How to Run a Syndicate
Running a syndicate might sound like a gruelling task, but it is remarkably easy and can be very enjoyable. Syndicate managers must approach their role in a professional manner, keeping track of details including who is in the syndicate, what numbers are being played and how winnings are distributed. By ensuring that all group members are content, managing a syndicate can prove a rewarding responsibility.
Follow these simple steps and you’ll soon find yourself in charge of a successful syndicate:
Draw up a syndicate agreement
Drawing up an agreement allows you maintain a healthy syndicate and ensure that your group abide by the same rules. This agreement must be signed by every prospective member of the syndicate. Your agreement should include:
- When the syndicate was first established.
- Names and contact details of each syndicate member.
- Confirmation of which lottery is being played and on which days (e.g. EuroMillions, Friday draws).
- How many shares each member has in the syndicate.
- What numbers the group will play.
- The entry cost for each syndicate member and whether or not they have paid.
- The amount of money each player will receive should the syndicate win a prize.
- The protocol for if a member leaves or another member joins the syndicate.
- A decision on whether the syndicate will go public or remain anonymous if they win a big prize.
- A signed declaration stating that the syndicate manager promises to fairly distribute any prizes won by the syndicate.
Download Syndicate.co.uk’s syndicate agreement template here.
Keep track of payments
Keeping an up-to-date record of the payments you receive from every member of your syndicate will ensure that all ticket money is collected on time.
This is one of the most important duties of a syndicate manager, as without any tickets the group cannot succeed. Ensure that the correct number of tickets are purchased ahead of the draw and keep them in a safe and secure location. Buying tickets online is a fantastic way to keep track of your entries and prevent tickets from going missing.
Checking the tickets
Once the draw has taken place, the syndicate manager is responsible for checking every ticket. It is advisable to appoint a second member of the group to re-check each entry; this will help to avoid any errors.
Collect and evenly distribute any winnings
Make sure that all winnings are distributed fairly amongst group members. It is advisable to state in the syndicate agreement when members of the group will receive their winnings (e.g. weekly or monthly).