National Lottery Syndicates
Whether you play with friends, family or colleagues, lottery syndicates are a great way to improve your chance of winning without increasing the amount you spend. Historically one in six Lotto jackpots paid out by the National Lottery is to a syndicate.
In 2013, a recruitment firm in Liverpool was left short staffed after a group of colleagues failed to turn up to work after hitting the EuroMillions jackpot the night before! The syndicate was made up of ten members who shared the double rollover jackpot worth £28.8 million and so, just days later, the firm were recruiting for several vacancies in their own firm!
Similarly, a syndicate of 12 bus drivers left passengers stranded when they too failed to show up for their shifts following a £38 million windfall in 2012. Syndicate leader Chris Smith said the win couldn't have come at a better time as recent cuts had hit them hard.
If you like the sound of scooping a multi-million pound win with your friends, why not set up your own syndicate? Follow these top tips below so ensure everything goes smoothly if you find yourselves celebrating a big win.
Syndicates can have any number of members but it's best to keep it manageable and groups of between 2 and 20 people are ideal. If your workplace has a large number of staff who would like to participate, consider setting up two or more syndicates with a manageable number in each.
Agreeing on the details is an important part of running a successful syndicate and you will need to appoint a syndicate manager who can be trusted to buy the tickets on a regular basis. Agree the details, for example, how much each member will contribute, which draws the syndicate will participate in, what numbers the syndicate will use and when or at what level the winnings will be paid out to syndicate members.
Even if your syndicate is made up of your most trusted friends, colleagues or family members, it's vital to put your agreement in writing to avoid the possibility of a dispute at a later date. Make sure the rules you have agreed are clearly laid out in a syndicate agreement and that each member has signed the agreement. Getting everyone's signature not only avoids potential disagreements but also means that there is no tax liability if your syndicate lands a big win.
You may want to consider a clause in your agreement which details whether or not the syndicate will go public with any win.
Make sure the agreement is dated and signed by every member in the syndicate. Once you've completed it you're ready to start playing!