We now have spoken a good deal about lottery syndicates. However, there are quite a few people who still do not comprehend the fundamental concept of this wonderful way of improving your likelihood of winning substantial amounts. This short article will attempt to give info to ensure that the lay person will know a little more about how exactly syndicate works.
Basic meaning of syndicate
A lottery syndicate essentially indicates a collection or group of gamers which pool their own resources and purchases lottery tickets. The actual earnings, if any, are distributed equally or according to the share holding in the syndicate. For instance a syndicate has 20 gamers and the group purchases tickets and luckily one of the tickets is victorious a jackpot of $ 20 million; when this occurs the every person in the group gets One million each. If two tickets win $20 million and $10 million, then each associate will get one and half million each. Usually the organizers handle everything within the syndicate and people just have to contribute for their share and sit back and hope they or one of them is victorious.
How do syndicate work
You purchase shares in the syndicate. In case you own 2 shares then you are entitled 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 in a syndicate you receive scanned duplicates of all the tickets purchased through the syndicate. The original tickets are stored in lockers or in some safe place by the auditors of the syndicate. More here.
How much does it cost?
Well, the cost depends upon the amount of shares you have in a syndicate. All winnings are transferred without deducting any amount towards running and managing the syndicate.
What exactly are odds of winning when compared to playing single?
Well, the odds tend to be very good when you play within a syndicate, as the syndicate will generally purchase a lot more than TWENTY tickets each time.
What about the result?
Whenever there is any kind of win, the syndicate administrators or organizers contact through email or text. In case there is 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 when a jackpot is actually won by the syndicate?
The syndicate manager claims the actual earnings on behalf of all the members. The money is actually then divided in line with the number of shares possessed by particular members and consequently transferred to their bank accounts. Taxes if any are subtracted and net amount is transferred.