Lottery Syndicate “ Is It For You?

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The fact is that about a quarter of lottery wins have been made by lottery syndicates.  What are they?  In simple words, a lottery syndicate is a group of people who get together to increase their chances of winning.  What happens is that they have an increased number of entries (and thus increased chances of winning) while at the same time keeping the costs of buying tickets to a manageable amount.  If and when they do win, the members of the lottery syndicate split the prize amongst themselves.

While the advantage of playing with a lottery syndicate is quite obvious “ you get more entries and thus higher chances of winning, the main disadvantage is also quite evident.  Instead of getting the huge prize money, you will probably get a fraction of it, depending on the number of members of your lottery syndicate.

Another problem that may arise from a lottery syndicate set up is the fact that some members do not fully understand it.  There have been so many cases wherein lottery syndicate members end up in court, fighting over the money they have won.  In other cases, a member of the syndicate may have not paid his share of the entry fee, or may have paid it late.  This would mean the loss of his share and more often than not this ends up in court as well.

One thing you should bear in mind when deciding to play with a lottery syndicate is to have a formal agreement in place.  This would protect you from any potential problems that may arise in the future.

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