We have spoken a great deal regarding lottery syndicates. However, you will find quite a few people that still do not understand the basic idea of this wonderful method of improving your likelihood of winning considerable amounts. This short article will attempt to provide info so that the lay individual will certainly know a bit more about how syndicate works.
Basic meaning of syndicate
A lottery syndicate essentially means a set or group of gamers which pool their own resources and purchases lottery tickets. The earnings, if any, are distributed equally or based on the share holding within the syndicate. For example a syndicate has TWENTY players and the team buys tickets and luckily one of the tickets is victorious a jackpot of $ 20 million; in such a case the every member of the group gets One million each. If two tickets win $20 million and $10 million, then every associate gets one and half million each. Usually the organizers manage every thing within the syndicate and members simply have to contribute for their share and relax and hope they or one of them wins.
How do syndicate work
You buy shares in the syndicate. In case you own two shares then you have entitlement to 2 shares in the winning amount.
What kinds of lotteries have syndicates?
Generally a lottery which has $10 million or above as minimum starting jackpot has syndicates.
Do we get tickets when playing in a syndicate?
Indeed, once you own shares within a syndicate you get scanned copies of all of the tickets purchased by the syndicate. The original tickets are stored in lockers or even in some secure location by the auditors of the syndicate.
How much does it cost?
Well, the cost depends on the amount of shares you have in a syndicate. All winnings are transferred without deducting any amount towards processing and managing the syndicate.
What exactly are odds of winning when compared to playing solo?
Well, chances tend to be very good whenever you play within a syndicate, as the syndicate will generally buy more than TWENTY tickets at a time.
How about the result?
Whenever there is any win, the syndicate administrators or organizers contact through email or even text. In case there is a major win like a jackpot, a direct phone 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 then divided based on the number of shares owned by particular members and consequently transferred to their bank accounts. Taxes if any tend to be deducted and net amount is actually transferred.