We now have spoken a good deal regarding lottery syndicates. However, there are numerous people who still do not really comprehend the basic concept of this fantastic way of enhancing likelihood of winning substantial amounts. This article will try to provide info so that a lay individual will know a little more about how syndicate operates.
Basic meaning of syndicate
A lottery syndicate essentially means a collection or group of gamers which pool their own resources and buys lottery tickets. The earnings, if any, are distributed equally or based on the share holding within the syndicate. For example a syndicate has 20 players and the group purchases tickets and fortunately one of the tickets is victorious a jackpot of $ 20 million; when this occurs the every person in the group gets 1 million each. If 2 tickets win $20 million and $10 million, then each associate will get one and half million each. Generally the organizers manage every thing within the syndicate and people simply have to contribute for their share and relax and wish they or one of them is victorious.
How do syndicate work
You purchase shares in the syndicate. If you own 2 shares then you have entitlement to two shares in the winning amount.
What kinds of lotteries have syndicates?
Usually a lottery that has $10 million or even above as minimum starting jackpot has syndicates.
Do we 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 certain secure location by the auditors of the syndicate. Click Here for my best lotto tips.
Just how much does it cost?
Well, the cost depends upon the amount of shares you might have in a syndicate. All earnings are transferred without deducting any amount towards running and managing the syndicate.
What are odds of winning in comparison with playing single?
Well, the odds tend to be pretty good whenever you play within a syndicate, as the syndicate will generally buy more than TWENTY tickets each time.
What about the result?
Anytime there is any kind of win, the syndicate administrators or organizers contact by email or text. In case there is 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 earnings 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 subtracted and net amount is actually transferred.