How to Create a Lottery Syndicate

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.

Article Source: http://www.articlesbase.com/online-gambling-articles/how-to-create-a-lottery-syndicate-249137.html

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