Do lottery pools increase your chances of winning? Lottery pools don’t significantly increase your chances of winning as it is very difficult to win the lottery. However despite this, lottery pools remain very popular and have had success in the past.
In this article about lottery pools we shall examine:
- What lottery pools are
- How they work
- Lottery pool wins
- Problems for lottery pool winners
- Problems that arise between lottery pool members
- Protecting the interests of lottery pool members
What is a lottery pool?
A lottery pool is formed when a group of people “pool” their resources to form a syndicate and play the lottery together and share the winnings. For the participants, playing the lottery in a pool gives them increased odds of winning some cash. However, it will be a lower amount because the winnings will be divided amongst the group. Playing the lottery as part of a syndicate will increase the odds of winning. But not by much more as the odds of winning a big money jackpot are 45,057,474 to one! Even a slight increase in the odds of winning by playing in a lottery pool appeals to many people. This is because they can increase their odds of winning without increasing their financial outlay.
How do lottery pools work?
The way that a lottery pool works will depend on the players and the rules that they set for themselves. Lottery pools are formed in workplaces, between families and groups of friends. Sometimes the syndicate will all pay the price of a single lottery ticket and agree to divide the winnings by the number of members in the group.
Other lottery pools can be more complicated and allow players to buy more than one ticket and receive a share of the profits relative to their input. So if a lottery pool of 20 people bought 1 ticket, each member would receive 1/20 of the winnings. If a member wanted to buy more tickets and the others agreed then the member who purchases 5 tickets would be part of a 25 ticket lottery pool and they would receive 5/25 of the profits compared to 1/25 for the other members.
Have lottery pools won big jackpots?
Over the years that the lottery has been available to play in the UK there have been several big wins for members of lottery pools that have made them very well off. In 2010, the Magnificent Seven lottery pool became the biggest lottery winning syndicate in the UK. The Hewlett-Packer workers from Liverpool managed to scoop a massive £45 million and shared the money between them. Twelve bus workers from Corby won a staggering EuroMillions jackpot of £38 million in 2012. In 2005 eleven Tesco workers won a UK lottery jackpot of £18.2 million between them.
Here’s what we’ve learned so far
- A lottery pool buy lottery tickets together and share the winnings
- These arrangements can be equal or members can buy more tickets for a bigger share
- Participants can increase their odds of winning a smaller amount for a less initial investment
- The chances of winning by playing in a syndicate are not dramatically increased
- The Magnificent seven from Liverpool won a EuroMillions jackpot of £45 million in 2010
Problems lottery pool winners experience
Winning a large amount of money is a dream shared by many. But the reality can be quite different from what people expected. They can be bombarded with requests for money from complete strangers and suffer family feuds as some family members would like to share in their good fortune. They have to make the difficult transition from being broke to being well off and deal with the relative stress that this can cause. Many lottery winners report that they lose their friends as they start to move in different circles. However winning the lottery means no more payday UK or worries about paying the rent.
What problems can arise between syndicate members when they win the lottery?
There are constant reports of lottery pool wins that have caused problems for the syndicate members. A group of co-workers from DVLA in Swansea had a £1 million win for their 16 member lottery pool that quickly turned sour after it emerged that 3 of the pool members had not paid their subscription fees for the winning week. The difference for the other players if the three were excluded from the win would have been £14,423 more than the twelfth share of £62,500. In the US there have been many stories of problems between lottery pool winners when personal lottery tickets have been purchased at the same time as syndicate tickets and the buyer has claimed that the winning ticket was their own.
How should lottery pools protect themselves in the event of a win?
The National Lottery’s Website has a syndicate agreement on helpful tips for those who wish to protect themselves in the event of a win. They advise that each member should have a copy of the agreement and to prevent any dispute in the future they could have it stamped by a solicitor. The lottery pool needs to appoint a manager who will need to be registered too if they are a player. The designated manager will be responsible for the collection of the lottery pool’s funds and for checking the results of the lottery and for the distribution of the winnings.
Conclusion – Are lottery pools worth it?
By forming a lottery pool between groups of workers, friends and families some people can increase their chances of winning a smaller amount of money with less investment in lottery tickets. The odds of winning are not greatly increased as it is very difficult to win. But despite this, lottery pools remain very popular and have had success in the past. To avoid arguments between syndicate members it is always a good idea to have protection by making a syndicate agreement and having it stamped by a solicitor. If you do ever win the lottery you will be able to enjoy life without needing online loans to get by!