Have you ever seen one of those grand prize lottery winners holding the massive cheque, with far too many digits than comprehended and thought to yourself- “Man, just give me a Million and I will be satisfied?
If you ever did think such thought, well, this may be the thing for you!
The US MegaMillions is currently the highest Jackpot offered at this time with $52 Million.
Let’s assume that you wish to purchase as many tickets as possible for you to make sure at least a minimum coverage of numbers to guarantee but at the same time do not wish to spend so much money in the process. The common sense is that when you play in a larger group of people, you can cover a higher amount of tickets in less of the cost, which means more numbers, which will result a win!…Sounds easy right?
However not too many understand how to do so in a safe matter that will cover all issues in case of a grand prize win. How to divide? Who will get what, and more importantly- how much will it cost you to go for it?
WHAT IS A LOTTERY GROUP PURCHASE?
The term ‘Group Purchase’ is also known as either ‘Syndication’ or ‘Lottery Pool’.
The word syndicate comes from the French word syndicat which means trade union (syndic meaning administrator), from the Latin word syndicus which in turn comes from the Greek word ‘syndikos’ which means ‘caretaker of an issue’.
Definition: Lottery Purchase (or in other words ‘syndication’) able a participant to join a large group of lottery participants and share the cost of a larger amount of tickets/ lines and by doing so- increasing your number coverage and winning odds.
Lottery pools are well known method of getting better odds of winning a lottery without having to pay more money. The concept is that a group of people chips in money to buy lottery tickets, with the understanding that if they win, they will split the winning amount.
GROUP PARTICIPATION IN THE LOTTERY
Well, there are several methods which people use world-wide, for example; Office Pools. The gloves come off as soon as a major Jackpot shows signs of rolling over far too many times, giving you, the average Joe, a feeling as if this is a sign for you to enter, but, with such huge Jackpot, why not making sure to cover at least several hundreds of lines and share with your Coworkers? Sounds great, but- according to statistics, there might be an issue collecting the prize… it appears that more and more people have begun establishing contracts and agreements prior to any lottery pool such as this. Why? Well, just keep reading.
IS IT SMART TO PLAY THE LOTTERY AS PART OF A GROUP? THE WISDOM OF THE CROWD
1906 was the year it all began… with a COW! Yes, you got that right. Imagine a village fair with many vendors and bystanders while a local butcher offered a FREE cow to the lucky winner who will guess its weight correctly. As explained in the video below, no one was able to guess it correctly, however, a new method was established- ‘The Wisdom of the Crowd’, Which basically proves how a collective guess can narrow your numbers selection and increase your winning odds!
Lottery pools have won big jackpots in the past! ‘The Shipping 20’ is a group of employees at ‘Quaker Oats’ who participated at the office lottery pool that shared a $241 million Powerball jackpot among the 20 lucky employees.
It was a day of celebration for 24 employees with C.J. Brown Realtors in Baton Rouge who shared a $1 million Powerball prize from the record-setting May 18 drawing.
Personal lottery pools are popular, because it’s easy to get a big group of people to chip in a few bucks each toward a chance of winning but any group of people can create their own lottery pool; groups of friends or relatives, your local gym, or members of any other social group might all be interested in participating.
Unfortunately, yes. Lottery pool members have been sued for various reasons, including conflicts over who participated in the pool, whether tickets were purchased privately or for the group, and other reasons.
There have also been cases where unscrupulous people collected money for lottery pools then pocketed the cash without ever buying the tickets. There have also been many reports of lottery pools that have ended up in lawsuits or people being cheated out of ticket money or wins. It’s a good idea to set up a set up a lottery pool contract before you get started, to make sure that everyone is treated fairly.
Or the following story which just proves you cannot afford to trust when it comes to lotteries;
WAYS TO CREATE PRIVET ‘SYNDICATION’
1. Name a leader. You will need someone in charge of the lottery pool and who is responsible for buying the tickets, making copies, etc.
2. Sort an agreement. A contract that spells out the big issues (who is playing, how much, whether you will take the lump-sum or an annuity, are you going for ‘Quick Pick’ or if someone will choose the numbers and so on) that all participants sign.
3. Make a public list of participating members so there is no uncertainty about who is involved and who isn’t.
4. Make copies of tickets before each drawing and make sure all participants have their scanned copy in order to avoid the “I bought this ticket with my own money” excuse.
5. Keep the tickets safe! Keep the original tickets in a safe but accessible place.
Phew! This is exhausting!
OR, WHY GO THROUGH ALL THIS TROUBLE WHEN YOU CAN DO IT ALL IN JUST A CLICK?
Yes, there is a much better way to handle all the glooming process and just log into your account with icelotto.com there you will be able to make a Group Purchase entry! You will not need to worry about anything; your participation is fully documented, you will have full transparency and your ticket will be automatically checked by our system once the draw will take place! In case of any wins- your account will be credited according to the amount of tickets and lines you have played!
Lottery numbers are selected by our team of lottery experts and tickets are bought in batches prior to each participating draw. You do not even need to search for other players in order to play, icelotto does it all for you!