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Lottery Syndicates - Easy Guide 2023

Lottery syndicates have become a popular way for friends, families, co-workers and even strangers to band together in the hunt for that life changing payout. Here we will take a look how lottery syndicates work, and examine the inner-workings of setting up a successful syndicate. Starting a lottery syndicate may seem like hard work, but maybe you will change your mnind when you hear about some of the jaw-dropping payouts that syndicates have won in the not-so-distant past!

 

Table of Contents

What is a Lottery Syndicate?

 

Lottery syndicates are when a group of people band together to purchase a number of entries to a lottery. In doing so they will share the cost of entry, and also share any winnings. Rather than entering the lottery individually, usually only betting on one or two lines, syndicate members pool their money to enter multiple times in the hope that they will increase their chances of winning.

 

How Does a Lottery Syndicate Work?

 

Lottery syndicates have long been a popular method for friends, families and even work colleagues to band together in the hunt for lucrative payouts. In most syndicates each member will contribute a set amount to the pool and one person will be nominated as the leader of the syndicate. The leader will be responsible for collecting the money and purchasing the groups tickets.

 

Running a Lottery Syndicate

 

Running a lottery syndicate can be a fun, and possibly rewarding experience. However, it is important that members are aware of the potential challenges and commitment that comes along with it.

The most important aspect of the syndicate is always going to be communication. Expectations for payments, purchasing of tickets, prize distribution and ticket security should be clearly defined and communicated to all members to avoid friction in the future. Many syndicates have enjoyed success with written contracts, others have felt that oral agreements will suffice, whilst some have found written rules for their syndicated to be most useful.

Rules For Running a Lottery Syndicate

 

Having clearly defined rules for your lottery syndicate is a great way to manage expectations and avoid any conflict in the future. Let’s take a look at three of the most important rules for running a lottery syndicate.

1.     Define Membership

It is key that your syndicate sets out at the outset how many people can be in your group and how much each member should contribute towards the purchase of tickets. It is also important that you all agree on what happens if someone leave the syndicate; Will they be replace? How is a replacement selected? If they are not replaced, how will that affect contributions?

2.     Distribution of Winnings

This is the aspect of the syndicate that is most likely to cause most conflict, so it is paramount that the distribution of winnings is agreed upon beforehand. Most syndicates will opt for the ease of equal shares, however, id some in the group contribute more than others then a proportional share would need to be agreed upon.

3.     Purchasing Tickets and Keeping Records

Your syndicate needs to agree on how the tickets will be purchased, who will purchase them and how the selected numbers will be shared with the group. It will be important to consider how a record will be kept of both contributions and tickets purchased to avoid any controversy in the future. To minimise the risk of friction, many syndicates will scan their tickets each week and share it amongst the group in order to be as clear and transparent as possible.

How to Join a Lottery Syndicate

Joining a lottery syndicate is thankfully very easy. You may consider asking your friends and colleagues if they are in a syndicate that you could joing. Failing that, you could take the initiative yourself and set up your own syndicate with people you know and trust.

Joining a syndicate is also one of the multitude of tasks that has become easier thanks to the internet. If you want to join one with as little hassle as possible, you can consider Lottoland’s Bundle Bets where you can get over 200 lottery bets for as little as R100!

 

The Biggest Lottery Syndicate Winners

 

This is what we are all interested in really! Have any of these lottery syndicates ever won BIG? The answer is a resounding yes! Lottery syndicates all over the world have been collecting payouts of hundreds of millions of dollars, while one lucky group took home a payout over $1 billion!

1.     R19.9 Billion | Wolverine FLL Club | January 2021

A small syndicate of just four people managed to scoop a billion-dollar payout in American lottery MegaMillions. In January 2021 the fortunate foursome won the equivalent of R19.9 billion. They decided to take their winnings in one lump-sum payment and received over R10 billion after taxes. The crazy thing about this win is that it almost never happened! When one of the group was in a local supermarket, he saw a sign promoting the $1 billion lottery and realised that the syndicate hadn’t bought their ticket yet! Thankfully the oversight was soon corrected, and the group’s wildest dreams came trur!

2.     R13.9 Billion | The Power Pack Syndicate | January 2021

There is an old saying that if something seems too good to be true then it probably is. These are words that our second syndicate seemed to live by as they simply did not believe that they had won! Upon checking the results of the US PowerBall, they found that one of their Quick Pick’s had one. One member remarked “This can’t be right. I’m going to work.” It seems that rest of the syndicate felt the same way as the prize went unclaimed for four months! In May 2021 reality appears to have set in, and the group netted almost R7billion after taxes.

3.     R9.8 Billion | The Peace of Mind Trust | May 2021

2021 appears to have been a good year for lottery syndicates, as all three of the biggest syndicate wins of all time happened that year within a four-month span! The third biggest win was a syndicate of five people who pocketed R9.8 billion when their Quick Pick ticket won the top payout in the Mega Millions lottery. The group chose to remain anonymous, with a lawyer representing the group simply stating that it was “life-changing generational money”.

4.     R8.3 Billion | New Life 2019 | 2019

On New Year’s Day 2019, a group of New York workers brought in the new year with a bang! A 23-person strong syndicate of co-workers divvied up $437 million (R8.3 billion) when their numbers matched to the MegaMillions draw. The group choose to remain anonymous, but they did share their simple (and effective!) strategy. Each member of the group contributed $1 towards the pool, then one person purchases the tickets. On this occasion, the $1 investment returned each syndicate member over R146 million each after taxes!

 

Are Lottery Syndicates Worth It?

 

Whether or not lottery syndicates are worth it is going to be an entirely subjective matter. If you ask a group who have bet as a syndicate for years with little-to-no-luck, then they answer might be a resounding “no”. However, do you think the answer would be the same from one of the big winners we listed?!

The main thing with playing in a syndicate is to make sure that you are having fun, whether that is with friends, family, co-workers – or even complete strangers!