It is widely appreciated that a lotto syndicate is about the most sensible way to participate in any lottery if you are looking to increase your odds of winning. As a matter of fact, in excess of one quarter of all lotto jackpot wins are picked up by lottery syndicates. These lottery syndicates are usually formed by groups of work colleagues or friends who have the solitary goal of boosting their lottery winning chances. Working collectively in this manner gives each participant of the syndicate more potential winning entries while at the same time making sure expenditure is kept as low as possible.
Playing as a member of a lottery syndicate can come with a considerable odds advantage especially if the syndicate has a greater amount of individuals participating. Then again, being a member of a lottery syndicate does have its downside.
The first and probably the most evident negative side of a syndicate is the fact that all prize money is split between all members of the syndicate equally. Consequently, the greater number of syndicate members there are, the less cash each of these members will collect. As a result, a substantial lottery syndicate win may only produce sufficient money for each member to pay for a holiday or a new television; but definitely not sufficient to give up the day job and buy a private jet! If every member is aware of this eventuality then everyone should be content.
The second obstacle with lottery syndicates directly relates to the point made above. Stories can occasionally be found in the newspapers about a selfish syndicate member(s) who is unwilling to distribute the syndicate winnings to colleagues and instead tries to keep it. This can indeed be a big problem if the syndicate has been put together without due care and attention. If this is the case, every syndicate member has then got to show in legal terms that they have indeed been duped. There have also been instances where a member of a syndicate has lost their stake of the prize money owing to late or non payment of their syndicate entry fee. Such cases often lead to legal action being sought.
The third setback that may crop up if no formal syndicate agreement has been formulated is that of inheritance tax issues. If the head of the syndicate collects the prize money and then “gifts” each member their equal share, then this tax could very likely become a consideration for each of these members.
Problems such as this can be reduced hence making everyone’s lives a lot simpler. If the syndicate is created using a legally binding lottery syndicate agreement then any of the issues highlighted here will become a thing of the past. These syndicate agreements can be downloaded from your lotto provider’s internet site and in many cases can be collected from your lotto retailer.
There is no real doubt that the benefits of joining one of the many lottery syndicates are far greater than any negative points involved. If the syndicate is put together in a legal manner as mentioned, the only things you really have to lose sleep about are paying your money each week and deciding what you will do with the cash when your lotto syndicate scoops the jackpot.
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