What
Is A Lottery Syndicate?
Lottery
syndicates are very common throughout the world and can very
often be found within workplaces, clubs, charities and indeed,
families.
A
lottery syndicate is in essence a means of pooling your lottery
entry with a number of other lottery players.
Pooling
your entry or 'joining a syndicate' has a number benefits
and, of course, drawbacks for the syndicate member.
Lottery
syndicates are very common throughout the world and can very
often be found within workplaces, clubs, charities and indeed,
families.
So
what are the benefits and drawbacks?
The
main benefit, and the reason most people join lottery syndicates,
is that the odds of winning a prize are reduced, often dramatically.
You can work out the odds by taking the number of lottery
tickets purchased by the syndicate and multiplying it by the
published figures from the lottery organiser, for example:
A
lottery syndicate has 10 members and the syndicate purchases
20 lottery tickets.
The lottery organiser in this example published the odds of
a jackpot win as 1 in 1,000,000 or 1,000,000 to 1.
If
we take the number of tickets purchased (20) and calculate
the new odds, we will arrive at a figure of 20 in 1,000,000
or 1,000,000 to 20 otherwise expressed as 1 to 50,000 or even
as a 2000% better chance of winning the jackpot.
The
downsides of playing in a syndicate are that, in the first
instance, you will have to share the winnings with the other
members of the syndicate, if the win is relatively small,
this may, potentially, not even cover the cost of the syndicate
membership, if, on the other hand, the syndicate lands the
jackpot of say 5 million then each member of our example syndicate
will win 1 tenth of the prize, in this case 500,000.
Depending
on how the syndicate operates, it may be that you cannot choose
your own lottery numbers. Where the syndicate uses mathematical
rules, this is often the case.
The
upside of playing in a syndicate is that you stand more chances
of winning and winning more often, although, on the whole,
you’ll find that the prizes are smaller due to the fact
that you are sharing all prizes with your fellow members.
Lottery
syndicates are not for everyone, some people prefer to chance
their luck rather than play the ‘mathematical’
game. Finding a good, well organised, syndicate is not always
easy. Consider the organiser, the level of trust and their
ability to always remember to purchase tickets on behalf of
the syndicate, it sounds a little daft, but it would not be
the first time a syndicate thought they’d won a large
sum only to find that the entries were not placed.
