A lottery syndicate provides a great opportunity to increase your winning chances without spending more money. All regular players understand the importance and benefits of a lottery syndicate. For newbies, a lottery syndicate or a lottery pool, as it is sometimes referred to as, is a group of like-minded players who work together to buy the lottery tickets and share the cost and the winnings.
How Is a Lottery Syndicate Formed?
A lottery syndicate can be formed by a group of family members, friends or office colleagues in case you are forming your own syndicate. However, with portals like Lottoland, which is the world leader in offering different types of international lotteries, you don’t need to take the trouble of asking people in your circles of influence, collecting their money for purchasing the tickets and keeping accounts. You can just join the existing syndicate on the portal and start playing.
How Is Playing in Syndicate Beneficial?
Here is how playing in a lottery syndicate can prove beneficial:
Better Your Winning Odds
A lottery syndicate makes use of the logic that the more the number of people, the more are the tickets bought for a particular lottery and hence better the winning odds. People in a syndicate pool in their resources to buy tickets. Suppose in a particular lottery the odds of winning a jackpot are 1 in 100000. If there are 50 people in a particular syndicate, each buying a single line in a particular lottery, then your odds of winning as a syndicate stands at 50 in 1,00,000. If any of the tickets win, then each player of the syndicate receives a part in that winning in the same proportion that they have invested.
Syndicate Offers a Cost-Effective Way of Playing
By playing in a syndicate, you have bettered your winning odds, but at the same time, your investment remains the same. Thus, you have increased the value of your investment. For the same amount, say INR 100 for a line in a group of 50 people, your stakes are in 50 lines instead of one.
Syndicates Have Better Winning Ratio in Jackpots
It is estimated that syndicates win 1 in 3 jackpots, which is a whopping 33% winning rate. Going by this estimate, playing in a syndicate increases your chances of hitting a jackpot quite significantly.
Probability of Winning Multiple Prizes Increases
When playing individually, you can win only one prize with one ticket. On the contrary, in a syndicate, you have the option of winning multiple prizes with your single ticket investment. Let’s say there are 50 people in your syndicate. So, there are 50 more opportunities to hit prizes in different tiers while you are spending for only one ticket. Suppose in the worst-case none of the 50 tickets won anything, then you will just lose the money of one ticket. So, the downside is limited, while the upside is unlimited. Where will you find such a lucrative investment scenario?
Considering all these, lottery syndicates can help in enhancing your winning chances to make million rupees for you and all this while keeping your investment capped.