Playing the lottery can be fun, but you will surely have a better chance of success if you play as part of a syndicate. It is true, stats have shown that more than one quarter of all lottery wins are usually part of a syndicate, of some kind or another. But what is a syndicate, and can they really help you win? In this brief article, we will take a closer look at lottery syndicates, and look at the some of the advantages of joining one.
Firstly, what is a syndicate?
Before we get too involved in this piece, let us first address the question: what is a syndicate? If you don’t know what a syndicate is, you won’t know how they work. A syndicate is a group of people who club together, to buy tickets together. Then, if one person wins, the total winnings are shared amongst all of the people who put money into the syndicate. As long as you have honest friends, and some kind of agreement, the syndicate system should work better than purchasing individual tickets yourself.
More members, more tickets
Obviously, there is one really big advantage to the syndicate system. The more members you have in the syndicate, the more tickets you will be able to buy. That will further boost your chances of success, as the more tickets you have, the better your odds of winning. However, it also means that you will not be able to claim the winnings yourself, since they will be split between all members of the syndicate. Should you win big, though, will you really care? What is more important is that you have increased your chances of winning something.
Using a legally binding lottery syndicate agreement
One of the safest things you can do when deciding to join a syndicate, is get your hands on a binding lottery syndicate agreement. Basically, this is an official paper, which legally ties everyone to the terms of the syndicate. This has one really big benefit. It stops people stealing your loot.
If you have won with a syndicate, then this legally binding agreement ensures that if one player wins, then everybody wins. Moreover, if one person claims the winnings on behalf of the syndicate, they may have to pay far more additional tax as the all of the split money parts count as gifts, not income. Having everything legal and above board in a syndicate agreement, negates that tax risk.
Split money keeps you saner
You might wonder why you should wish to split money with a syndicate. As we’ve said, the more people in your syndicate, the more times you are going to have split a big jackpot win. But there’s more to it than that. Sometimes, winning hundreds of millions of dollars’ worth of cash can send some people overboard. They go on a spending spree, neglect their tax payments, and end up worse off than they were before they won. Winning smaller amounts (by sharing the rest with a syndicate), means that players are still filthy rich, but that they aren’t so rich that they go nuts, and end up ruined. They are just a few of the many benefits of playing in a syndicate.
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