What does it mean by Canada Lotto Max Syndicate?
Lotto Max is the Canadian lottery and it aimed at creating more jackpot winners, at the expense of reducing the payouts. In 2013 Canada Lotto Max syndicate consisting of 34 people who worked at the Seven Oaks nursing home had won a total of $50 million and given the fact that in Canada lottery prizes are regarded as a windfall and are not taxed, each of the members of the group took home $440,000.
The success of this Canada Lotto Max syndicate thus shows the advantages of playing the lottery in larger groups as opposed to purchasing individual tickets. The 34th winners decided that it was a good idea to pool money together and split potential payouts, instead of spending more money on a weekly basis for an elusive profit. The group was well organized and had the person responsible for purchasing and checking the tickets, as well as a strict policy about how the money would be split.
The winners of the aforementioned syndicate had no intention to retire, because the amount is not sufficient to cover all living expenses, but then again this was a group of 34 people. Most syndicates have fewer members which means that in case they score a winning combination, the prizes will be divided among so many people.
The success of the Canada Lotto Max syndicate drew a lot of attention and now that purchasing tickets is possible online, people from beyond borders are contemplating the advantages of playing this lottery.
The price of a ticket is of five dollar and players are expected to match seven numbers out of a total of 49 to win the jackpot so each set consists of seven numbers from 1 to 49. Jackpots start at $10 million and can grow to $60 million!
Roughly 50% of the money collected as a result of setting lottery tickets goes towards the prize pool, with the rest being divided between the state, organizers and charitable foundations.
So what is a lottery syndicate?
A lottery syndicate is a group of people like your friends, family members, work colleagues or online players who collectively buy a certain number of tickets, with the agreement that any prizes won will be split between all members of the group. The chances of winning are therefore higher, but the prizes you can win personally are typically lower.
It’s a fact that the more tickets you buy in a lottery, the greater your chances of winning, but buying 50 or 100 tickets for yourself every week is costly, which is why syndicates exist.
How lottery syndicates works?
When setting up an offline syndicate, it’s advisable to appoint someone as a ‘manager’. This is the person who will be responsible for collecting players’ money, purchasing the tickets and storing them, checking the results, collecting winnings and distributing them among the members – so pick someone who is organised and trustworthy. It’s also a good idea for the manager to draw up a syndicate agreement to help things run more smoothly and reduce the risk of disputes.
The agreement should include information such as the names of all the players, how many tickets will be purchased for each game, which draw the tickets will be purchased, the stake that each player has in the syndicate and a declaration from the manager regarding their obligation to distribute any winnings. The agreement should be read and signed by all participants. This is important from a legal point of view, too, as without an agreement members could be subject to Inheritance Tax on their share of the prize pot if the manager dies within seven years.
As for how you play the game, it’s not really much different to how you play it individually. Some online syndicate providers will allow you to pick your own numbers or choose from a selection of different combinations, while others will automatically pick your numbers for you.
Similarly, if you’re in a syndicate with your family or work colleagues and do it the old-fashioned way, you can either let the manager select the numbers for the group or pick your own. Some syndicate players enter the same numbers into every draw. Winnings are distributed according to how many tickets (shares) each member has – the larger your stake, the larger you share of the prize will be.
Types of syndicates
You can either join a syndicate with a group of people you know, such as your family or work colleagues, or join an online version where you are randomly entered into a syndicate with other online players. While the traditional type of syndicate is still popular in many workplaces and households, the online variety is becoming increasingly popular as much of the work is taken out of the process. There is no chasing money, no going to the shop to purchase reams of tickets, and no forgetting to enter or to collect your winnings.
Online syndicates are available for most of the major national and international lottery games, including Lotto Max. You can either enter online syndicates on a one-off basis or with a monthly subscription. There are normally different packages available, whereby the more you pay, the more entries you get – and therefore the higher chance you have of winning some money.
How to play and get started with lottery syndicate
If you’re joining an offline syndicate with family, friends or work colleagues, contact the syndicate manager to find out if they have any space for you to join. Someone may have to leave before you can join. If you want to do it online, all you have to do is choose a syndicate service and then decide which game you want to play and how many shares you want to purchase. There are numerous online syndicate services to choose from, each offering various lottery games. They are fairly straightforward to enter, but you should do your research first to find out which one is best for you.
Some of the leading businesses currently offering online lottery syndicate services include Lottery OLG, Mario Lottery group, which allow you to choose your game and then simply purchase a proportion of shares in their pre-set syndicates. You can register yourself with syndicate managers r for an account and then manage ticket purchases online, with the added bonus of having access to multiple lotteries on one site, including major lottos to play as well.
What makes the Canada Lotto Max special is the fact that a total of 87% of the money ends up in fueling the jackpot, but the odds of matching the exact combination are one in 28 million. This is where the benefits of joining a Canada Lotto Max syndicate become self evident, because most players won’t win a significant prize in their lifetime. Instead of allowing expenses to pile up, they get the chance to compete for a jackpot that can easily be divided among winners and still make people rich, without spending too much.