"How to organise a Lotto Syndicate"

Any advice on setting up a Lotto syndicate?

(Original thread pruned at OP's cnu's request, but we felt that we should leave the advice part)

CCOVICH

Re: cnu

Is this what you are referring to?

ninsaga

Re: Lotto Syndicate

So you want to form a syndicate to play the Irish National Lottery?

Have you any experience in forming and doing the administration for such a syndicate at work or with a GAA club perhaps?

Have you looked at the national lottery website and noted what they have to say about syndicates?

All About Syndicates

Here's some important points to keep in mind when running a syndicate:

* Always check your syndicate's numbers carefully
* Keep track of your syndicate's winnings and payments
* Generate a syndicate agreement in advance to avoid disputes after you have won
* Keep communication with all members in the syndicate

Lotto syndicate play is very popular in homes and workplaces throughout Ireland. Many people play their own Lotto numbers and are also long term members of syndicate groups. The biggest prize ever won by a Lotto syndicate was €7,408,677 won by a five member family syndicate from Wicklow. The largest syndicate to win Lotto was the Confey GAA syndicate in County Kildare, 291 members won €205,520 in August 2004.

Click to expand...

Re: Lotto Syndicate

How about I change the title to "How to organise a Lotto Syndicate". I for one am interested in what might emerge.

aj

Re: Lotto Syndicate

Sounds like a good idea.

When we set up one in work, we created a bank account for the syndicate then insisted everyone set up a Standing Order to pay the required amount of money into account regularly - saves the hassle of trying to collect money from a dozen people! Then the organiser just uses a bank card to withdraw the cash every month or so and does 8 draws.

We also created an agreement which everyone had to sign - this outlined every eventuality we could think of, incuding people leaving the company, dying, not being paid up if we won etc etc. And we included a catch-all condition saying that, in the event of a disagreement, the majority would decide it.

Most importantly of all, there was a a line exonerating the organiser from any legal action if we missed winnings due to his mistakes!