Lottery Syndicate Disadvantages
Lottery Syndicates are a double edged sword. The have some major advantages and also some downsides.
The main advantage they have is that the syndicate can massively increase their chances of winning. The drawback is that they must share the winnings with other members of the lottery syndicate.
This poses a question, what exactly is a lottery syndicate?
A lottery syndicate is a group of people or those that are affiliated in an organization that pool their resources to buy lottery tickets. Often the syndicates are based around a group of work colleagues or members of a social society or even friends and family
Therefore instead of purchasing only one ticket for a draw the syndicate can purchases 10, 20 or even hundreds of tickets.This means a greater chances of having the winning ticket. Of course the downside in the lottery syndicate is that you need to share the prize with other syndicate members.However if you win more often and with bigger jackpots – 50 million on the Euro Millions Lottery on the big rollovers – I am sure you would not mind sharing.
Lottery syndicates have been around for many years and have are very popular in Europe. This is especially true in the United Kingdom, where there are official syndicates that manage the money and have each member contracted so that there are no arguements when the syndicate wins.
The only place that lottery syndicates have not gained a strong hold is the United States. The main reason for this is that each of the different states have their own lottery with only a few lotteries being available in multiple states. The lottery that is available in the greatest number of states is the Powerball and also to a lesser degree Megamillions.
This makes lottery syndicates not very common in the USA but which there is a big demand, but unfortunately it is something very difficult organise. There is also the issue of the state and Federal laws. There are so many compliances that would have to be met for lottery syndicates and many just aren’t eager to go through all the paperwork and issues.
The main disadvantage with traditional lottery syndicates are that there is no sure way to legally bind the members in the lottery syndicates when they are a group of friends/families. This may sound {foolhardy|strange}, but when the {jackpot|big prize} is won it can be every one for themselves. This is the reason that organizations and organised syndicates the best solution.
One solution to the syndicate problems is the elottery syndicate system this allows the management of the syndicate by a seperate 3rd party insuring that {all fees| entry money} are collected and winnings are evenly distributed. Currently syndicates are possible in the National Lottery in the United Kingdom, Euro Millions Lottery and the El Gordo Lottery in Spain .
These syndicates are available to people from all over the world (with the exception of the USA). Could your syndicate be the one that wins the BIG Jackpot? For more information on setting up or joining a syndicate and your opportunity for a free entry into the next UK lottery please view free video at Euro Lottery Syndicates