We have talked a good deal regarding lottery syndicates. However, you will find numerous people that still do not really understand the fundamental concept of this fantastic method of enhancing likelihood of winning considerable amounts. This article will try to give information so that the lay person will certainly know a little more about how syndicate works.
Basic meaning of syndicate
A lottery syndicate essentially means a collection or group of players that pool their own resources and purchases lottery tickets. The actual winnings, if any, are distributed equally or based on the share holding within the syndicate. For example a syndicate has TWENTY players and the group buys tickets and luckily one of the tickets wins a jackpot of $ 20 million; when this occurs the each member of the group gets 1 million each. In case two tickets win $20 million and $10 million, then every associate gets one and half million each. Generally the organizers manage every thing in the syndicate and people just have to contribute for their share and sit back and wish they or one of them wins.
How do syndicate work
You buy shares in the syndicate. If you own two shares then you are entitled to 2 shares in the winning amount.
What types of lotteries have syndicates?
Usually a lottery which has $10 million or above as minimum starting jackpot has syndicates.
Do we get tickets when playing in a syndicate?
Indeed, when you own shares within a syndicate you get scanned copies of all of the tickets purchased through the syndicate. The original tickets are stored in lockers or even in certain safe location by the auditors of the syndicate. Find out more
How much does it cost?
Well, the cost depends upon the amount of shares you might have in a syndicate. All winnings are transferred without deducting any amount towards running and managing the syndicate.
What exactly are odds of winning when compared to playing solo?
Well, the odds tend to be pretty good whenever you play in a syndicate, as the syndicate will usually buy a lot more than 20 tickets each time.
How about the result?
Whenever there is any win, the syndicate administrators or organizers contact by email or even text message. In case there exists a major win like a jackpot, a direct phone call is made to the members of the syndicate to inform about the change in fortunes.
What happens whenever a jackpot is actually won by the syndicate?
The syndicate manager claims the earnings on behalf of all of the members. The money is then divided in line with the number of shares owned by specific members and subsequently transferred to their bank accounts. Taxes if any tend to be deducted and net amount is actually transferred.