I play the Lotto on a weekly basis with my work colleagues.
Unfortunately, we have not yet hit the jackpot but I’m sure it will happen
some day soon. My work colleagues and I are good friends and I would
hope that we would not disagree over payment if we win. Is there
anything we can do to formalise our syndicate. At the moment we simply
collect a few euro from the employees who happen to be in work on a
Friday afternoon.
Most lotto syndicates for the sharing of a lotto win are based on friendship and
mutual trust. Unfortunately, in the event of a big lotto win many such friendships are
often tested. It is best for all concerned to have a formal agreement in place so that
everyone knows where they stand and costly disputes are less likely to occur.
Any such syndicate agreement must clearly set out the following:
1. Will the prize money be shared equally between all players?
2. If the prize money is not to be shared equally then how will it be shared?
3. Will it be a case of if you are not in then you cannot win?
4. Will the syndicate make exceptions for syndicate members who are sick, who
forget or who are on holidays?
A simple agreement setting out the syndicate rules should be put in writing and
signed by all members of the syndicate. Each member should be given a copy of the
agreement and the original should be stored safely.
Every syndicate member should sign the winning ticket and a member of the
syndicate should be nominated to collect the cheque and divide the winnings in
accordance with the agreement. If a dispute arises then no money should be paid out
until such dispute is resolved.