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Lottery Syndicates-Pros and Cons
Lottery Syndicates-Pros and Cons
Lottery syndicates are a popular way to play lotteries around the world. A lottery syndicate is simply a group of people who pool their money to purchase lottery tickets. Most lottery syndicates are groups of co workers who purchase lottery tickets collectively. Working together gives members of a syndicate more chances to win any given lottery through the ability to purchase several lottery tickets. The biggest win by a lottery syndicate took place on February 18, 2006 when a group of eight workers at a Nebraska Con Agra plant shared a $365 million dollar Powerball jackpot. The syndicate members agreed to a cash payout of $177,270,519.67 before taxes. In the US taxes can easily account for more than half of a jackpot.
One of the best features of a lottery syndicate is the ability of players to purchase multiple lottery tickets in a manner that is affordable to all members. Any group of people can form a lottery syndicate. Generally the responsibility of purchasing the lottery tickets is delegated to one or more members. Typically syndicate members contribute a set amount towards the purchase of lottery tickets each week. In most cases the person responsible for purchasing the tickets keeps them in a safe place and checks current lottery results. Members can opt to pick their own numbers or use the quick pick option available at lottery retailers.
Lottery syndicates do have their downside. The most obvious negative is the fact that all jackpots must be shared with other syndicate members. The larger the syndicate the lower the individual payout will be. Syndicate members should have some kind of legal written agreement to avoid any misunderstandings of possible legal battles. There are lottery syndicate contracts available online and every syndicate should have some sort of written contract. A contract should detail how the money will be split and should also address tax issues. Informal agreements may seem fine but many a friendship has been destroyed by arguments over money and if the syndicate is a group of workmates the dispute could easily enter the workplace and cause problems.
Thanks to the internet lottery syndicates now have the capability to play several lotteries online. Lottery syndicates can now purchase lottery tickets online avoiding the inconvenience of multiple trips to a lottery retailer. Online lottery players are no longer limited to playing state lotteries although in the US most lottery syndicates typically play Powerball or Mega Millions because of the multimillion dollar jackpots. Joining a lottery syndicate will increase the player’s chances of winning and although the payout will be smaller any payout is better than no payout at all!