We have spoken a good deal about lottery syndicates. However, there are quite a few people who still do not really understand the basic concept of this fantastic way of enhancing likelihood of winning considerable amounts. This article will try to give information to ensure that a lay individual will certainly know a little more about how exactly syndicate works.
Basic meaning of syndicate
A lottery syndicate essentially means a set or group of players that pool their own resources and purchases lottery tickets. The actual earnings, if any, are distributed equally or even according to the share holding within the syndicate. For example a syndicate has TWENTY gamers and the team purchases tickets and luckily one of the tickets is victorious a jackpot of $ 20 million; when this occurs the every member of the group gets One million each. If 2 tickets win $20 million and $10 million, then each member gets one and half million each. Usually the organizers manage everything within the syndicate and members simply have to contribute for his or her share and relax and hope they or one of them wins.
How do syndicate work
You buy shares in the syndicate. If you own 2 shares then you have entitlement to two shares in the winning amount.
What kinds of lotteries have syndicates?
Generally a lottery that has $10 million or above as minimum starting jackpot has syndicates.
Do we get tickets whenever playing in a syndicate?
Yes, once you own shares in 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 some secure place by the auditors of the syndicate. Click Here for my best lotto tips.
How much does it cost?
Well, the cost depends on the amount of shares you have in a syndicate. All earnings are transferred without deducting any amount towards running and managing the syndicate.
What are odds of winning when compared to playing single?
Well, chances are very good whenever you play within a syndicate, as the syndicate will usually buy a lot more than 20 tickets each time.
What about the result?
Whenever there is any win, the syndicate administrators or organizers get in touch with through email or even text. In case there is a major win like a jackpot, an immediate telephone call is made to the members of the syndicate to inform about the change in fortunes.
What happens whenever a jackpot is won by the syndicate?
The syndicate manager claims the winnings on behalf of all the members. The money is then divided based on the number of shares possessed by specific members and consequently transferred to their bank accounts. Taxes if any are subtracted and net amount is transferred.