Reasons To Set Up A Syndicate
1. In the UK, 1 in 4 Lotto jackpots are won by syndicated tickets.
2. If you spent £10 on Lotto tickets for one draw, you would reduce your odds against winning the jackpot from 14 million to 1 to 1.4 million to 1. If you joined a syndicate of 20 people and spend the same £10, your odds against winning the jackpot would reduce from 1.4 million to one to 70,000 to 1. Even with a reduced share of the jackpot, the chances of winning are much more favourable.
Steps To Setting Up A Syndicate
1. Decide who is going to take part in the syndicate. There is no limit to the number of players that can join a syndicate.
2. Decide how much each member of the syndicate contributes to each draw. It’s not uncommon to have syndicates where members contribute differing amounts. The share of any winnings would obviously be split accordingly.
3. Agree in advance whether or not you are going to go public in the event of a win. This will save and disagreements later.
4. Decide which draws you are entering and the numbers you will be using.
5. Decide when payments are due by and what happens if a member fails to pay on time
6. Agree a procedure for what to do if someone leaves or you allow someone to join your syndicate.
7. A start and end date for the syndicate.
8. The next step is to select your ‘Syndicate Manager’ who will be responsible for collecting the money,
buying the tickets, keeping the tickets in a safe place and checking the results. With online banking so accessible nowadays, members could set up regular standing orders to pay the manager their share.
9. You will also need to appoint a ‘Deputy Syndicate Manager’ who can take over the responsibilities of the manager in the event of holidays or illness etc.
10. Decide what to do with any smaller winnings you have.
11. Draw up a syndicate agreement stating all that you have agreed and give all the syndicate members a copy.
Now you have a syndicate, read how the system this syndicate used won them a lottery jackpot!
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