How To Create A Lottery Syndicate

[orlando baldwin]

A popular way for many people to play the lottery is to band together
and form a syndicate. It sounds easy but it can be a minefield in the
event of a considerable win no matter how good the syndicate members
intentions are. Things can quickly go wrong. To avoid any possible
disputes or law suits should your lottery syndicate hit the jackpot it
is recommended that you draw up a syndicate agreement which sets out
the rules of your syndicate. Every member signs the agreement and
abides by it. Think of a syndicate agreement as a form of mutual
protection.
Your syndicate agreement does not have to be a complex document. What
follows are a few straightforward suggestions and pointers of how you
may put together a suitable agreement for your lottery syndicate. Some
lotteries, for example the UK national lottery, allow you to obtain a
syndicate kit from their web site and even download a simple form of
agreement.
When you have decided who is in your lottery syndicate then think
about appointing one of you as the syndicate manager. This is quite a
responsible position because the duties of the syndicate manager
include collecting subscription monies, checking draw results and
general communication between syndicate members to ensure all are
informed.
Then of course you have to decide on what numbers your syndicate is
going to enter in to each lottery draw and how many entries you are
going to have. If you are content to enter the same numbers in to each
draw you could consider setting up a subscription.
On to the syndicate agreement. It is suggested that your agreement
covers the following items. Yes, we recommend you should draw up a
syndicate agreement once you've decided who's going to be in your
group and before you start to play. Make sure your agreement covers
the following: The date the agreement was drawn up, the appointed
manager's name, the names of the members of the group, the games and
numbers to be played, which draws will be entered, how much each
member will pay per draw, how any winnings will be split, what happens
if a member fails to pay their contribution at any time, if the group
has a big win, whether the members will take publicity or not.
Once complete you should ensure that the syndicate agreement is signed
and dated by each group member and should be ideally be independently
witnessed. File the original agreement in a safe place giving a copy
to each syndicate member. Then it is simply a case of entering your
numbers hoping for the best then sharing out any winnings in
accordance with your syndicate agreement.
People have been friends for years but fallen out over lottery wins,
bingo wins and similar where one party has alleged the other has
promised to share any winnings. This can be a legal nightmare.
Entering the lottery with a syndicate can be fun and help you to dream
about hitting the big one and not having to return to work after the
weekend but it is essential to draw up a robust syndicate agreement to
prevent any complications should that day ever arrive.
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