So, you’re waiting for the lottery. No big prize either. Just the chance to earn some extra money without paying too much for it. What do you know? Only a handful of people actually win any prize at all. Nobody could accolade themselves as lottery winners. Do you know why?
Most people buy a lottery ticket in the hopes of winning a life changing amount of money. So they buy as many tickets as they can, in the hopes of making their dreams come true. It’s a bit like buying raffle tickets, only you buy a smaller amount of numbers. This way the chances of winning greatly increase.
You could sell your raffle tickets, but that would make more money than you would buy at. Buying more tickets to increase your odds of winning can be quite a drain on your pocket.
There’s another, more practical way to increase your odds of winning a prize. What if you join a lottery syndicate? Lottery syndicates have been proven to increase your chances of winning a prize. You can be a member of a syndicate that has hundreds of members. All these members share the same passion: the desire to win a prize.
A lottery syndicate is when you come up with a list of people, places and things to buy tickets for. When you form this list, you make sure that everyone in the group buys tickets for the same draw. If you win, everyone in your syndicate wins. More members = more winnings.
You can then come up with your own lottery syndicate and share in the winnings
You can then come up with your own lottery syndicate and share in the winnings. If you live far away from the lottery draw, you could have friends and colleagues gather your money and buy tickets. If you work during hours that stop you going to the store, you could do the same in exchange for a share of the winnings.
Obviously, there are advantages and disadvantages of joining a syndicate. You can have a better chance of winning if you have friends or colleagues who purchased tickets. However, you share in the winnings, if someone else is able to claim the prize for you, you won’t have to do so.
Roseanna Leaton is a mother of three, and she admits that buying tickets for the same evening’s draw was not her idea of raising her odds of winning. She tells BBC Newsbeat that she and her friends had been talking of the benefits of joining lottery syndicates.
Syndicate members do spend a little more money than lone ticket buyers, but win far more prizes, with the average syndicate member receiving prizes worth 5% of total sales.
The syndicate idea is certainly appealing, but – like anything – you get what you pay for. Jackpot win syndicates are offered with everything from the usual syndicate games to Hollywood style boxed tat you could win a car, holiday or even a movie role.
The idea is also frequently used in the stock market, where traders got to pool their money and split any big prize won among themselves.
You can also find win syndicates for horse racing, football matches and even predicting the winner in the 2008 Olympics.
Perhaps the best way to join a win syndicate is to open an account with an online betting firm, and allow the firm to track how much you spend. That way you can make sure you are playing in line with the firm’s policy on meeting certain requirements, before you risk your own money.
That way, you’ll be making quite a bit of money – and who knows, you might even get a free holiday.