Setting up a Lottery Syndicate
According to National Lottery statistics it seems that being in a syndicate increases your chance of a win as one in four jackpots goes to a syndicate. From which you’ll probably realize that your winnings in a syndicate should be better than playing alone.
Now, from the title of this website, you’ll probably realize that I am an enthusiast of the online syndicate of which I’m a member. So I’ll declare that interest right from the start, and tell you that should you decide to join one of my syndicates, I will earn a commission. However, that will then give YOU the option to earn commission on those you introduce. Finding new syndicate members is entirely optional, but has the advantage that if your Lottery ticket purchase is covered, it effectively costs you nothing to enter.
Keeping your options open, let’s look at the stages you need to go through to be in any syndicate – mine or setting up one of your own.
The first decision to make is how many people to have in your syndicate. At one level “the more the merrier”, but if you are the organizer (and I’ve done it myself) “more” means extra work!
So where will you find your other syndicate members from? Possible ideas are to recruit them from:
- Work Colleagues
- An online syndicate where other members are found for you
Joining our online syndicate does not stop you getting your own contacts involved – in fact we encourage it, by paying you a commission rebate; but we turn “finding other syndicate members” into an optional activity, rather than making it compulsory.
Once you’ve found your syndicate participants, you need to get everyone’s agreement on certain matters:
- How much everyone will contribute each week
- Sharing the winnings – will they be held in a pool until a certain amount is reached? Can winnings be used to pay future weekly contributions?
- What happens if someone has missed a payment and there’s a win? You’ll probably feel they should not share in the win, but this needs to be clearly stated in advance, and in writing, to avoid bad feeling.
- Selecting the Lottery numbers – you may find everyone wants to include their favourite Lotto system, however bizarre or improbable. (See my article choosing Lottery numbers.) While it sounds fun at the outset to change the numbers regularly so everyone can test their own Lotto number selection, this can soon become an administrative nightmare.
- Collecting the money – it’s surprising how difficult it can be to extract money from family, friends or colleagues who seem perfectly able to splash out on cigarettes and drinks at a moment’s notice, but never have enough cash with them to pay their weekly subs. If you can manage to persuade them to pay in advance, or by standing order you’ll save yourself much time and embarrassment!
- Checking the results – depending on how many lines you are playing this can be easy or time-consuming. If you are buying physical tickets, the safest way is to take them to a Lottery outlet to have them checked electronically.
- Trust – You may feel you know and trust your fellow syndicate members completely, but a big win could turn the head of anyone. A work colleague relates the story of the syndicate he joined at a previous place of employment. The syndicate ran for quite some time without a hitch, but then one day the syndicate organizer didn’t turn up for work, which was completely out of character. After two or three days of being unable to contact him, his colleagues became concerned for his health and went round to his house. It was deserted and there was no forwarding address. Someone then thought to check the Lottery syndicate numbers – you guessed it. A massive win had been collected by their “friend” and he was never heard of again. A syndicate regulated by a regulated third party minimizes the risk of this happening.
- From the above, it follows that you would be wise to open a completely separate bank account which needs at least two members to be signatories.
The above points are the main issues you need to address when setting up a syndicate, most of which is done for you by our syndicate head office. But if you do decide to go it alone, ensure you have all your terms written down and agreed, to avoid ill-feeling in the future.
The above tips have assumed that you can find other people wanting to join your syndicate. But if as so often happens, you want the benefits of being in a syndicate, without the trouble of finding more members, our syndicate will find the remaining syndicate members for you completely free of charge.
If, on the other hand, you have identified a group of people who want to play together, but you just want to save yourself the admin headaches, LoveMyLotto is definitely for you. Depending on the total value of your stakes there are ways, when playing in an online Lottery syndicate, to greatly increase the chances of winning, and also reduce the weekly costs – thanks to the commission rebate. Contact me for free personalised advice on the best way to structure your syndicate, telling me how many members have agreed to join and how much each one is prepared to spend per week.
To learn more about playing in an online lottery syndicate, contact us.