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Everyone has their own idea of what they would buy, where they would travel, and what job they would quit if they were to win a National Lottery, EuroMillions or Thunderball jackpot. The allure of potentially winning millions of pounds inspires people all across the UK to purchase millions of lottery tickets every week. The odds of winning are admittedly steep; for example, you have a 1 in 13,983,816 chance of scoring a Lotto jackpot, a 1 in 76,275,360 chance of winning the top EuroMillions prize, and a 1 in 8,060,598 chance of having the winning Thunderball numbers. There is a way, however, for you to increase your statistical likelihood of walking away with a major jackpot prize, and that is through participating in a lottery syndicate. A lottery syndicate is basically a group of people that decide to purchase lottery tickets together as a team, with the understanding that all lottery prize winnings will be shared equally among the members of the group. Participating in a lotto syndicate not only increases the fun and excitement of playing the Lottery, but the hard data reveals that it can indeed prove to be more profitable: Official UK National Lottery statistics show that 1 out of every 4 lottery jackpots is won by a syndicate. Adopting a group-based approach can significantly increase your chances of walking away with a significant portion of a lotto jackpot. In February 2009, a syndicate of thirteen engineers from Accrington banked ?3,938,641 in jackpot winnings from a Lotto Rollover draw. Forming and operating a syndicate will require some solid organizational skills and meticulous attention to detail. Most groups will appoint a lottery syndicate manager in order to carry out the administrative functions of running the syndicate, including collecting money, purchasing the tickets, tracking the Lotto results, etc. Since the National Lottery Game Rules state that a winning ticket can be payable to one person only, it is usually recommended that the syndicate manager be appointed as the payee. Syndicate managers should make it a regular practice to write their name and address on the back of every ticket purchased, and they should store the lottery tickets in a secure place.
Many groups utilize a lottery syndicate pack to enable them to take care of all the details of running their syndicate. Something as simple as disagreeing upon the particular lines a group will play can be avoided by making thorough use of a lotto syndicate pack.
Perhaps one of the most important tools that a syndicate can utilize is the lottery syndicate agreement.
The document should also afford syndicate members the option to go public or remain private with their winnings. A typical syndicate agreement will also include a space for each person to sign their name, and common practice dictates that the agreement should be confirmed or witnessed by a solicitor or some unbiased third party.
Copies of the agreement should be given to each member of the syndicate, with the original being kept in a safe place, possibly even in the possession of the third-party witness. For those that are well-versed in software applications such as Microsoft Excel, it may be a good idea to draft a lottery syndicate spreadsheet that will detail all aspects of the agreement.

Many syndicate managers utilize a lottery syndicate form template so that they do not have to create their own spreadsheets from scratch. Since lotto syndicates themselves are nothing new, there are plenty of organizations that provide these types of forms for people looking to start their first syndicate, or even for lotto veterans that need to sharpen their organizational skills. It is relatively easy to find a lottery syndicate template in PDF format, but the only disadvantage to this type of template is that it is not possible to make edits to the form unless you have Adobe Acrobat or some other type of PDF editing software on your computer. Many people have simply taken the information found on the average PDF lottery syndicate template and used it to create their own Excel version of the form, so that they can more easily manipulate the data found in the spreadsheet. One of the most obvious questions that can arise regarding playing the lottery as a group is whether or not some type of lottery syndicate tax exists.
Lottery participants may want to breathe a sigh of relief here, since HM Revenue & Customs does not consider lottery winnings to be income; this means that all lottery jackpot winnings are tax-free! There are a few tax implications to consider once you bank your winnings, though, and much of it has to do with the fact that the cash prize now forms a part of your overall estate.
Attempting to dodge this potential tax liability by gifting millions of pounds to friends or relatives will not exclude you from paying IHT; the fine folks at HMRC have developed a sliding scale to address these inheritance tax nuances.
If you die between three and four years after gifting cash to family or friends, a 20 percent reduction in tax will apply, and if you die between four and five years of gifting, a 40 percent reduction applies. Any type of gifting activity that takes place within a seven-year time frame from taking possession of the cash prize will leave you subject to the IHT to some degree. Dodging this potential tax issue is just one of the many reasons to ensure that a written agreement is being used when participating in lottery syndicates.
Although many syndicates are formed by way of personal relationships such as family members, friends or colleagues, the Internet has given birth to online lotto syndicates that have taken group lotto participation to an entirely different level. Some online syndicates are smaller outfits that offer a limited number of participants, while others are full-fledged membership sites that garner massive amounts of participants for varying monthly fees. Some are one-man operations, while others are large enough to require full-time staff and sizable office facilities.
Although the numbers are always selected at random in lottery drawings, online syndicates attempt to gain a statistical edge by using the combined efforts of a large group of participants, in hopes of landing the big prize.
There are a few important points to remember when deciding to participate in a lotto syndicate. With the multi-draw option, you will be able to play the same set of numbers each individual draw, for up to sixteen draws.
It is also a good idea to establish some guidelines ahead of time in case one of the group’s members cannot pay for a particular draw.
By yourself, your ?1 would only be able to buy one set of 6 numbers, but using the group approach you will have an equal share in 10 sets of numbers, increasing your chances of winning the jackpot by tenfold.

In July of 2013, a syndicate of ten recruitment firm workers in Liverpool split a EuroMillions jackpot of ?2.8 million each, prompting all of them to quit their jobs on the same day after the winning numbers were announced. The ages of the winners ranged from 19 to 57, each of whom walked away with a cool ?6.5 million in prize money.
It almost goes without saying that this person should have a reputation for being very trustworthy and responsible. It has also been recommended that syndicate managers make a regular practice of scanning or photocopying each ticket purchased, for the sake of having a backup. As we all know, money can sometimes bring out the worst in people, so it is better to have every detail spelled out in writing in order to protect each member of the syndicate.
Using Microsoft Excel or another similar program such as OpenOffice Calc, you can build mathematical formulas into your spreadsheet, thus allowing you to easily keep track of each person’s contributions.
This can subject you to a 40 percent Inheritance Tax (IHT) if the prize money pushes the total value of your estate above the current ?325,000 threshold. All of these types of potential scenarios should be addressed beforehand and outlined in the syndicate agreement.
The social aspect of participating in a lotto syndicate is not often emphasized, but it can be quite encouraging to share with others how you would splash out with your winnings.
In this example, if your syndicate were to win a jackpot of ?3,000,000, your portion of the winnings would be ?300,000. Perhaps one of the most striking facts about the Magnificent Seven story is that they had formed the syndicate only four short months prior to winning the historic jackpot. Should the group win the jackpot, it will be the syndicate manager’s job to dole out the winnings to each member of the group.
If the syndicate members can provide ample evidence of a signed document stating that prize distributions were predetermined and agreed upon by the syndicate beforehand, then you will not incur any Inheritance Tax liability. As a syndicate member, you will also want to come to an agreement with the group as far as whether you will do a weekly draw or a multi-draw. This is definitely one of the intangible benefits of the game, and should your syndicate be the one that holds the lucky numbers, it will be a blast turning your dreams into reality together. In addition, economy of scale is another notable advantage of utilizing a syndicate; by participating in group purchases, you can play up to 35 lines of Lotto at one time.

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