Online Lottery Pools – What You Need to Know
We have all seen someone winning one of those mega lottery jackpots, cashing in hundreds of millions of pounds. If you have ever thought that you would be happy if you could just have a fraction of that amount, a UK online lottery pool might be for you. However, lottery pools require vigilance and there some important things you should know before joining one.
The advantages of online lottery pools
Lottery pools (also called syndicates), are groups of people who chip in money to buy lottery tickets with the agreement that if they win, they will split the money. They have become quite popular with lottery players and, when managed properly, they offer many advantages.
Get better winning odds for less money
Not everyone can afford to buy 50 or 100 lottery tickets at a time. Online lottery pools are a way of getting better odds of winning, without having to spend a small fortune on tickets.
Yes, you would have to split the money amongst all the members of the pool when you win, but think of it this way: Is it better to have a small share of a big lump sum, than to have a whole lotta nothing.
You’ll rarely lose everything
Since your lottery pool would be buying a large number of tickets weekly, it’s likely that, at some point, you will at least hit a few small wins and get some of your money back. This makes playing the lottery a lot less expensive, as chances are good that you will get a little return on the investment you have put into the pot, even in the worst weeks.
What to watch out for
With a lot of money on the line, there is always a risk of people trying to cheat fellow players. There have been a lot of lawsuits connected to lottery pools, including conflicts over who participated, whether the right numbers were played, whether tickets were purchased privately or for the group, etc. There have even been cases where dishonest lottery pool managers collected money for lottery pools then kept the cash without ever buying the tickets.
These potential risks can be avoided with a little vigilance.
Pick your lottery pool carefully
Aside from the option of starting your own lottery pool with your friends or family members, work colleagues or neighbours, you can also join an online lottery pool. This could vary from an amateur pool with a single page website, to a professionally managed syndicate with online payment options.
The difference between amateur and professional pools
The difference between an amateur and professional lottery pool essentially lies in how the pool is managed. If it is being run by an individual or small group with no costs, or just minimal fees, it is an amateur online lottery pool. If it's a business where somebody is getting paid to manage everything for you, it’s a professional pool.
Amateur pools are not necessarily dodgy or low quality. However, there are some important things to consider when choosing a lottery pool.
Things to know before you join a lottery pool
After you have decided if you want to go amateur or pro, which really comes down to your personal preference, you need to establish the following:
- What game(s) they play
- How often they play
- How many tickets they buy
- The number of players in the pool
- The available payment options
- Whether they pick the numbers, or whether you can choose
The lottery pool manager
One of the most important aspects of an online lottery pool is its manager. Managing a lottery pool takes diligence, so you need to make sure the syndicate manager is the right kind of person for the job, that they are reliable and organised and that they know what they are doing.
The lottery pool agreement
If you decide to join somebody else’s lottery pool, it means they make the rules, which is why having a lottery pool agreement is so important. It will ensure all members understand what is expected of them, and what they can expect from the manager. When hitting a win, you don’t want any nasty surprises and misunderstandings about who is entitled to which portion of the win, the payment of taxes, etc.
Your syndicate contract should include some basic points, i.e.
- Date of the agreement
- Which game(s) you are playing
- Who the lottery pool manager is
- Who the players are
- How much each player is contributing
- And, most importantly, how the winnings will be split
Following these guidelines will give you more confidence and peace of mind, and could make your lottery experience very enjoyable and rewarding. Who knows… you may just scoop a substantial win, or two, thanks to your participation in an online UK lottery pool.