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Welcome to the National Lottery Syndicate. We’re here to provide information about playing in a syndicate, as well as general bits and pieces about the Lottery. UK Lotto’s own statistics state that “1 in 4 Lotto jackpots are won by a syndicate”, so it makes sense to play in a lottery syndicate, but HOW you do it is another matter.
It’s common knowledge that a lottery syndicate is without doubt the most sensible way to participate in any lottery if you are looking to increase your odds of winning.
Lottery syndicates are usually set up by groups of work associates or friends who have the sole objective of boosting their chances of winning the lottery. Working collectively in this way allows each member of the syndicate more potential winning entries and at the same time keeps each person’s individual spend as low as possible.
Playing the lottery as a member of a syndicate can come with a substantial odds benefit especially if the syndicate has a lot of people taking part. But, being a member of a lottery syndicate also has its negative points.
The first and most obvious one is that all winnings are split between all members of the syndicate equally. Consequently, the greater number of syndicate members there are, the lower the payout each of these members will collect.
Because of this, a substantial lottery syndicate win may only produce sufficient cash for each member to pay for a holiday or a new television; but certainly not enough to give up the day job and buy a luxury yacht! As long as every participant is aware of this, then everybody should be happy.
The second problem with lotto syndicates directly relates to the point made above.
Stories can at times be seen in the newspapers relating to a greedy syndicate member who is reluctant to share out the syndicate winnings to colleagues and instead tries to keep it. This can definitely be a considerable issue if the syndicate has been set up informally.
If this is the situation, every member of the syndicate has then got to provide evidence in legal terms that they have been conned. There have also been instances where a lottery syndicate player has lost their stake of the prize money owing to late or non payment of their syndicate payment. Such cases often lead to legal action being sought.
The third problem that may crop up if no formal syndicate agreement is in place is that of inheritance tax issues. If the supervisor of the syndicate collects the winnings and then “gifts” every member their equal share, then this tax could become an issue for all the syndicate members.
There are ways in which such problems can be reduced therefore making everyone’s lives a lot simpler. If the syndicate is put together by utilizing a legally binding lottery syndicate agreement then any of the problems mentioned here will no longer be an issue.
Such syndicate contracts can be downloaded from your lottery provider’s website and in many cases can be collected from your lottery retailer.
There is no real doubt that the benefits of joining a lotto syndicate are far greater than any negative points involved. If the syndicate is set up legally as suggested, the only things you really have to be concerned about are making sure your syndicate payment is made each week and planning what you will do with the cash when your lotto syndicate wins the top prize!
If you’re interested in the traditional route, then The National Lottery’s Start a Syndicate is worth a look.
The other option is of course to join an existing syndicate, of which elottery is the longest established, most reliable and trusted one. Here is a link to the elottery page which introduces it, and which also includes a video in which real people tell their experiences. More testimonials from players.
