An incredible sum of money is spent each week on lotto tickets by the population who hope to win the jackpot, but the truth is, the odds of winning are minuscule. And that applies to any lottery on the planet.
Taking the UK National lottery for example, you have a 1 in 13,983,816 likelihood of winning that lotto and even longer odds of winning the European lottery, which stands at 1 in 76,275,360. Though you are more lightly to win a small prize on the European lottery!
Now, you can place the odds in your favour if say you share the cost together with some friends, work colleagues or even family members.
That’s OK – but how many times have you read, or seen on the TV news, stories of people who have won the lottery being part of a syndicate only to deny it and attempt to keep all of the winnings to themselves.
They may have genuinely purchased the ticket/tickets themselves or perhaps not!
Wouldn’t it have been so much simpler if they entered into an official syndicate contract and saved all the inconvenience? You’ll be able to download a syndicate agreement from the UK National lottery website at: national-lottery.co.uk
Therefore, if you have ever considered whether or not to organise a lottery syndicate, here are some useful hints for you:
Amass your syndicate players together and select your weekly spend. One or several of the players might prefer to spend more than the other, in which case they would have to purchase double or triple entries then obtain twice or triple portion of whatever gains there are.
Choose someone to manage the syndicate: this would evidently have to be a person that’s dependable, well-organized and trusty! They will have to be responsible for gathering the ticket numbers and buying them. Don’t forget that the tickets will have to be bought in the manager’s name and you will be entirely reliant on them to pay out your profits – therefore decide with wisdom! Rana Pratap Singh KBC
Also, you will need to draw up a lotto syndicate agreement then have it signed, witnessed and stamp dated by all the members. Syndicate contracts are downloadable from the internet as mentioned above but sadly they will not assist you if your syndicate manager was last seen jumping on an aircraft to the Bahamas with all your loot. That said they are a necessary precaution because they lay down the conditions of your agreement in writing.
Having the agreement signed and witnessed by all members is very useful in as much as it allows for members to specify what will happen with their portion of the winnings if they die. If prepared correctly any portion of the deceased can be evenly distributed between the remaining players or whether it is to be passed on to their estate!
A very important detail here is, if the agreement can be demonstrated to have been signed before of the winning draw, if so, the prize will be exempt of death duty as the law currently stands.
The agreement should likewise include the syndicate policy since what will take place, if a player does not pay up on time. Will they forgo whatever winnings they think they are owed, or will there be a period of grace?
How much notification should each player give to exit the syndicate? What is the group policy on publicity in the event of them hitting the jackpot? This could represent some major problem if they do not agree in beforehand with a few players requiring their 15 minutes of fame and their photographs in the news papers and others wanting to continue completely anonymous, a few not even wanting their family and friends to know they have scooped the jackpot!