Introduction to Syndicates in Lotteries
A lottery Syndicate is a team of people working together to increase their chances of winning. By pooling their money to grab a bigger ticket, players increase their chance of winning a lottery draw. If the Syndicate wins, the prizes are shared among all team members. In this blog, we explore shares and winnings with syndicates.
History
A few centuries earlier when the state-sponsored lotteries began, it was priced too much for the public. In order to afford the tickets & instead of buying full lottery tickets, individuals began buying shares of tickets with others and sharing any winnings between them and the collective shares came to be known as a Syndicate.
Shares in Syndicates
Each Syndicate has a set number of shares, with each share purchased for the same price. A Syndicate share gives entry into one or more specific draws of one or more lottery games. Let us understand with an example of what a Syndicate ticket might consist of, with the help of Lotteries in Australia. A lottery company usually offers multiple products (Powerball, Oz Lotto, Weekday Windfall, etc).
Syndicate Ticket: A syndicate can be a mix of different products or just a single product with a single or multiple game type/s in it. For example, below is an Oz Lotto syndicate ticket featuring (5 games of Pick 6 type) which would cost $75 for a share from a total of 4 shares. Customers can buy the desired amount of shares with a high chance of winning the jackpot amount.
Syndicate ticket
Non Syndicate ticket: A normal ticket purchase would be of a single product with different games in it (Example: 4 games of Pick 6 type in Oz Lotto). The cost for a ticket would be around $240. Non-syndicate ticket is just 1 share of the entire ticket and cannot be split among others.
Non Syndicate ticket
A syndicate share compared to the non-syndicate ticket is much cheaper and can provide extra game/s in some cases for the syndicate ticket cost.
Syndicate options
Syndicate share offers multiple choices for the games:
- Single Product Single draw: It contains games from a single product and consists of a single draw.
- Single Product Multi draw: It contains games from a single product and consists of multiple draws of that single product.
- Multi Product Single draw: It contains games from multiple products and each product consist of a single draw.
- Multi Product Multi draw: It contains games from multiple products and consists of each product can consist of single or multiple draws.
Syndicate tickets can be purchased via retail outlets or online through the website or apps provided by Lottery companies.
Winnings in Syndicates
Lottery syndicates are an excellent way to win money by making a smaller investment. For the same amount of money you get a greater chance of winning in syndicates than in individual play. For each player that has participated in the syndicate, the size of any winnings received are dependent on:
- Total number of shares that were available with the syndicate ticket
- Quantity of shares purchased
- Value of the division prize the syndicate has won
Syndicate
For example, let us consider the following syndicate ticket summary. The total number of shares that are available on this syndicate ticket is 10 and each share costs $49.54. If the syndicate ticket wins a jackpot amount of $10 Million and the number of shares purchased is 2, the whole jackpot amount is divided into 10 equal parts and the 2 shares that were bought would yield $2 Million. Each and every share is paid out to the shareholder and the syndicate ticket clearly represents the number of shares when you are claiming a prize in store or online.
Conclusion
Statistically, the more entries you have in a lottery draw the more your chances of winning a prize. Lottery syndicates offer a higher probability of winning at a lower cost. Lottery syndicates are safe to play without any worry. If the syndicate wins, there won’t be any issue with someone trying to claim a slice of the prize or one person collecting the whole prize for themselves. With Syndicates, everyone has a great opportunity to mix and match their lottery entries and increase their chance without the burden of spending too much money.
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