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7 Things to Know Before Setting Up a Lottery Syndicate With Friends

5 Things to Know Before Setting Up a Lottery Syndicate With Friends

Is It Possible to Set Up a Lottery Syndicate and Remain Friends?

Playing the lottery with your friends makes the whole process way more exciting. I’ve tried to set up a lottery syndicate with my friends, but we failed so hard that I’m not friends with some of them anymore. Have you thought lately to set up your own lottery syndicate? You better be very careful with how you do that, that’s if you don’t want to end my like me. These simple tips and advice will give you the edge you need to overcome any potential difficulties that might be down the road.

I know that playing the lottery in a syndicate can be fun and profitable, but setting up a syndicate with your friends can be rather tricky. I don’t want to waste your whole day, let’s jump to the details right away!

There’s a Reason They Say Say Don’t Mix Business and Friendship

Back in college, during one of my lessons the professor was talking about how he wanted to start a business with one of his friends. Despite his extensive knowledge in business, knowing that indulging in business activities with friends is not the best idea he still did it to test this statement. So they set up the business, everything was going smoothly, until the end of the year. They were still acting as friends, when they should’ve acted like business partners. Fights started to occur, they sold the business and ruined a perfect friendship.

Now, I know that lottery is not some big time business, but even the tiniest of issues can become a hot topic during a night out. If you want to avoid this kind of situations you better come up with a clear official agreement, signed by all of the syndicate members, regardless if they are your close friends or not. You better be safe than sorry!

Agree on the Specifics in Advance

Many people who set up a syndicate commit the grave mistake of clarifying the specifics only after a major win. Needless to say, this is the worst possible idea and a recipe for disaster. When money gets involved in a relationship, chances are that things will go south pretty quick.

If you want to play with friends, enjoy the prizes and remain friends, all of the syndicate specifics should be explained in advance. It may even be a good idea to present the rules and the terms of the interaction in a written form. People who know what they’re getting into in advance will have realistic expectations and achievable claims. You may feel a bit anxious about putting things this way in front of your friends, but trust me – a preliminary agreement can be friendship-saving.

If You Haven’t Paid – You Don’t Get a Cut From the Winnings

“I forgot to pay this week’s membership”, “I forgot to go and buy the tickets” are just lame excuses. If you have a busy schedule you better settle your payments well ahead before the last moment. In regards to the lottery, you are syndicate mates, you are no longer just friends. You should respect this relationship as you’d respect it if strangers were part of the syndicate. That’s why I urge you to include this in your syndicate agreement. This will safeguard your interest and the interest of your friends as well.

The sooner you make the distinction between friendship and the lottery syndicate responsibilities, the better your relationship will be, both regarding the syndicate and your friendship. It’s not a rule if it’s not the on the wall. You better make a big poster about this and put it on the wall where you’re going to have your syndicate meetings.

You Pay The Same, You Win The Same – You Share Equally

Lottery syndicates have one purpose, to make playing the lottery more effective and more efficient. All members of the lottery syndicate should contribute the same amount of money in proportion to their share of the winnings. Always follow this rule. Never, and say never give more to one of your friends more than the agreed cut of the prize. Agreeing to pay more this time and pay less the next time won’t work. People are greedy. They always want more and they want it now!

Stick to the agreement. If there isn’t a clause about it, if it’s not included, call a meeting and make a decision to put it into words into the lottery syndicate terms and conditions. If you want to have a pleasant time playing the lottery you better be as thorough as possible.

Try to Make Unanimous Decisions – Confront If Necessary

The future of the lottery syndicate depends on you. You may have made unanimous decisions with your friends regarding organizing celebrations, spending quality time regarding the place and time, but this is different. Whenever money is involved, the rules change. To be more precise, the rules don’t change, you just have to respect them. Each member of the lottery syndicate has the right to a vote, and make sure you give the chairman the deciding vote whenever he/she has to make a decision when the vote’s a tie.

This will make the future decision way easier to make. The lottery should be fun. The relationship with your friends should remain intact by any issues that arise in your lottery syndicate.

Look for Compromise but Protect Your Rights at the Same Time

I learned one thing the hard way – if you’re eager to please everyone, people will walk all over you! Compromise is a good thing, especially when it comes to the relationships with people that you love. Compromise, however, should never trump your personal interest.

Look for a solution that benefits everyone involved and try to negotiate things until the entire syndicate is perfectly happy. You should also know that it’s up to you to draw the line. Determine your needs and the absolute minimum that you want to get out of the experience. When people start crossing the line, you should be capable of defending yourself and looking after your interest.

If One Relationship Is Over, Try to Save the Other One

No one knows what the future holds. No one can guarantee that your lottery syndicate will succeed. Some of your friends may want to leave the syndicate. An exit clause is great when there’s a need for it. Because you nor your friends know what’s going to happen later on, you better include a line or two in your agreement about this. It will turn a rather complex procedure into a simple task. On top of this, when some of your friends will want to leave the syndicate you can crack a joke saying thank god I was waiting for this day to come, now we can be friends again.

This can happen to anyone, anytime and anywhere. As I mentioned before, you better be safe than sorry. They are your friends, keep  that way.