| Hypothetical lottery syndicate question. 13:54 - Jan 31 with 1611 views | Snipper |
I was at a mates house earlier with another mate, and one of them was telling a story about a geezer who ran a lottery syndicate in his work, but he was pocketing the money instead of buying lottery tickets.
He said he’d have ripped the geezers head off if he was part of his syndicate.
Anyway, I mentioned about a syndicate we’re both in with the Euro lottery. There was a work colleague who hadn’t paid for 2 years, and I said he wouldn’t be entitled to any winnings if we’d have won the jackpot.
My mate said he would’ve been entitled as he’s a registered name on the syndicate records with Camelot, even though his line was being paid by the geezer running it.
We had a proper heated discussion about whether he’d be entitled to any money. No fisticuffs or anything, but a proper heated discussion with laughter involved.
As this site is brilliant for finding things out, can I ask who would be correct?
Would the fella who hadn’t paid for 2 years be entitled to any winnings?
It’s all hypothetical, as we won sod all anyway :-)).
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| Hypothetical lottery syndicate question. on 13:57 - Jan 31 with 1565 views | BazzaInTheLoft |
My ex Partner run our one. We all signed a National Lottery template contact that says payment must by up to date. |  | | |
| Hypothetical lottery syndicate question. on 14:09 - Jan 31 with 1523 views | loftboy |
I used to run on early 2000’s. Had one bloke who never had his quid, I always put it in, I mentioned to him that if he didn’t start paying he won’t get his share as per the agreement I got everyone to sign, he then started to quote the law of the land and that I was wrong.
With that I jacked it in, it just wasn’t worth the hassle. |  |
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| Hypothetical lottery syndicate question. on 14:14 - Jan 31 with 1500 views | slmrstid |
Can't help on the legals but back in the 1970s my Grandad was in a Pools syndicate with some of his workmates in the factory they worked in and they won the jackpot one week.
Ten of them shared the prize, I came across a newspaper cutting of it after he passed and worked out what he'd won was worth about £100,000 each in today's money. Not enough to retire on and never work again, but for a factory worker who'd only ever been able to work from paycheck to paycheck it was absolutely lifechanging and he was able to change the lives for him, my Grandma and my mum (as a child) radically with buying their own home and car.
Good on him. |  | | |
| Hypothetical lottery syndicate question. on 14:17 - Jan 31 with 1477 views | GaryBannister86 |
Surely not paying the syndicate on any given week means no payout?
My favourite lottery win likelihood stat, beats the "hit by lightning" one
If you live in London, it is 12 times more likely you win the jackpot than if you hail a black cab, you only tell the cabbie you live in London and no more, and they end up taking you to the correct door.
Still play it, though, obviously. The other way of looking at is the old 50% chance. You either win it or you won't. |  | | |
| Hypothetical lottery syndicate question. on 14:25 - Jan 31 with 1437 views | Mytch_QPR |
| Hypothetical lottery syndicate question. on 14:17 - Jan 31 by GaryBannister86 |
Surely not paying the syndicate on any given week means no payout?
My favourite lottery win likelihood stat, beats the "hit by lightning" one
If you live in London, it is 12 times more likely you win the jackpot than if you hail a black cab, you only tell the cabbie you live in London and no more, and they end up taking you to the correct door.
Still play it, though, obviously. The other way of looking at is the old 50% chance. You either win it or you won't. |
"Surely not paying the syndicate on any given week means no payout?"- that was my thought initially, but then I guess that quite a few syndicates reinvest small winnings back in to the pot, so theoretically if one member missed a week or two he or she could argue that they still had money invested in the scheme.
I should imagine there are basic agreements available online you can get where the rules are set out. |  |
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| Hypothetical lottery syndicate question. on 14:40 - Jan 31 with 1378 views | PlanetHonneywood |
Well as they say, if you don't buy a ticket, you can't win the raffle.
An agreement is essential in a syndicate for all eventualities of not-paying etc. But I saw Barrywhomresidesintheloft mentioned Camelot have a template.
Not seen one myself, and I am sure it would deal with all the issues surrounding non-payment by syndicate members. However, I'd also bet there is a reference to the organiser acting as an agent for the syndicate. The reason this is important, is that if s/he were to kick the bucket at any stage within seven years of paying out to syndicate members, there might be IHT issues if no agreement is in place. |  |
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| Hypothetical lottery syndicate question. on 14:44 - Jan 31 with 1349 views | BazzaInTheLoft |
| Hypothetical lottery syndicate question. on 14:40 - Jan 31 by PlanetHonneywood |
Well as they say, if you don't buy a ticket, you can't win the raffle.
An agreement is essential in a syndicate for all eventualities of not-paying etc. But I saw Barrywhomresidesintheloft mentioned Camelot have a template.
Not seen one myself, and I am sure it would deal with all the issues surrounding non-payment by syndicate members. However, I'd also bet there is a reference to the organiser acting as an agent for the syndicate. The reason this is important, is that if s/he were to kick the bucket at any stage within seven years of paying out to syndicate members, there might be IHT issues if no agreement is in place. |
Here you go
https://www.cdn-national-lottery.co.uk/c/files/syndicate-agreement.pdf | | | |
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