Lottery Syndicate Disadvantages
Lottery Syndicates are a double edged sword. The have some major advantages and also some downsides.
The main advantage they have is that the syndicate can massively increase their chances of winning. The drawback is that they must share the winnings with all that are included in the lottery syndicate.
So what exactly is a Lottery Syndicate
Lottery syndicates are when any collective of people pool their resources for the lottery. This can include a family, or even co-workers.
This means that were one person can buy a lottery ticket, a group of like minded people could buy a hundred..This means a greater chances of having the winning numbers. But the down side in lottery syndicates is that the winnings are dispersed among the group.But imagine if you won 50 Million in the Euro Millions Lottery – I am sure you would prefer having a percentage of this, how about 1.2 million, than nothing!
Lottery syndicates have been around for a very long time and have are very popular in Europe. They are particularly popular in the UK, where there are official syndicates that manage the money and have each member contracted so that there is no dispute over the winnings.
One country where syndicates are not common is the USA. The main reason for this is that there are 38 states that have state run lotteries and there are only a small number that are ran in more than one states. The lottery that is available in the greatest number of states is the Powerball and also to a lesser degree Megamillions.
This makes lottery syndicates not very common in the USA but which there is a big demand, but unfortunately it is something very difficult organise. In addition the gambling laws in the USA are very strict. There are so many compliances that would have to be met for lottery syndicates and many just aren’t willing to go through all the trouble.
The main difficulty with traditional lottery syndicates are that there is certain way to legally bind the members of the lottery syndicates when they are a group of friends/families. This may sound {foolhardy|strange}, but when the {jackpot|big prize} is won there can be bitter arguments and expensive legal actions. This is the reason that organizations and organised syndicates have been the most sought after solution.
One solution to the syndicate disadvantages is the elottery syndicate system this allows the management of the syndicate by a seperate 3rd party insuring that {all fees| entry money} are collected and winnings are evenly distributed. Currently syndicates positions are available in the UK national lottery, Euro Millions Lottery and the El Gordo Lottery in Spain .
These syndicates are open to members from anywhere in the world (with the exception of the USA). Could your syndicate be the one that wins the BIG Jackpot? For more information on setting up or joining a syndicate and your opportunity for a free entry into the next UK lottery please view free video at Euro Lottery Syndicates