How
To Set Up A Lottery Syndicate
Setting
up a lottery syndicate is not as easy as you might first think.
There are many considerations to take into account and details
to consider.
The
first question is to consider why you would want to do this,
it's probably obvious, but, people play in syndicates mainly
because they wish to increase their chances of a decent win
or jackpot. The purpose of the syndicate is to pool members
entries and effectively get more 'lines' for less money.
This is great, however, we must bear in mind that although
the syndicate is likely to win more often the winnings will
have to be split among the syndicate members thus reducing
the amount that actually ends up in your pocket.
Playing
in a syndicate also increases the excitement level of playing
in Lotteries. Often syndicates are made up of family, friends
and often co-workers and colleagues. Setting up a lottery
syndicate can be fun if a few simple guidelines are followed.
So,
here's a few guidelines to help you set up a lottery syndicate:
1.
Appoint a manager! this is the person that will run the syndicate
organise the purchasing of tickets as well as manage the distribution
of winnings. Fairly obviously, the manager should be very
trustworthy.
2.
The UK National Lottery point out in their leaflet that it's
a good idea to have a written agreement. This is to cover
such situations as the attraction of Inheritance Tax, that
is to say that if the members of the syndicate can prove that
there was a syndicate agreement then there will be no liability
for inheritance tax. Take advice from your Tax Advisor on
this!
3.
Your syndicate agreement should include:
The
date it was drawn up
The names of the syndicate members
The syndicate manager's name
The syndicates strategy (number system etc)
The amount each syndicate member will contribute to each draw
The action taken if a member fails to pay or breaks the agreement
The decision on whether publicity is allowed or not should
the group land a big win
Rememeber
to get each member to sign and date the agreement
Bear in mind that if the membership changes, then the agreement
should be re-drawn up
Copies should be distributed and the origional document lodged
in a sexcure place
Once
you have set up your lottery syndicate here's a few pointers
on how to run it:
1.
Remember to collect the contributions according to the agreement
and keep clear and concise records
2. Remember to buy your tickets! This should be obvious but
with life's ups and downs can easily be forgotten. The responsibility
for this should lie with the syndicate manager. Keep copies
of tickets and keep the originals safe and secure. Again,
keep clear and concise records
3. Check all lines against the draw. A bit of a chore, but
remember to check for lottery winning numbers against every
draw.
4. Remember to distribute winnings according to the agreement!
Once
you have successfully set up a lottery syndicate, good luck!
Enjoy it and have fun!
