We have talked a great deal regarding lottery syndicates. However, there are quite a few people who still do not comprehend the fundamental idea of this wonderful way of enhancing likelihood of winning substantial amounts. This short article will attempt to provide information so that the lay person will know a little more about how syndicate operates.
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 winnings, if any, are distributed equally or even based on the share holding in the syndicate. For example a syndicate has TWENTY players and the group purchases tickets and luckily one of the tickets wins a jackpot of $ 20 million; in such a case the every member of the group gets 1 million each. If 2 tickets win $20 million and $10 million, then every member will get one and half million each. Generally the organizers manage every thing within the syndicate and people simply have to contribute for his or her share and relax and hope they or one of them wins.
How do syndicate work
You purchase shares in the syndicate. In case you own 2 shares then you have entitlement to two shares in the winning amount.
What kinds of lotteries have syndicates?
Generally a lottery which has $10 million or even above as minimum starting jackpot has syndicates.
Do all of us get tickets whenever actively playing in a syndicate?
Indeed, when you own shares within a syndicate you get scanned copies of all the tickets purchased by the syndicate. The original tickets are stored in lockers or in certain safe 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 running and managing the syndicate.
What are odds of winning when compared to playing single?
Well, chances are pretty good whenever you play in a syndicate, as the syndicate will usually purchase more than 20 tickets at a time.
What about the result?
Anytime there is any win, the syndicate managers or organizers contact through e-mail or even text. In case there exists 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 whenever a jackpot is actually won by the syndicate?
The syndicate manager claims the winnings on behalf of all of the members. The money is then divided based on the number of shares possessed by specific members and consequently transferred to their bank accounts. Taxes if any tend to be deducted and net amount is actually transferred.