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Lottery syndicate

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Someone please explain a lottery syndicate and how to join.

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In response to johjoh

The problem with a syndicate is does everyone trust the people running the syndicate??? So every one pitches in and hits a jackpot just to have someone running it run off withthe winning ticket. Yea you can try to sue them legally but if they have either hidden the winnings or spent all of it before the group can get to them in court. Youwould be suprised at the number of people willing to spend a few years in jail if they knew they had millions when they got out even if they had to hide.

A lottery syndicate is where a group of people pool their funds together in order to buy more tickets than they could normally afford to play for a split of the winnings if one of the tickets hit. How does this work ... I was in one on a job ... It hit for a million ... After lawyers fees (collecting and checking every ticket) divided by 73 other players and after taxes it came out to 9800 bucks each. Yea the lawyer took a chunk but no one trusts each other at any level when alot of money could be involved. So everyone agreed the lawyer route was the way to go at the time and where we were at for piece of mind.

BobP's avatar - bobp avatar.png
In response to johjoh

It's better to start your own syndicate then be a member.  Reason being you are sure you know how to win, but do not have the funds to carry out your plan.  Raising funds among a group of friends and workers works well while winning and falls apart when not.  You can trying searching for lotto pools online, do the math, avoid those that make a profit no matter how they try to hide the fact. 

BobP  Type More about lotto clubs on this link below. 

http://www.lotto-logix.com/txthouse/wlc.html


Jesus is coming, look busy! Sun Smiley

Speler's avatar - me
In response to lottologix

After having won a 5/6 with 5+R / 10 alone, I started a pool again after suggestion, but didn't really want to.

I had to get the money, I had to do the stats, I had to fill in a dozen forms by hand, I had to go validate, I sent a copy of the combinations by e-mail, did the calculations. - I think that I could have played less lines, but with more people playing 4/4 14 numbers was not a bad idea.

I say, keep it simple. For a year, everyone puts a big amount in the bucket, the game organizer holds the money on his account and is trusted. The combinations should not be mailed or shown before the drawing. The distribution of eventual net win could be done end of the year. Don't start with waiting for everyone to show up and pay the $20 or whatever amount, depending of the count of people. Don't waste your time there.
Maybe make people write the amount to the bank account to leave an official trace or document for the payment? We used a bank account just for the games. Unfortunately we didn't win big. I also was tired of it.

Shops organizing pools often printed quickpick fullsystems for the total amount collected. I said that I didn't like it, but cannot say that a quickpick cannot win the jackpot. The shops do not have wheels or plenty of play systems in the computer sales system.

Stat$talker's avatar - animated sphere.gif
In response to Speler

Yeeaa,...

Tell me about it,...I once had to do the same for a Lottery Club Pool ...until I delegated some of the leg work to others in the Club..

I made it my job to study the Stats..We opened a Bank account, verified each of our deposits via emailing every member with a copy of the deposit slips..as we were scattered throughout the Country..

Kept pretty good Bank balance records,..as I was entrusted with the account's ATM card..We voted on what jackpot sizes to wage on...I'd email whatever amount I'd withdraw, as needed for the accumulated tickets of our voted on draw wage, via the withdrawal slip....

But , like you,  grew tired of all the work associated with people not being trustworthy..!!, failing to deposit their required amount, not waiting til we had enough funds for a decent assault on the odds..etc..for I, as you were, was dead set against QPs..as they're a waste of money..

The biggest problem was with the bank, being nosey about so many different PeOpLe making deposits to the account..not withdrawals,..for I only withdrew..

 

-Stat$talker 

Speler's avatar - me
In response to Stat$talker

The biggest problem was with the bank, being nosey about so many different PeOpLe making deposits to the account..not withdrawals,..for I only withdrew..

An independent opened the bank account with me. The use was written down when opening the account.

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Hi, sounds interesting, please give more details what type of account can be opened for sharing with many people. This is only one problem I see to make pools working on internet, rest like maintenance, mailing copies of tickets playing big combos or systems (not quick picks) is solvable. Or any other solution how to manage deposits in trusted way, ideas? thank you, prtt

Stat$talker's avatar - animated sphere.gif
In response to prtt

"pleasegive more details what type of account can be opened for sharing with many people. This is only one problem I see to make pools working on internet"

I believe just a regular "Checking Account" would be sufficient,.. a good suggestion would be to make sure the Bank includes in their records an explanation as to why different people from all over will be making deposits into the account..

It's very important that whoever holds the ATM card to the Account is Trustworthy..!! or things will go South rather quickly..!!.. not to mention , that person will most likely be the one purchasing the lottery tickets.. No NoYou don't want someone that will Hyper freakout should you all win a MultiMillion Jackpot!

Draw up an agreement that ALL the Club members must sign..There are Lottery Club ready-made Contracts online..(Google it) and members here that are Attorneys, that might expound on other safe-guard steps to take..

and Good Luck..!!  Thumbs Up...and that'll be $39.95Green laugh

 

-Stat$talker 

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hi, thank you for making it clear! will try and see whats happen!

thank you, prtt

Speler's avatar - me
In response to prtt

You can also put the money in a wallet and leave for Rio!  Blue Angel

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I think make big pool and win jackpot is better idea 😀

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Although I have never tried this I often thought about it.  Create an agreement that everyone will purchase an specific amount of tickets , sign the back with your club name and send a copy of such tickets to every member.  No money to pass and if they don't buy their share of tickets they don't get in that draw.  I'm sure it would take some details but sounds much easier to me.

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here we go ! excellent idea, solving bank account issues. start looking more like mining bitcoin in pool ;) now, as i understand for example OLG.ca (Ontario, Canada) recommends to captain of pool sign each ticket with name and add "IN TRUST". so if each member of pool will sign same way and upload tickets to pool would it make proof enough to everybody not to be scammed if someone win  big one and will try to hide it? would be good idea to consult with lawyer on agreement to ensure this? also, lets start to think what way to play in pool - for example powerball second prize is 1 million. to hit 5 numbers what would be good system? select 3 numbers + 2 from rest 68. total 2415 tickets which is affordable for pool. and play same 3 numbers once they hit, and once they hit, 2 other numbers will be guaranteed to be there. 3 numbers should not be that hard to hit with time, same idea for other lotteries, like classic 6/49, 15180 tickets for 3 fixed numbers + 3 from rest 46. imagine feelings when just 3 numbers will pay you jackpot instead of $5 or whatever they pay for 3numbers? what do you think players?

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So 2415 tickets x $2 at 3 nights a week. ( starting August)  could get expensive. $7,245 while your waiting on those numbers to fall.

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all depends on size of pool, of course, more people, more tickets, but main idea to play NOT quick picks, like every work pool playing in the world and winning once per 100 years. i know for sure its a way to print custom tickets for each member of pool on home printer within minute(s), so this is no problem. how to play - anybody can introduce own way to play - with system, big wheel, etc, as long as members like it they can join. has to be clear to understand of course.

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Sounds like you have your mind set of this..LOL.   Let us know how it goes.

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i will start putting things together as tomorrow...

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hi justadream, in model when each player will buy his share, sign tickets "In Trust of pool..." and sent to each member(or central place with everybody access), what will happen if one of tickets will be winner with small prize, like $100 and member will just cash it in himself and abandon pool, i guess main idea to win big multi-million prize will cover those not honest members? what do you think? thank you, prtt

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It just seems like a lot of work for someone to make sure everyone does their part.  I would do more research on it before jumping in.  I see a constant turnover if you are not constantly winning some money. As for a small amount winning ticket maybe just reinvest in more tickets and have the person sign and share copies.

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btw, i started working on it in full force, so any ideas may help, please share ! thank you, prtt

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There is a lot of information online...it looked like even some agreement forms. Maybe that will help you .

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yes, i got lots of docs so far, basically no problem will be with signed ticket "In Share" for jackpot winner, member wont be able to cash it himself, but for small amounts cashable in convenience store... i guess it will be loss contribution if dishonest guy will decide to jump out of the pool.

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In response to johjoh

Basically, it's a group of people who pool funds to buy multiple tickets and divide the winnings. I ran one at a previous office I worked in but we never hit it big.

What I did was take $4 every pay day(2 weeks) and purchased a mix of Powerball, Lotto, and MegaMillions tickets for the 4 drawings that took place between paydays. Smaller prizes were reinvested into the pool. It was fun, but a lot of work.

The pitfalls have been mentioned here already so I won't go through them, but it is a good way to improve the odds. Our tickets were a mix of preselected numbers and quickpicks.

One thing I did to keep it as transparent as possible by giving all members copies of the tickets. If there were issues with anything, I'd poll the membership and we'd decide democratically what to do.  It was fun to do, but a lot of work.

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hi PrisonerSix, thank you for sharing with us your experience to be as captain! you didnt win big one yet, but its coming :) we all believe in this, ha-ha :) anyway, i am working on idea make it pool very simple, buy ticket(s), sign, make copy, upload to pool. each member will do this easy steps, no captain needed ;) this way pool can be much bigger than office pool, collect millions, this would be hardest part ;) its coming, half of job is done already, ty, prtt

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In response to prtt

I'm no long at that workplace so the pool is no longer operating. I guess I'll have to start another pool one of these days.

Stat$talker's avatar - animated sphere.gif
In response to justadream

Those are good points, if the Pool plan on always purchasing QPs,.. but I would point out that those plans may needlessly squander any of the members specialized talents...

The Pool may include some members with better Math skills than QPs may offer..so, there seems to be advantages and disadvantages, in this case..

 

-Stat$talker 

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