Lotto Syndicates: Who, When, How – and Why to Start One
All You Need to Know About Starting Your Own Syndicate
If you're serious about winning the lottery then the best way to do so is to join a lottery syndicate. Indeed after reading story after story about syndicate wins you've probably come to this conclusion yourself.
Up in rainy old Blighty the UK British National Lottery recently published statistics stating that one out of six jackpot wins can be attributed to lottery syndicates. For those of us in the lottery gaming industry it came as no surprise. As an avid lottery player it should come as no surprise to you either.
While the figures may differ from one country to the next the trend itself remains with a significant number of jackpots and other large wins being claimed by syndicates – and Australia's no exception.
If you'd like a piece of that then read on.
What Is a Lottery Syndicate?
A lottery syndicate is a group of people who have agreed to play the lottery jointly and split the winnings evenly between each member. A proper syndicate has one syndicate manager who collects money from each participant and then uses that money to make lottery ticket purchases as laid out in the lottery syndicate agreement.
Who Can Start a Lottery Syndicate?
Provided they are over 18 years of age anyone can organize a lottery syndicate at Lottoland. Syndicates can include friends, family, work colleagues and club members – or indeed any group of people who are serious about getting rich!
Syndicates can be as small or as large as you like, just remember the more members you have the more you'll have to share – but, thanks to the principal of strength in numbers, you'll also have a far greater chance of winning.
Benefits of Joining a Lottery Syndicate
In addition to increasing the odds of winning dramatically the benefits of using a lottery syndicate include lower costs. By betting on a syndicate not only are the wins shared equally, the cost of the bets is also split between each member.
There are other reasons why lottery syndicates are so popular beyond monetary gain – syndicates bring people together. Not only are you sharing in the costs and the wins, you're also sharing in the fun and excitement.
More Benefits by Betting as a Syndicate with Lottoland
If you want to be in a lottery syndicate then the best place to do it is in Lottoland. Simply because nobody else offers you the same range of different lotteries and winning options.
With Lottoland you can bet on a huge range of lotteries from all over the world meaning you can win a large jackpot every day of the week! The types of games vary also, with low-cost options such as the Saturday Lotto (at just $0.70 per game) to the massive American lotteries like US Power and MegaMillions which start at the same price as the EuroMillions lottery but offer the largest jackpots in the world. Each of our games comes with detailed information including rules, odds and a comprehensive FAQ section so don't be afraid to mix and match your lotteries and try out something new!
Lottoland takes all the stress and hassle out of playing the lottery by making everything digital and automatic. No need to worry about buying then holding on to printed tickets, checking numbers and collecting wins – at Lottoland you'll be automatically notified of the winning numbers. Any wins will be credited to your user account from where you can withdraw the funds straight to your bank account.
How to Start a Lottery Syndicate
Starting a lottery syndicate is easy; just gather a group of close friends or family members together who all have a common interest in winning large amounts of cash – this step shouldn't be too difficult.
Next you will need to appoint a Syndicate Manager whose duty it is to invest the funds each week into your chosen lottery draw(s). This needs to be somebody who is trustworthy and reliable – a natural organiser – somebody who will be in charge of handling the money, purchasing bets on time and who will ultimately be the sole representative of your syndicate.
Before you start a Syndicate together, however, it's vitally important that you first create a binding agreement between all members, called a Lottery Syndicate Agreement.
Now, I know what you're thinking, "oh we don't need to do that, it's too much hassle and, besides we're all mates."
Yeah? But other than wins, what's the other thing we remember from the news about lottery syndicates? That's right – you've heard those stories too, no doubt.
Why You Need a Syndicate Agreement - A Cautionary Tale
Take recent news of the Queensland work syndicate who were cheated out of their share of a $50 million Australian Powerball win. Every week Gary Baron would collect money from the other syndicate members before purchasing the tickets. That is until he resigned from the company unexpectedly before going on a massive splurging spree prompting his former friends to commence legal proceedings against him.
Money changes people, and not always for the best. Sad but true, which is why you should protect yourself. Considering the vast sums you can win playing the lottery it should be foremost on your mind.
A syndicate agreement insulates you from this by creating a legally binding document to ensure that you will always get your fair share.
Creating such a document is far easier than you might think. And the best part is we've compiled all the information you need to make it even easier still.
What to Include in Your Lottery Syndicate Agreement
The agreement should first list each member and what their duties (e.g. the Syndicate Manager, Deputy Manager and regular Players) are, plus how much each player will be contributing each week. It should also outline when the Syndicate was formed and when, if desired, the agreement will expire.
The next step is to formalise the pay-out procedure outlining clearly what is to be done in the event of a win – how the money is to be split and exactly how much of a share each participant is entitled to. You'll also need to include clauses for members who wish to join or leave the syndicate, as well as what happens in the event that a member doesn't pay into the syndicate.
Sounds like a lot of paperwork right? Well, imagine you do win big but one or more members decides to dispute it claiming they're entitled to more money – now suddenly you've got a whole lot of paperwork, legal paperwork!
So essentially the purpose of the agreement is to protect all members of the syndicate and to ensure maximum fairness. All members will then need to sign the document to declare that they understand, and agree with, the terms of the agreement so as to make it binding.
Please note that this information is supplied as-is and if you have any specific questions on forming a legally binding agreement we urge you to first discuss it with a trusted legal professional.
How to Grow Your Lottery Syndicate
Sometimes all it takes is to simply mention the word "lottery syndicate" in a crowded room, such as a pub or work canteen, in order to find willing members. It's important, however, to only accept members who are serious and dedicated, and who are going to make their payments each and every week like clockwork.
Still want more participants? Well, word of mouth is sometimes the best method but don't be afraid to print out some attractive flyers and post them on your work or community noticeboard. Then again why be so old skool? All it might take is a simple Facebook post – a shout out on your wall looking for participants could easily yield a large lotto syndicate in a matter of minutes.
How to Play as a Syndicate with Lottoland
- Once all members have joined and signed the agreement the Syndicate Manager needs to register an account at Lottoland.com.au.
- Once the money has been collected the Syndicate Manager then plays the lotto(s) of choice on the syndicate's behalf.
- Any winnings will then be credited to the Syndicate Manager's Lottoland account which can then be withdrawn to his/her bank account to be split between each member.
Tips on Winning with a Lottery Syndicate
It's like we always say – the trick to winning the lottery is consistency. The odds can be high, especially for higher prizes, but these odds can be reduced dramatically over time. Indeed when you hear of lottery syndicate winners it's almost always the case that the syndicate had been playing like clockwork for a significant period of time before finally hitting the jackpot.
Another way to increase your chances of winning – and of particular benefit to syndicate players – is the use of system bets.
This type of play allows you to bet with more than the standard amount of numbers in multiple combinations increasing your odds of winning exponentially. Granted the cost to play is higher, though obviously this cost can be easily offset by having multiple syndicate members pooling their money.
No Time like the Present
Lottery syndicates are not only a proven way of winning the lottery they're also lots of fun and a great way of bringing people together in pursuit of a shared goal. After all who doesn't want to have more fun – and more money – and to share that happiness and enjoyment with their best friends?