What is Lotto Syndicate & How It Operates
Lotto syndicates were first assembled in the early 1700s, and their point was to guarantee some winnings to all those who play, but how? Well, in its nature the lottery syndicate is a group of people who share their money into the pool. Then if any of the participants win, they all share the prize. The first acts of such were mostly organised between friends, family and relatives. It was also the way of the poor people to ensure that the lottery tickets purchased are not a total waste of money.
With the years and decades, the necessity of control and rules became a need. Nowadays, to create a lotto syndicate in the UK, you need to legally organise it first and then make all participants sign a lottery syndicate agreement, this is how you enter the pool lottery. You can run such with your friend, family or co-workers. Let’s find out how to set up a lotto syndicate in the UK
How to Set Up a Lottery Syndicate on Your Own?
What do you need to do if you want to organise a Lottery Syndicate of your own? Of course, you got two options, to do it legally like, for example, when you play at the UK’s top sites for legal online gambling, or to do it illegally because rarely families register their Lottery Syndicates and its less expected to have any trust issues with them.
So if you want to do it with your friend or family, you can just keep it between you, but if you’re going to set up one at your work-place, you need to organise it legally first.
Based on the UK gambling act of 2005, any lottery syndicates must not be used for lottery promotions or be interpreted as one, and of course, they need licenses.
Hypothetically if you collect the money, buy the lottery tickets and distribute them between your colleagues you won’t need any licenses. Still, if you buy them and you distribute the winnings, then you need one.
The nature of the lotto syndicate is that all people must sign a lottery syndicate agreement which allows one particular person or group of people to use the money, collect the prizes and distribute them equally between the participants. In the same way nowadays, crypto miners gather together into mining pools and share the profits of each mined block, of course, based on their computing power. But the point is that you are all in for the common good, spend less, win less but win frequently, this is what lottery syndicated present as an opportunity.
Lottery Syndicate History – When & How It Began
From a historical point of view, lotteries date since the Chinese Han dynasty. It is believed that thanks to kano slips, they organised the construction of significant landmarks like the Great Chinese Wall. The modern lottery, as we know it, was more likely originated in England at the end of 1600s. But instead of buying full lottery tickets, people started buying shared tickets and pretty much this is how the collective lottery playing started.
Back then, people were even placing an advertisement in the local newspapers that they are looking for a shared lottery. A shining example of that time is the four workers that shared a prize of £20,000 between them in 1798, nowadays that amount will be equal to £1.2 million.
The government lottery began to spread around the nations of the world, and lottery syndicates become more and more promising with the time. People started their lottery syndicates with their family members, co-workers, friend, neighbours and others. This was a fashion at some point in the history of lotteries. Just so you believe us, we will give you a recent example of a lottery syndicate. In 2015, a Facebook organised lottery syndicate won £1.1 million on the EuroMillions. This is also a way of how to set up a lottery syndicate of your own nowadays.
This is far from everything, if we look at the records of the largest prized claimed by lottery syndicates, we will see that the top 1 place is held by an anonymous lotto syndicate in Maryland also known as the “three Amigos” won the prize of $218,6 million in 2013! Next noticeable win is the one of the “Ocean 16” lotto syndicate who split $149 million. Now let’s turn our attention to the lottery syndicates across the oceans.
In the UK, or more precisely in Dublin, Ireland, a syndicate won €86 million back in 2014, again hitting the EuroMillions prize. In the same year, 2014, the Toyota factory lottery syndicate in Australia won $15 million. In 2017 another UK syndicate shared €25 million.
Best Lottery Syndicates in the UK
We presume that since you are reading about lottery syndicates, you might be looking for one. Therefore, we decided to gather the best lottery syndicates in the UK and present them to you as a simple list. After all, 1 of 5 large lotteries like EuroMillions, UK Millionaire Maker and others are won by lotto syndicates. Here are the best UK lottery syndicates available now:
Things to Consider When Picking an Online Lottery
To pick the best and most promising online lottery no matter in the UK or anywhere across the globe, you need to know what choice you have, because in different countries the lotteries work differently. There are scratch cards, national lotteries, jackpot games, numbers games, literally there are docents of ways to play the lottery.
When it is in concern with online lotteries is that you need to find out either an instant win they are, or you wait for a draw. If you pick scratch cards, they are easy, fast and not quite expensive usually. Otherwise, you can participate on weekly or daily number/numbers draws, but your chances are higher to win from a scratch card. Winning the conventional national lottery is almost impossible, but the jackpots of such “impossible” lotteries are significantly more massive.
The Jackpot – Why it Matters Most?
The jackpot size is all that matters in the end, because either solo or in lottery syndicate it is always better if you win as much as possible, right? The UK national lottery draws distribute millions, and the Health Lottery jackpot goes beyond £100,000. Therefore, signing a lottery syndicate agreement and joining one could possibly make you a bit richer than you are now. You can also take advantage of the smaller lotto draw like Thunder Ball or Lotto Hotpick.
If you are looking for a one way out of your lifestyle, you should aim at bigger fishes like the EuroMillions or any other European lottery, especially since their jackpots could vary between €10 to €200 million. When competing for so many millions, we even recommend joining a lottery syndicate because your chances grow exponentially. If you decide to leave the lotteries aside and take the turn to the best online casinos and the jackpot games that are waiting there, we can be your guide in that journey too! We say it this way, because the last Mega Moolah Jackpot was $16 million and it was not a shared one!
Known everything is not possible if you are not a natural-born genius. It is natural to have additional questions. Therefore, we gathered the most common questions related to lottery syndicates, their organisation, way of work and other particularities which we already discussed at some point today. Follow the links or jumps if you want to explore any question in detail.