Betting Syndicates - Do They Work?
While we often hear about betting syndicates taking home massive jackpots, whether this be in sport, the lottery or any other form of gambling, do they work for everyone?
A syndicate is basically a number of people who pool their funds together, with an agreement that any wins will be shared amongst the group. While it is advisable to formalise your syndicate with a written agreement, many people choose to do this on an informal basis - often causing major problems at a later date!
While the use of the syndication process will reduce the amount that you could win, it will also offer you more chance of winning. On the downside, depending upon the size of the syndicate, even the largest of wins can soon be reduced when spread amongst all of the members, with a £100,000 win reduced to “just” £10,000 each in a 10 syndicate group. That headline grabbing jackpot which may have changed your life, may soon be reduced to a figure which ensures that you will be going back to work tomorrow!
Unless a syndicate is set up on a formal basis, there may be problems in the future, with many instances of informal agreements being ripped up at the first sign of a big win - leaving some syndicate members “out of pocket”.
There have been many court cases where rulings have gone in favour of an informal syndicate, but there have been many rulings against informal syndicates. While you may enjoy a flutter, it is essential that you ensure your syndicate is set up correctly, otherwise you may be taking a massive “gamble” with that future big money win!
In the correct environment syndicates can and do work, but they have also seen the end of many a long term friendship, prompting thoughts of the old saying “do not mix business with pleasure”. Friendship can often go out of the window where money is involved, but you might only find this out when it is too late.