We have spoken a good deal regarding lottery syndicates. However, there are quite a few people that still do not understand the fundamental concept of this wonderful method of improving your likelihood of winning considerable amounts. This short article will attempt to provide information so that a lay person will know a bit more about how syndicate works.
Basic meaning of syndicate
A lottery syndicate basically means a set or even group of gamers which pool their resources and purchases lottery tickets. The earnings, if any, are distributed equally or even according to the share holding in the syndicate. For example a syndicate has TWENTY gamers and the group purchases tickets and luckily one of the tickets wins a jackpot of $ 20 million; in such a case the every member of the group gets One million each. If 2 tickets win $20 million and $10 million, then every associate gets one and half million each. Generally the organizers manage everything within the syndicate and members just have to contribute for their share and relax and hope they or one of them wins.
How do syndicate work
You purchase shares in the syndicate. If you own two shares then you have entitlement to 2 shares in the winning amount.
What types of lotteries have syndicates?
Usually a lottery that has $10 million or even above as minimum starting jackpot has syndicates.
Do we get tickets when actively playing in a syndicate?
Yes, once you own shares within a syndicate you get scanned duplicates of all the tickets purchased through the syndicate. The original tickets are stored in lockers or in some secure place by the auditors of the syndicate.
Just how much does it cost?
Well, the cost depends upon the number of shares you have in a syndicate. All winnings are transferred without deducting any amount towards running and managing the syndicate.
What exactly are odds of winning in comparison with playing solo?
Well, the odds are very good when you play in a syndicate, as the syndicate will usually purchase a lot more than 20 tickets each time.
How about the result?
Anytime there is any win, the syndicate managers or organizers get in touch with by e-mail or even text. In case there exists a major win like a jackpot, a direct telephone call is made to the members of the syndicate to inform about the change in fortunes.
What happens when a jackpot is won by the syndicate?
The syndicate manager claims the actual earnings on behalf of all the members. The money is actually then divided based on the number of shares owned by specific members and subsequently transferred to their bank accounts. Taxes if any tend to be subtracted and net amount is transferred.