It is widely appreciated that a lotto syndicate is without doubt the wisest way to play a part in any lotto if you are looking to enhance your probability of winning. In reality, more than one quarter of all lotto jackpot wins are secured by lotto syndicates. These lottery syndicates are typically formed by groups of work colleagues or friends who have the one aim of improving their chances of winning the lottery. Playing together in this way gives each participant of the syndicate a greater number of winning chances but at the same time ensuring each person's spend is kept to a minimum.

Being a syndicate member can come with a significant odds benefit markedly if the syndicate has a greater quantity of individuals taking part. In spite of this, being a syndicate member does have its downside.

The first and almost certainly the most apparent negative side of a syndicate is the fact that all prize money is shared amongst all players in the syndicate equally. Therefore, the greater number of syndicate members there are, the less cash each of these members will receive. As a result, a substantial lottery syndicate triumph may only generate a sufficient amount of cash for each member to pay for a holiday or a new dining room suite; but definitely not a sufficient amount to quit the day job and buy a luxury yacht! As long as each participant is aware of this eventuality then everybody should be cheerful.

The second catch with lotto syndicates directly relates to the point made above. Stories can occasionally be seen in the media relating to a greedy syndicate member(s) who is loathed to distribute the syndicate winnings to colleagues and attempt to keep it all for them self. This can undoubtedly be a massive dilemma if the syndicate has been set up informally. If this is the case, every syndicate member has then got to show in legal terms that they have indeed been duped. There have also been instances where a syndicate member has lost their share of a syndicate payout due to tardy or non payment of their syndicate payment. There have been a number of cases where legal action has taken place as a result of this happening.

The third setback that may happen if no formal syndicate agreement is in place is that of inheritance tax issues. If the head of the syndicate collects the prize money and then "gifts" each member their equal share, then this tax could become an issue for all the syndicate members.

Problems such as this can be reduced thus simplifying the whole process. If the syndicate is put together using a lottery syndicate contract then any of the scenarios highlighted here will cause no further problems. Such syndicate agreements can be downloaded from your lotto provider's internet site and in many cases can be collected from your lotto retailer.

There is no real doubt that the benefits of joining a lottery syndicate far outweigh the negative aspects involved. If the syndicate is put together in a legal manner as mentioned, the only things you truly have to be bothered about are paying your money each week and deciding what you will do with the funds when your lottery syndicate gets lucky.