An unbelievable amount of money is spent each week on lottery tickets by the masses who hope to win the jackpot,
but the truth is, the odds of winning are miniscule. And that applies to any lottery in the world. Taking the UK totoloka for example, there is a 1 in 13,983,816 likelihood of winning that lotto and even longer odds of winning the European lottery, which stands at 1 in 76,275,360. Though you are more lightly to win a smaller prize on the Euromillions!
Now, you can put those odds in your favour if say you share the cost with some friends, work colleagues or even family members. That’s ok – but how many times have you read, or seen on the television, stories of people who have won the lottery being part of a syndicate only to deny it and try to keep all of the winnings to themselves.
They may have truly purchased the ticket/tickets themselves or perhaps not! Wouldn’t it have been so much simpler if they entered into an official syndicate agreement and saved all the bother? You are able to download a syndicate agreement from the UK National lottery internet site at: www.national-lottery.co.uk
Thus, if you have ever debated whether or not to set up a lottery syndicate, here are some valuable hints for you:
Gather your syndicate players together and decide your weekly budget. 1 or several of the members may want to spend more than the others in the syndicate, in which case they would buy double or triple entries then obtain twice or triple the percentage of whatever profits there are.
Select someone to manage the syndicate: this would evidently have to be a person that’s reliable, well-organized and trustworthy! They will have to be responsible for accumulating the ticket numbers and buying them. You should not forget that the tickets will have to be bought in the manager’s name and you will be totally reliant on them to disburse your profits – therefore decide with wisdom!
Besides, you’ll need to draw up a lottery syndicate contract then have it witnessed, signed and stamp dated by all the members. Syndicate contracts are downloadable from the net as mentioned earlier but sadly they will not aid you if your syndicate handler was last seen boarding an aircraft to the south of France with all your loot. That said syndicate contracts a necessary precaution because they lay down the terms of your agreement on paper.
Having the agreement signed and witnessed by all players is very valuable in as much as it allows for members to specify what will happen with their percentage of the winnings if they pass away. If set up right any portion of the deceased person can be equally divided between the remaining members or whether it is to be passed on to their estate!
A very important detail here is if the agreement can be proved to have been signed ahead of the winning draw, then, the prize will be exempt of death duty as the law presently stands. The agreement must also include the syndicate policy because what will occur, if a player doesn’t pay up on time. Will they relinquish whatever winnings they think they are due, or will there be some period of grace?
