How Do Lotto Syndicates Work?
3 min read
It’s a question many of us have asked – how do lotto syndicates work? If you’ve ever wondered about the benefits of joining a syndicate, how syndicate prize money is divided, or even just how to join a syndicate, read on to discover our handy guide.
What Is A Syndicate?
A syndicate entry allows you to share system entries and prizes with other players. Syndicates allow you to cover more numbers by sharing the cost between the members of a group. Playing more games increases your chances of winning a prize. If the syndicate ticket wins a prize, the total winnings will be divided equally among shares. Members have the option to purchase more than 1 share which increases their prize payout.
How Do I Join A Syndicate?
Joining a lotto syndicate is easy – simply sign into your Oz Lotteries account, choose the lotto game you wish to play, and select the syndicate option. If you haven’t experienced the fun of playing lotto online yet – sign up at OzLotteries.com and get started!
How can I play a Syndicate?
Oz Lotteries offers two ways to play in a group – by playing in a syndicate or through our social lotto game, Lotto Party.
Syndicates are open to all members of the public to join. Oz Lotteries is the organiser and ensures that when all shares are sold a new syndicate is created for additional interested participants. This is a great option for people who wish to join a syndicate without the hassle of organising and inviting friends.
Lotto Party, on the other hand, allows you to create your own syndicate and invite people you know. As more of your friends join the group and add their share, your ticket increases and gives you more chances to win. The best part? If you win big, your friends win big too!
What Ticket Types Are Available?
The most common entry purchased by syndicates is the System ticket. A System ticket allows the group to play more numbers than a standard entry. This type of entry allows players to increase their chances of winning by covering all possible number combinations.
Oz Lotteries has a variety of System tickets on offer, including System 11 – the equivalent of 330 standard games. Of course, the more games you play, the better your odds of winning – but the larger System tickets can get expensive.
But here’s the beauty of joining a syndicate. Ticket costs are shared between the group, and with syndicates of up to 10 members, the cost of these tickets becomes much more affordable. Lower investment, more chances to win, and a shared prize – that’s the basic idea of a syndicate.
All syndicate tickets are on a Quickpick basis only, where numbers are automatically selected.
What Happens If My Syndicate Wins?
The total prize amount is evenly divided between each share purchased in the syndicate – as members have the option to purchase more than 1 share. Oz Lotteries handles all collection of payments, ticket purchase and distribution of winnings directly with each syndicate shareholder. A full transaction history including results is made available to members within their account.
Oz Lotteries will automatically deposit any winning funds into your Oz Lotteries account in accordance with the timeframes below. From there you can request a withdrawal of funds by direct deposit into your bank account or through PayPal.
Official draw results are usually provided to Oz Lotteries within 12 hours of the draw taking place. Any prizes won will be displayed in your Oz Lotteries account on the day following the draw.
Funds will be available for withdrawal or for future purchases as follows:
- Division 1 will be paid to you within 24 days after the draw date.
- Division 2 will be paid to you within 8 days after the draw.
- Prizes for other divisions will be available for withdrawal from your Oz Lotteries account on the day following the draw.
Best of all, the rumour is true – no tax is levied on lotto winnings in Australia!
Have You Got Your Syndicate Ticket Yet?
Could you be Australia’s next millionaire? Buy your lotto tickets online now.