We have all seen on TV and read in the newspapers about people falling out when winning life changing amounts of money.
Some people who win a huge lottery draw can change over-night.
Even the best of friends can succumb to the lure of money.
Keeping things in order and having a clearly written lottery syndicate agreement form, will make things easy to understand and if your group does hit the jackpot then at least you can rest assured that you’ve done the right thing by entering into a lottery syndicate agreement contract. You’ll need a Checklist – To view a checklist please go to the bottom of this page.
Some Lottery Syndicates are Larger than Others.
Some syndicates are just for family and friends while others can be a medium sized company where people come and go. Some may want to enter this weeks draw but not next weeks. You will need the bare minimum entered on your lottery syndicate agreement form to cater for all these circumstances.
The lottery syndicate form is for members only to refer to in the event of a big win.
If you or any other member should go on holiday for a while it would be a good idea to come to an agreement on such things like: Do you pay in advance on a draw or is it stated in the contract you can pay on your return. You need to put these things in writing, otherwise someone could lose out massively.
Download a copy of a lottery syndicate agreement HERE.
Another reason to have a binding agreement is the possible tax implications.
If you are playing in a UK National lottery syndicate or the UK EuroMillions, all the winnings are tax free but if you hit the jackpot, it is quite likely that HM Revenue and Customs will want to see proof by way of a lottery syndicate agreement form/contract.
The good news is, being able to produce an agreement form, which can save you a lot of hassle with things like inheritance tax liabilities.
Do you all want to remain anonymous or are there certain individuals who will want to shout it out from the rooftops? Some people would love to become a star and appear on television and on the front page of all the tabloid newspapers, while others would like to just disappear to the Bahamas or go on a world cruise. Then there are some who will just want to carry on working. Having all members in perfect agreement with a group contract is very important.
Is There a Limit to the Number of Members?
There isn’t a limit to the number of members but it makes sense to keep it manageable.
If you intend to set up a lottery syndicate today at your workplace, the obvious people to approach would be your close work colleagues.
Even though you know them well…….Can you rely on them to regularly pay their subscriptions? Will you be chasing them every week for money? Mostly it shouldn’t be a hassle and a small group of people can benefit not only from the advantages the syndicate will bring but also from the social point of view.
Size of the lottery syndicate.
Having a very large syndicate can be a lot to handle and of course the larger it is the more the winning have to be shared out.
Should we buy our lottery tickets off line or online?
A lot of people today play online and it has its advantages but if you are collecting cash from the syndicate you’ll have to be very organized.
You’ll need to either pay all the collected monies into your own back account or set up a group account. This will enable you to buy directly online from a lottery sales agent.
It is quick and safe if you do decide to buy from a large reputable site, such as TheLotter
If you decide to buy from your local shop or supermarket, that’s fine but remember when there is a roll-over do your really want to be buying multiple lottery entries and handing over a large amount of money when you’ve got a long queue behind you? When I’m shopping on a roll-over week the last place I want to be is in a long queue of people playing the EuroMillions.
Online lottery syndicates.
Online lottery syndicates have really taken off in the last 7 years or so. One of the first was e-lottery from Virtual World Direct. They have since gone out of business but have been replaced by companies like: Love My Lotto, You Play We Play, WinTrillions and Big Fat Lottos (BFL is really e-lottery reborn) When you go to their sites, read their terms and conditions as each online syndicate has its own way on how they share winnings.
There are more online syndicates… The ones listed on this site have been tested and proved themselves as being reliable and secure.
Before You Start to Fill in a Lottery Agreement Form Take a Look at this Checklist First.
The Syndicate Managers Name
Someone has to have complete control of buying the lottery tickets, updating the members list if a player decides to leave or if a new member joins. If a new manager is appointed, the form must be update with his name.
Apart from the start date you’ll need to enter the date that each player joins or leaves.
A List of All Participating Players.
This will need to be updated as members join or leave.
Lottery Games That You Will be Playing.
What Days You Will be Playing a Particular Game.
I.E. Will you be playing the Tuesdays EuroMillions, Fridays or both
How much it will cost for each member placement. Some members may choose to double or treble their payments, meaning if a member purchases 2 placements they will be entitled to 2 payouts if the group wins.
It will need to be clearly stated in the agreement, how long the syndicate is willing to wait for any late payments. You’ll need to take into account holidays and sickness etc..,
Dividing the Winnings
This can be a equal share of purchased placements or will you decided to reward the syndicate manager for his/her work?
Do you go public or not? This must be decided early and clearly stated on the lottery syndicate agreement.
There may be extra conditions and you’ll need to enter these into the lottery syndicate contract also. Set a list of lottery syndicate rules. This will help no end and can avoid future disagreements. Download a lottery syndicate agreement form.