Creating a Lottery Syndicate Agreement

Playing the various state lotteries allows participants to dream of sudden wealth while contributing to good causes and programs. In most states lottery revenues are used to support education and provide scholarships for those without the financial means to attend college. In some states lottery profits are used for various social programs and programs for senior citizens. Most states in the US operate lotteries and in Europe there are several national lotteries and the Pan European EuroMillions lottery. Although lottery odds do not favor players there is one strategy players may use to increase their chances of winning; buying more lottery tickets. Many groups of lottery fans in the workplace are forming lottery syndicates. One of the largest lottery jackpots on record was won by a group of seven lucky players in a meat packing plant.

Forming a lottery syndicate is easy but there are several things that need to be addressed to avoid future misunderstandings and conflicts. Lottery experts recommend that all lottery syndicates have an agreement in writing. The agreement should detail all the terms and conditions of the syndicate and should be read and signed by each member. The syndicate agreement is for the mutual protection of all members and should be thoroughly understood. Since the possible winnings may be in the millions it is essential that all syndicate members understand all the provisions of the agreement.

The syndicate agreement does not have to be complicated and does not have to be drawn up by a lawyer. The UK National Lottery actually provides a syndicate kit for players who wish to form a lottery syndicate. A syndicate manager or leader should be appointed. The responsibilities of the manager usually include purchasing the lottery tickets, collecting money from members, checking lottery results and making sure all members are informed. The members then have to decide what numbers are going to be played and how many tickets will be purchased. Some syndicates play a particular set of numbers in each draw while others will use the quick pic option and let the computer at the lottery retailer pick their numbers.

Syndicate agreements should cover the following areas; the names of all the members, the name of the syndicate manager, the numbers to be played, how many tickets will be purchased, which lottery draws will be entered, the contribution of each member and a provision covering what happens if a member fails to contribute. The agreement should be signed by each member and witnessed by an independent outsider. Each member should receive a copy and the original kept in a safe place. Once all this has been accomplished all the syndicate members have to do is dream of the day that they will be splitting up millions!