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Lottery Syndicates-Pros and Cons
Lottery Syndicates-Pros and Cons
Lottery syndicates are a popular way to play lotteries around the world. A lottery syndicate is simply a group of people who pool their money to purchase lottery tickets. Most lottery syndicates are groups of co workers who purchase lottery tickets collectively. Working together gives members of a syndicate more chances to win any given lottery through the ability to purchase several lottery tickets. The biggest win by a lottery syndicate took place on February 18, 2006 when a group of eight workers at a Nebraska Con Agra plant shared a $365 million dollar Powerball jackpot. The syndicate members agreed to a cash payout of $177,270,519.67 before taxes. In the US taxes can easily account for more than half of a jackpot.
One of the best features of a lottery syndicate is the ability of players to purchase multiple lottery tickets in a manner that is affordable to all members. Any group of people can form a lottery syndicate. Generally the responsibility of purchasing the lottery tickets is delegated to one or more members. Typically syndicate members contribute a set amount towards the purchase of lottery tickets each week. In most cases the person responsible for purchasing the tickets keeps them in a safe place and checks current lottery results. Members can opt to pick their own numbers or use the quick pick option available at lottery retailers.
Lottery syndicates do have their downside. The most obvious negative is the fact that all jackpots must be shared with other syndicate members. The larger the syndicate the lower the individual payout will be. Syndicate members should have some kind of legal written agreement to avoid any misunderstandings of possible legal battles. There are lottery syndicate contracts available online and every syndicate should have some sort of written contract. A contract should detail how the money will be split and should also address tax issues. Informal agreements may seem fine but many a friendship has been destroyed by arguments over money and if the syndicate is a group of workmates the dispute could easily enter the workplace and cause problems.
Thanks to the internet lottery syndicates now have the capability to play several lotteries online. Lottery syndicates can now purchase lottery tickets online avoiding the inconvenience of multiple trips to a lottery retailer. Online lottery players are no longer limited to playing state lotteries although in the US most lottery syndicates typically play Powerball or Mega Millions because of the multimillion dollar jackpots. Joining a lottery syndicate will increase the player’s chances of winning and although the payout will be smaller any payout is better than no payout at all!
Lotto Ticket
Lotto Ticket
Lottery tickets have a long and interesting history dating back to the Han Dynasty in China. Private lotteries were popular during the Roman Empire but lotteries as we know them today did not start until the mid 14th century in the Netherlands. In fact the Dutch Staatsloterij is the world’s oldest continually running lottery, dating all the way back to the 15th century. Since then lotteries have pretty much followed the same model; players purchase a lotto ticket in hopes of winning a large amount of money. Generally the lottery jackpot is the sum of all the money collected from lotto ticket sales minus operating expenses. If there is no winner the jackpot is usually rolled over until there is a winner which can create some pretty large jackpots.
At the present time there are 44 state lotteries operating in the US. States without lotteries include Alabama, Alaska, Hawaii, Mississippi, Nevada, Utah, and Wyoming. Most state lotto tickets are sold through a network of lottery retailers, typically convenience stores and gas stations. Players can usually buy a lotto ticket 24 hours a day except on draw nights. When purchasing a lotto ticket the player either selects his numbers or uses what is usually known as a ‘quick pick’ option where the numbers are selected by a random number generator. It is interesting to note that statistically most big winners used the quick pick option to select their numbers.
In Europe, Australia and New Zealand players may go online to purchase a lotto ticket. New Zealand has a sophisticated online lottery system and players can go to the Kiwi lottery website, establish an account and buy lotto tickets. In the event of a win the jackpot can be deposited directly into the players checking or savings account and all winners are notified by email. New Zealand is probably the only lottery website offering direct deposits. Large wins must still be collected in person. European lottery players can go to any official lottery website to purchase a lotto ticket.
In the US players cannot buy a lotto ticket online at state lottery websites. US players can purchase lottery tickets online through third party subscription services. These services purchase lotto tickets on behalf of players and hold the tickets until the actual lottery draw. If a player wins the lottery service will make arrangements for the ticket to be delivered to the player so the jackpot can be claimed in person as most state lotteries require. Players have a lot of options when purchasing a lotto ticket and rapidly advancing technology keeps making it easier and easier!