We have spoken a good deal regarding lottery syndicates. However, there are quite a few people that still do not understand the fundamental idea of this wonderful method of enhancing chances of winning considerable amounts. This article will attempt to give info so that the lay person will certainly know a little more about how exactly syndicate operates.
Basic meaning of syndicate
A lottery syndicate basically means a collection or even group of gamers which pool their resources and purchases lottery tickets. The actual winnings, if any, are distributed equally or even according to the share holding within the syndicate. For instance a syndicate has 20 players and the group purchases tickets and luckily one of the tickets is victorious a jackpot of $ 20 million; when this occurs the each member of the group gets One million each. In case two tickets win $20 million and $10 million, then every member gets one and half million each. Generally the organizers handle everything in the syndicate and people just have to contribute for their share and sit back and hope they or one of them wins.
How do syndicate work
You buy shares in the syndicate. If you own two shares then you are entitled to two shares in the winning amount.
What kinds of lotteries have syndicates?
Usually a lottery which has $10 million or above as minimum starting jackpot has syndicates.
Do all of us get tickets whenever playing in a syndicate?
Yes, when you own shares within a syndicate you get scanned copies of all the tickets bought through the syndicate. The original tickets are stored in lockers or even in some secure place by the auditors of the syndicate.
Just how much does it cost?
Well, the cost depends upon the number of shares you might have within a syndicate. All earnings are transferred without deducting any amount towards running and managing the syndicate.
What exactly are odds of winning when compared to playing solo?
Well, the odds tend to be pretty good when you play in a syndicate, as the syndicate will generally buy a lot more than 20 tickets each time.
How about the result?
Whenever there is any kind of win, the syndicate administrators or organizers get in touch with by e-mail or even text message. In case there exists a major win like a jackpot, an immediate 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 winnings 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 deducted and net amount is actually transferred.