How Lottery Syndicates Work
A lottery syndicate is a group of people who have come together to enter a lottery draw as a group to boost their chances of winnings the lottery. This is the basic term which you can find in any dictionary when you look up for “how lottery syndicates work”. However, if you play lotteries online, you’d know that syndicates have much more importance.
Lottery syndicates have been around for centuries, actually. People formed syndicates among co-workers, families members and friends in order to boost their chances of hitting the jackpot and coming into a huge fortune to change their lives for good. Thanks to the best online lottery sites, now you can form syndicates with people from all over the world to play almost any major lottery across 6 continents (Antarctica hasn’t reached that level of development just yet). Forming larger syndicates, you can increase your chance of hitting the lottery jackpot significantly.
What Exactly is a Lottery Syndicate?
The best online lottery betting sites and the best online lottery agents allow users to create syndicates (groups of people who come together with an aim) to enter lottery draws together. In order to join a lottery syndicate to boost your chance of winning the lottery, you need to create a free account at one of the legal and legit online lottery sites like Lottoland. Once you verify your account, you can visit their syndicates section and simultaneously compare it with the best online lottery syndicates offered by other online lottery sites.
Playing an online lottery through a lottery syndicate is a little bit more costly than entering the draw on your own. Nonetheless, you’ll be playing a lot more lines for the fraction of the actual cost. Therefore, you’ll increase your chance of hitting the jackpot immensely without spending a fortune.If you syndicate hits the jackpot or wins any secondary price through any of the lines played cumulatively, the prize will be shared among the syndicate members based on their share amounts. So, if you’d like to get even more money as a result of a possible win, you need to buy more shares of the syndicate.
How to Form an Online Lottery Syndicate
The best online lottery syndicates offer formal lottery draw entries or bettings on the lottery draw outcomes of the major lottery draws, such as Powerball, Mega Millions, EuroMillions, EuroJackpot and the UK National Lottery. In case you cannot find a lottery syndicate formed for a lottery draw that you’d like to enter, then you can form your own syndicate.
Lottoland is one of the online lottery sites which allow players to form their own lottery syndicates. Forming an online lottery syndicate at Lottoland is quite a straightforward process. First of all, you need to find people who are interested in playing the same lottery online together as a syndicate. Once you find your lotto buddies, then you need to find a manager or nominate yourself as a manager. The manager is the person who gets signatures from all the members of the syndicate and plays on behalf of them.
The manager needs to create an account and play the numbers requested by the syndicate members. In case one of the lines played by the syndicate wins a prize, then the prize value is shared among the people who signed the syndicate agreement.
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Why You Should Join a Lottery Syndicate
Is the lottery syndicate worth the money that you pay? That is a common question people ask when they start playing the lottery online. We can easily prove that joining a lottery syndicate boosts your chance of hitting the lottery jackpot as you play a lot more lines than you’d play on your own. The more lines you play the more chance you have to make a fortune.
Let’s have a look at some of the syndicates that managed to hit the jackpot! The largest jackpot hit by a syndicate so far is $218.6 million. A Maryland-based syndicate of 3 members scooped $35 million each after taxes. Another syndicate called Ocean’s 16 hit a jackpot of $149 million. After taxes, each sat on a hefty sum of $3.8 million. If they played individually, probably only 1 member of each syndicate would bag the grand prize while the others would get nothing at all. Both $35 million and $3.8 million can be considered better than nothing, can’t they?
Actually, these lucky strikes are not even the biggest ones. In 2019, a syndicate of 23 Long island workers hit the Mega Millions jackpot of $437 million. This is the 8th largest Mega Millions jackpot so far.
Lottery Syndicate Rules
Forming a lottery syndicate is like forming a brotherhood which stands on the promise of loyalty. That is how online lottery syndicates work. It is a secret that you won’t find even in the best online lottery guides. It is a sacred union with ground rules. For example, there needs to be a clause in the agreement that people who are late with their payments should be left out of the next draw.
Playing the lottery online doesn’t have hidden charges. However, topping up the player account and withdrawing funds might cost some money. Especially, payment providers might charge for transactions. Moreover, if your syndicate gets lucky and wins a prize, then there might be some gambling revenue tax that needs to be paid, based on the country that you reside in. So, all these fees need to be paid collectively by the members of the syndicate.
When you form a syndicate through an official agreement on a legal online lottery site like Lottoland, you sign a legal binding contract. You should make sure that every syndicate member signs the contract. A member who hasn’t signed the contract cannot make any claims on the winnings.
Pros and Cons of Joining a Lottery Syndicate
Joining an online lottery syndicate is a lucrative business, no doubt. However, there are certain downsides as well. If you’d like to learn how online lottery syndicates work, it is essential to understand the pros and cons of joining an online lottery syndicate. Let’s start with the reasons why you should join a lottery syndicate.
First of all, you clearly boost your chance of winning a lottery prize. Your winning depends on the lottery jackpot and the number of shares that you hold. But, in most cases we are talking about millions of dollars. So, even if you don’t scoop the whole jackpot amount, you still win a generous sum which is beyond imagination.
Another positive feature of joining a lottery syndicate is that you have a better chance of staying anonymous if you hit the jackpot. If you win a huge prize alone, the media will be out to get you as everybody is curious about the story behind such a big win. Everybody loves drama. So, they will look for the saddest story in your life so label you as the person who survived a plane crash or have gone through 7 divorces. Staying anonymous will keep you away from such headache as well as your fake relatives that you have never met.
Playing the lottery through a syndicate is among the best online lottery strategies. But, it is not only because it boosts your chance of winning a prize, but also gives you a chance of having fun as a community. You can even gather together with the other lottery syndicate members to watch the draws and use this opportunity to form a social network.
The most obvious drawback of joining a lottery syndicate is that if you hit the jackpot or win any prize, you need to share it with the other syndicate members. Depending on the number of syndicate members, the size of your share decreases.
If you decide to form a syndicate without a legal contract, then you might find yourself in a painful situation. For example, if you designate a colleague to play the lottery on behalf of the whole office, then that person might decide to take the whole prize for himself as there is no legal obligation for him to share the winnings with anyone else.
How to Join a Powerball Syndicate
One of the most frequently asked questions regarding online lottery syndicates is “How can I join a Powerball syndicate online?” Powerball is the most popular lottery draw in the world as it offers the largest jackpots usually. The biggest ever Powerball jackpot was $1,586 billion. This is a surreal number, to be frank. Since the Powerball jackpot reaches such sky-high numbers, playing it through syndicates boosts your chance of winning an enormous sum despite playing it with many other syndicate members.
Lottoland is a great online lottery site to play Powerball joining a syndicate. There are many syndicates available at Lottoland to play Powerball along with the most popular lotteries. For only £15, you can purchase a share from a Powerball syndicate which has 504 combined lines. For £40, you can buy a share from a syndicate with 1008 combined lines. Amazing, isn’t it?