If you club together with loved ones to play lotteries, you have formed a friends and family syndicate. Whether you and your parents play four lines for the Health Lottery, promising to split the cash, or your whole street clubs together for 50 EuroMillions entries in every draw, the basic premise is the same.
The temptation is sometimes to keep an informal agreement with loved ones when playing lotteries as part of a group, but when money is involved, there are often problems. Creating a contract for your syndicate is invaluable in solving issues if there are ever any disagreements further along the line.
Unlike a workplace syndicate, where you will be around the other members most days, you may not see the other players in a family or friends syndicate as often. For this reason, you should ensure there is an agreed method of collecting payments on time and distributing winnings.
Securing a big lottery win is what everyone dreams of when they buy their tickets and many would choose to help out their nearest and dearest with the proceeds anyway. It makes sense to pool resources, benefit from the improved odds of winning and share the spoils with those that you love.