We have spoken a great deal about lottery syndicates. However, there are quite a few people who still do not understand the basic idea of this fantastic method of improving your chances of winning considerable amounts. This article will attempt to give information to ensure that the lay individual will know a little more about how syndicate works.
Basic meaning of syndicate
A lottery syndicate essentially means a set or group of gamers which pool their resources and purchases lottery tickets. The actual winnings, if any, are distributed equally or according to the share holding in 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 each associate will get one and half million each. Usually the organizers manage every thing within the syndicate and people simply have to contribute for his or her share and sit back and wish they or one of them wins.
How do syndicate work
You buy shares in the syndicate. In case 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 even above as minimum starting jackpot has syndicates.
Do all of us get tickets whenever actively playing in a syndicate?
Yes, once you own shares within a syndicate you get scanned copies of all of the tickets bought by the syndicate. The original tickets are stored in lockers or even in certain safe place by the auditors of the syndicate. Click Here for more info.
How much does it cost?
Well, the cost depends on the number of shares you have within 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 solo?
Well, the odds tend to be very good whenever you play within a syndicate, as the syndicate will usually purchase a lot more than TWENTY tickets each time.
How about the result?
Anytime there is any win, the syndicate managers or organizers contact through e-mail or text message. 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 whenever a jackpot is actually won by the syndicate?
The syndicate manager claims the earnings on behalf of all the members. The money is actually then divided based on the number of shares possessed by specific members and consequently transferred to their bank accounts. Taxes if any are subtracted and net amount is actually transferred.
