Do You Want To Organise Your Own Lotto Syndicate?
An unbelievable sum of money is spent every week on
lotto
tickets by the masses who hope to win the jackpot, but
the truth is, the odds of winning are miniscule. And that holds for any lottery
in the world. Taking the UK lotto
for example, there is a 1 in 13,983,816 likelihood of
winning that lottery and even longer odds of winning the
European lottery, which stands at 1 in 76,275,360. Although
you are more lightly to win a smaller prize on the Euro
Millions.
Now, you will be able to put those odds in your favour if
say you set up a lotto syndicate and share the cost with some friends, work colleagues or
even family members. That’s ok - but how many times have you
read, or seen on the TV news, stories of people who have won
the lotto whilst running part of a lotto syndicate only to deny it
afterwards and try to keep all of the winnings to
themselves. They might have genuinely bought the
ticket/tickets themselves or perhaps not!
Wouldn’t it have
been so much easier if they entered into an official
lotto syndicate agreement and saved all the bother? You can
download a syndicate agreement from the
UK
National lottery internet site at:
www.national-lottery.co.uk
Therefore, if you've ever debated whether to set up a
lotto syndicate, here are a few useful hints for you:
Accumulate your lotto syndicate players together and select your
weekly spend. One or more of the players might want to spend
a lot more than the other, in which case they would have to
buy twice or three times as many entries then obtain twice
or triple the percentage of whatever gains there are.
Choose someone to manage the lotto syndicate: this would evidently
have to be a person that’s dependable, well-organized and
trustworthy! They'll have to be responsible for accumulating
the ticket numbers and purchasing them. You must not forget
that the lotto tickets will have to be purchased in the manager's
name and you're totally reliant on them to pay out your
profits - therefore decide wisely!
Also, you'll need to draw up a lotto syndicate contract then
have it witnessed, signed and stamp dated by all the
members. Syndicate agreements are can be downloaded from the
internet as mentioned above but sadly they will not aid you
if your syndicate handler was last seen boarding a plane
destined for the south of France with all your loot. That
said, syndicate contracts a valuable precaution because they
set down the terms of your agreement on paper.
Getting the agreement signed and witnessed by all
lotto syndicate players is
very valuable in as much as it allows members to specify
what will happen with their percentage of the winnings if
they die. If prepared right any percentage of the deceased
person can be evenly divided between the remaining players
or whether it is to be passed on to their estate!
A very significant detail here is, if the agreement can be
proved to have been signed before of the winning draw, if
so, the prize will be exempt of death duty as the law
currently stands.
The agreement must likewise include the lotto syndicate policy!
What will happen, if a player does not pay up on
time. Will they surrender any winnings they think they are
due? or will there be some period of grace?
How much notification must each player give to exit the
lotto syndicate? What is the group policy on publicity in the case
of them hitting the jackpot? This could represent some major
problem if they do not agree in advance with a couple
members requiring their 15 minutes of fame and their
photographs in the newspapers and others preferring to stay
entirely anonymous, some not even wanting their family and
friends to know they've scooped the jackpot!
These are all elements that will require agreement from all
parties of the lotto
syndicate and must be considered beforehand to avert whatever
problems that may surface afterwards.
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