We have talked a great deal about lottery syndicates. However, there are numerous people who still do not really understand the basic idea of this wonderful way of enhancing chances of winning considerable amounts. This article will attempt to give information to ensure that a lay person will know a little more about how exactly syndicate operates.
Basic meaning of syndicate
A lottery syndicate essentially means a collection or group of gamers which pool their own resources and buys lottery tickets. The actual earnings, if any, are distributed equally or based on the share holding in the syndicate. For instance a syndicate has TWENTY gamers and the group purchases tickets and fortunately one of the tickets wins a jackpot of $ 20 million; when this occurs the every member of the group gets 1 million each. In case 2 tickets win $20 million and $10 million, then every member will get one and half million each. Usually the organizers handle everything within the syndicate and members just have to contribute for his or her share and sit back and wish they or one of them is victorious.
How do syndicate work
You buy shares in the syndicate. If you own 2 shares then you are entitled to two shares in the winning amount.
What kinds of lotteries have syndicates?
Usually a lottery that has $10 million or above as minimum starting jackpot has syndicates.
Do all of us get tickets whenever actively playing in a syndicate?
Indeed, when you own shares within a syndicate you receive scanned duplicates of all of the tickets purchased by the syndicate. The original tickets are stored in lockers or in certain safe location by the auditors of the syndicate. Tips.
How much does it cost?
Well, the cost depends on the number of shares you have in a syndicate. All winnings are transferred without deducting any amount towards processing as well as managing the syndicate.
What are odds of winning when compared to playing solo?
Well, chances 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?
Anytime there is any kind of win, the syndicate administrators or organizers get in touch with through email or text. In case there is a major win like a jackpot, an immediate phone 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 actual earnings on behalf of all of the members. The money is then divided in line with the number of shares owned by particular members and consequently transferred to their bank accounts. Taxes if any tend to be subtracted and net amount is transferred.
