Let’s Clarify a Bit Here…
In the world of playing the lottery, there are a couple of options that you could choose: a lottery syndicate or a subscription. You may be wondering what the difference is. Well, let’s break it down.
A lottery syndicate is when a group of people pool their money together and get a lot of tickets, which will increase the chances of winning. As far as popularity, they are more prominent in the UK and in Europe. While they are legal in the US, there have been a lot of legal complications that are regularly reported to authorities. What can I say, American’s get greedy when it comes to money.
A lottery subscription is pretty self-explanatory. Some lotteries will let you subscribe to their favorite game, regardless of where you live. Subscriptions allow you to play your lucky numbers over and over, without having to go to the lottery agent and purchase new tickets because you can get them online. Also, with a lottery subscription, you aren’t limited by where you are. You can order tickets in any state or even any country.
With that being said, what are the pros and cons of each?
With a syndicate, you can combine your money with others and increase your odds of winning since more money begets more chances to win the jackpot or even harder-to-win prizes like tier 2 or 3 prizes. What this means is a normal drawing may have 1 in 11 million chances of winning. If you were to be in a syndicate, that number drops down, even if only by 200 tickets or however many your group played.
Another plus for playing a syndicate is that you have a better chance of recouping some of the money you put into play. Because the group is buying a large number of tickets on a weekly basis, you’ll have a better chance of winning something–even if it is a very small prize.
As great as this all sounds, what are the cons of playing a syndicate? Well, the most glaring con is that you never win the full prize. Ever. You’re combining your money with a group so you have to share the money. So if you are a part of a 20-person syndicate, and you win $20 million, you’re only going to win $1 million. And that is before taxes. That’s a huge drop in prize money.
Another con is that the truth of the matter is you will barely break even when you play a syndicate. Yes, you have a chance of winning a jackpot or a large prize; however, those chances are still incredibly slim. The smaller prizes that you do win still have to be shared and you’re barely getting anything.
When it comes to playing the lottery, one of the most daunting tasks could be simply having to go to the store and pick your numbers–especially if you pick the same numbers every time. With a lottery subscription, you don’t have to go to the store. Your numbers are all picked out, bought, and paid for–like clockwork. All you have to do is sit back and wait until the drawing.
Subscriptions are also good for those times when you cannot get to the store and get your tickets before the time is up. Perhaps there is an accident on the way to the store or your meeting ran late? With a lottery subscription, you have peace of mind knowing that your lottery ticket has already been selected, so you’re covered.
A negative aspect of a lottery subscription is always having money in your account. Because it is a lottery subscription, the payments come out of your account at a set date and time every time. Now for most people, this isn’t a problem because they always have money in their bank accounts. But for people who may be on a tight budget or lose their jobs, it can become expensive rather quickly. You’ll have to remember to cancel the subscription completely.
On paper, it may sound like the way to go would be a subscription. You can select your tickets for a period of time and forget about them. Plus, if you win, all the money is yours–unless some other lucky Joe Shmoe picked the winning numbers also.
It all comes down to preference. Do you like the odds of playing with a group of people, even though you’ll have to share the winnings or do you want all the winnings for yourself? Do you like being a part of a group or are you someone who prefers to get it and forget it.
Whatever you decide to do, good luck!