What is a lotto syndicate?
A lotto syndicate is a group of people who play lotto together by pooling their lotto ticket money and buying a lot of tickets. Everyone then gets an equal share of the winnings regardless of whose numbers won.
What are the pros and cons to joining or starting a lotto syndicate?
The best thing about playing in a lotto syndicate is that you have a much bigger chance of winning something without having to buy more tickets yourself and then perhaps buying more tickets than you should or can afford in the hopes of winning something.
Because you are splitting any winnings between a number of people, however, it does mean that your winnings can be very little if your syndicate wins one of the lower lotto prizes. But, when it comes to the bigger prizes and the lotto jackpot, you will still be able to receive quite a large amount of money. Playing in a syndicate, therefore, means playing specifically to win the jackpot, as that is when it will really pay off.
Who should be in the lotto syndicate?
When you decide to start a syndicate or join a syndicate, you need to first look at the people you want to join. Because large amounts of money is at stake, you should only play in a syndicate with people that you trust completely.
Being in a lotto syndicate also means playing lotto consistently throughout the month and year. This means that you need to budget for the tickets you are going to buy as everyone in the syndicate is expected to contribute for the draw every week or however many times a month you have collectively decided on.
It’s a good idea to research lotto syndicates and exactly how they work before you join one. Some of the lotto websites also has a specific place where lotto syndicates can register and play; making it a lot safer.
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