We have spoken a great deal about lottery syndicates. However, you will find numerous people that still do not really comprehend the fundamental concept of this wonderful way of enhancing likelihood of winning substantial amounts. This short article will attempt to provide info so that a lay person will know a little more about how syndicate operates.
Basic meaning of syndicate
A lottery syndicate basically means a set or group of players that pool their own resources and buys lottery tickets. The winnings, if any, are distributed equally or even according to the share holding within the syndicate. For example a syndicate has 20 players and the team purchases tickets and luckily one of the tickets is victorious a jackpot of $ 20 million; in such a case the every person in the group gets 1 million each. In case two tickets win $20 million and $10 million, then every member will get one and half million each. Usually the organizers handle everything in the syndicate and members simply have to contribute for their share and relax and hope they or one of them is victorious.
How do syndicate work
You buy shares in the syndicate. In case you own 2 shares then you have entitlement to two shares in the winning amount.
What types of lotteries have syndicates?
Generally a lottery which has $10 million or above as minimum starting jackpot has syndicates.
Do we get tickets whenever playing in a syndicate?
Yes, once you own shares in a syndicate you receive scanned copies of all of 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 might have in a syndicate. All earnings are transferred without deducting any amount towards running and managing the syndicate.
What exactly are odds of winning when compared to playing single?
Well, chances are pretty good when you play in a syndicate, as the syndicate will generally buy a lot more than 20 tickets at a time.
How about the result?
Anytime there is any win, the syndicate managers or organizers get in touch with through email or even text message. In case there is a major win like a jackpot, an immediate telephone call is made to the members of the syndicate to inform about the change in fortunes.
What happens whenever a jackpot is actually won by the syndicate?
The syndicate manager claims the actual winnings on behalf of all the members. The money is actually then divided in line with the number of shares possessed by specific members and subsequently transferred to their bank accounts. Taxes if any tend to be subtracted and net amount is actually transferred.