While buying dozens of lottery tickets every week for yourself may increase your chances of a win, it’s a costly exercise. Lottery syndicates are one way to increase your chances of winning without spending a fortune. If you do end up winning, remember that the prize will be shared within a group of people, so it will be smaller than if you play alone.
What You Need to Know About a Lottery Syndicate
Firstly, a lottery syndicate is a group of people who play the lottery together and split the winnings equally. Usually, syndicates have a syndicate manager who collects each person’s money and makes the lottery ticket purchases.
Below are a few things to know before you decide to join a Powerball syndicate.
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Agree on the Specifics First
Many people who join a syndicate make the mistake of only clarifying specifics after a big win. This is just a disaster waiting to happen. Whenever money is involved, chances are things will go south quickly.
If you want to create a syndicate with friends, share prizes and still be friends, you should agree on the specifics first. It’s a good idea to present the terms and rules of your syndicate in a written agreement. If you have realistic expectations and achievable claims in advance, you’ll know what you’re getting into.
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Discuss How the Lottery Will Be Played
Decide if each person wants to pick numbers or if the group is happy with random draws. Members often prefer to pick their numbers, so they feel more involved. But if you have a proven method for choosing winning numbers, be sure to speak up.
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Syndicates Share Prizes Equally
There’s one purpose for lottery syndicates, and that’s to make playing Powerball more effective. Each member should contribute the same amount of money toward tickets and in proportion to their share of any wins. Stick to this rule. Always. Never give more to one friend than agreed upon.
Stick to your syndicate agreement at all times. If there isn’t a clause about sharing winnings, call a meeting and decide to add one to your lottery syndicate terms and conditions.
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Verbal Contracts Count
Verbal contracts are binding. But it’s important to realise that there are strings attached. If your syndicate wins, you’ll need to prove that you are a member and that you paid for your share of the winning ticket.
The issue with verbal agreements is an emphasis on the word “verbal.” Anything can be difficult to prove, and you may end up in a battle of he-said-she-said which makes it difficult for courts to figure out exactly what went down. On the bright side, there is always the chance that the court will enforce the agreement.
Verbal agreements are risky when there’s a lot of money at stake and taking a chance over who paid what or what was supposed to happen if a ticket won the jackpot can become difficult and unnecessary.
While a verbal contract is binding, it’s always better to get everything in writing.
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More Bets Give You More Chances to Win
When you join a syndicate, you increase your odds of winning the Powerball jackpot. That’s because you’re pooling your money with everyone else to buy more tickets and that means more chances to win.
When you play the lottery on your own, you may only buy a few tickets. In a lottery syndicate, you can be part of hundreds of bets in one draw, drastically improving your chances.
Remember, if you win the jackpot, the syndicate must share the winnings out equally. But even 20% of a jackpot of $100 million is much better than 0% of the pot, right?
It’s true that building a solid lottery syndicate is a great deal of work. But with a little hard work and dedication, along with a written agreement, your Powerball lottery syndicate can gain momentum and turn into a fun – and even lucrative – past time.
Isn’t it time you tried your luck with a syndicate?