Lottery Syndicate UPDATED - Members please read!!
Discussion
Hi all,
Over the last couple of years there has been a Lottery syndicate of PH members running. It is not officially a Pistonheads syndicate, but a syndicate of PH members (I hope that makes sense!)
It works in a very straightforward manner.
We play in the Saturday draws ONLY
We have the equivalent of one line per member (the 07-08 syndicate had 91 members, therefore 91 lines every Saturday)
All of the lines were chosen at random (ie no member actually picked their own numbers)
Every member was charged £53 for the entire year (£52 for the lottery entry, and £1 for the admin costs of the organiser - postage, bank trips etc) - this fee is paid in advance
Every member signed a contract document for the syndicate, which technically absolved them of tax payments on any winnings
All winnings went into a pot, which is then divided equally between the members at the end of the 52 week period.
There is a restricted access forum on PH where results and running totals are posted (as well as general discussion into how we will all spend our cash when we win the big one!)
All simple enough.
As far as winnings are concerned.... we haven't done particularly well.... more of a bit of fun!
06-07 - Each member won £11.91
07-08 - Each member won £11.60
There are currently around seventy member of the 07-08 syndicate who are planning to continue into 08-09
If you would like to join the syndicate for 2008-2009, then please add your name to this thread BEFORE NOON on Friday 15th August
Current confirmed members need not add their names to this list.
Over the last couple of years there has been a Lottery syndicate of PH members running. It is not officially a Pistonheads syndicate, but a syndicate of PH members (I hope that makes sense!)
It works in a very straightforward manner.
We play in the Saturday draws ONLY
We have the equivalent of one line per member (the 07-08 syndicate had 91 members, therefore 91 lines every Saturday)
All of the lines were chosen at random (ie no member actually picked their own numbers)
Every member was charged £53 for the entire year (£52 for the lottery entry, and £1 for the admin costs of the organiser - postage, bank trips etc) - this fee is paid in advance
Every member signed a contract document for the syndicate, which technically absolved them of tax payments on any winnings
All winnings went into a pot, which is then divided equally between the members at the end of the 52 week period.
There is a restricted access forum on PH where results and running totals are posted (as well as general discussion into how we will all spend our cash when we win the big one!)
All simple enough.
As far as winnings are concerned.... we haven't done particularly well.... more of a bit of fun!
06-07 - Each member won £11.91
07-08 - Each member won £11.60
There are currently around seventy member of the 07-08 syndicate who are planning to continue into 08-09
If you would like to join the syndicate for 2008-2009, then please add your name to this thread BEFORE NOON on Friday 15th August
Current confirmed members need not add their names to this list.
dan1981 said:
A 4 million quid win woudl only give you 43k each. at 91 memeber.
I'll think about it..
Out of interest at what point to a syndicate become just not worth it?
Absolutely - but if you are effectively playing 91 lines rather than 1 then your chances of winning are greater - albeit with a reduced prize.I'll think about it..
Out of interest at what point to a syndicate become just not worth it?
To be honest, I personally never got involved to try and win my pension, just a bit of fun with a chance of winning cash to buy a dream car etc etc
Sadly, so far, the only dream car I can afford with the winnings is made by Matchbox......
Meeja said:
dan1981 said:
A 4 million quid win woudl only give you 43k each. at 91 memeber.
I'll think about it..
Out of interest at what point to a syndicate become just not worth it?
Absolutely - but if you are effectively playing 91 lines rather than 1 then your chances of winning are greater - albeit with a reduced prize.I'll think about it..
Out of interest at what point to a syndicate become just not worth it?
To be honest, I personally never got involved to try and win my pension, just a bit of fun with a chance of winning cash to buy a dream car etc etc
Sadly, so far, the only dream car I can afford with the winnings is made by Matchbox......
And I certainly wouldn't turn my nose up at 43k.
Pikey P said:
how does one go about paying into the syndicate?
After the closing date for new members (next Friday), i will arrange for all new members to have access into the restricted forum, and things will get resolved in there.Historically, the organiser will require a cheque and a signed and witnessed copy of the contract sent to their home address.
Once all of the contracts and payments have been recieved, the big red button for "go" is pressed.
I don't see any reason to change the way the payment system is run...... as all members need to send a hard copy of their signed contract, it makes sense to send cheque payment at the same time - that way, once the organiser recieves the contract, they also recieve the payment.
The only downside, is that the organiser has to pay the cheques into a bank account (time, and queues at a high street bank!)
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