What do I need to start a Lotto Syndicate?
There are no real restrictions as to who can set up their own Lotto Syndicate! Other than the obvious fact that you need to be of the right age to participate, there is no reason why you can’t gather up a group of your family, friends, co-workers or anyone else you know to join together to purchase tickets. The Syndicate is managed between the members and is something you can organise independently from your Lotto retailer or organisation.
Although there are no set rules as to who and how you must run a Syndicate, there is great benefit in adding a little more structure than just handing over some cash and hoping for the best. There may come a time when you win big and some questions may be asked such as which ticket won or who is eligible to receive some of the winnings. To help make sure the Syndicate runs efficiently and transparently, you may want to put the following in place:
Have a Syndicate Agreement or contract.
A Syndicate Agreement is a good idea for helping ensure everyone knows what is expected and how things will work. When you are in a group with family or friends, having an agreement or contract may seem overly administrative and distrusting. However, it could help save disputes later and potentially save relationships! The My Lotto Syndicate website has a standard Syndicate Agreement which all members are expected to agree to when they activate their login.
Open a Syndicate bank account.
Having a Syndicate bank account helps keep Syndicate money separate from other funds and can make collecting contributions easier. Members can pay by automatic payment into the account, saving the need to keep chasing them up for money! Winnings can also be placed in the account for safe keeping.
Keep clear records of members’ balances and winnings
Some people have used spreadsheets or even pieces of paper with hand written notes. There are many ways to keep track of what people have paid and what they are owed. This website was created to help with that process! Keeping all the records online means that they can be accessed anytime by the members and you can update the information from anywhere, anytime.
Ensure you can identify which ticket belongs to the Syndicate
Some people write on the tickets or find some way to keep them separate from any other tickets they may buy. However, that can become an issue when a ticket wins and which ticket belonged to the Syndicate is not clear. Again, this website was designed to help by allowing you to upload a copy of the tickets before the draw takes place. Members of the Syndicate can log in anytime to see the details and images of the tickets, which can be a great way of allowing them to participate in the excitement of the draw. They could even print off the ticket picture and mark the numbers as they come up.
