because of this, the syndicate manager must be the only ticket holder and the sole member with a direct claim, with any prize money then distributed to others in the syndicate. If each and every syndicate member had direct claims, this would be considered ‘promoting a lottery’.
By increasing your chances of winning, playing in a lottery syndicate is a no-brainer if you’re looking to get rich quick. With online syndicates offering a simpler way of entering lottery draws as a collective, you can now be part of a syndicate in no time at all.
Join our Starter Club to be in with a chance of winning big right away!