Sun, May 19, 2:25am by Ethan Anderson
Last Updated Tue, Oct 8, 12:25am
You’ve probably heard the stories on television or in newspapers before: a group of workers in an office pool their money every week to purchase lottery tickets. Then, one lucky day, they win the jackpot, splitting it a dozen ways but still leaving each individual with enough money to start a very healthy retirement fund. That’s the ultimate dream of any lottery syndicate: to make everyone who plays as a part of the team rich by winning together.
It’s certainly enough to make one wonder if playing in a syndicate is worthwhile. As it happens, there are both advantages and disadvantages to playing in syndicates rather than buying tickets individually. In this article, we’ll go over both the advantages and disadvantages of syndicates, and then show you how you can join syndicates through Oz Lotteries.
The first advantage of a syndicate should be obvious: by pooling your resources with other players, you increase your odds of wining a jackpot or other difficult to win prizes, such as Second and Third Division prizes. While one ticket only has about a 1 in 45.38 million chance of winning the Oz Lotto First Division Jackpot, for instance, you can cut down on those odds significantly if you’re part of a group buying 100 tickets a week. That doesn’t exactly make it likely that you’ll win, but the odds start to look a lot less astronomical.
Another advantage to syndicate play is that you’ll rarely lose everything you put into the pot. Since you’re buying a large number of tickets weekly, it’s likely that you’ll at least score a few wins in the lower divisions and get some of your money back. The can make playing the lottery a lot less costly, as you’ll expect to get a little return on your investment even in the worst weeks.
The biggest disadvantage to playing in a syndicate should also be pretty clear: you’re never going to win the full value of a jackpot by playing this way. If your group is lucky enough to hold the winning combination, you’ll have to share your winnings with everyone else, meaning you’ll get a nice prize – but nothing like what you could have had if you along held the winning ticket. This also means that some of the moderately large wins can end up being rather inconsequential for your group; win $500, and a group of 20 players will only take home $25 each, for instance.
Believe it or not, playing in a syndicate also means you’re less likely to come out ahead on any given draw. Sure, over the long run your odds are the same, and you can expect the same odds no matter how you play. But on any given draw, you’re unlikely to win a big prize. Meanwhile, those Division Six and Seven prizes that win you a small amount will often only cover part of the costs of your syndicate buying tickets, so instead of a modest win, you’ll end up with a small loss. Essentially, playing in a syndicate takes a lot of the variance out of your play: you’re more likely to win a share of a big prize, but most of the time, you’ll lose at a rate equal to about the “house edge” of whatever lottery game you’re playing.
If you want to get in on the syndicate action, you don’t have to find a big group of friends or co-workers willing to play with you. Instead, you can join a syndicate through Oz Lotteries, immediately tapping into a huge group of players who pool their tickets to increase their chances of winning. Note that syndicates are not available for all games. You can choose to be a part of a syndicate in any of the following lotteries:
Here’s how it works. Choose the game of your choice, and pick the Syndicate option rather than the Standard option. You’ll be presented with a list of different syndicate with different associated costs for buying in. Each syndicate offers a certain number of shares – usually between six and 15 – that can be purchased before they’re pooled together. Once one group closes, another opens to take its place, so you’ll never be left out in the cold.
The costs for buying shares and the types of groups available vary by game. For instance, the Powerball drawing offers three different syndicates for you to choose from:
Top Five 45 x 6: This group will purchase enough tickets to cover every possible Powerball in a variety of combinations. Six shares are available, each costing $69.
Combo (System 10 & 11): This group plays a system that covers all possible combinations of 10 specific numbers, and another covering all combinations of 11 specific numbers. There are ten shares available in each syndicate, each costing $107.10.
System 13: This syndicate buys a system that covers all possible combinations within a group of 13 numbers. Each of the ten available shares costs $193.05.
Once you’ve bought in, the syndicate works like any other tickets you’ve purchased through Oz Lotteries. If your syndicate scores a win, the winnings will be divided evenly amongst all shareholders and credited to your account. If you’re lucky enough to win a big prize, you’ll be part of a group of very happy players who share in victory together!