Protecting any future winnings
The Lottery Syndicate Agreement is a way of formalising the arrangements for work colleagues or any group of people who take part in a Lottery Syndicate. It is highly recommended that Lottery Syndicates fill out an Agreement as this clarifies the arrangements in place in the event of a big win.
All participants in any given Lottery Syndicate will sign and date the Agreement once confirming their name, agreed contribution per draw and agreed percentage of winnings (usually in equal shares, by how many players are in the Lottery Syndicate).
There are also sections on the form to provide details of any specific arrangements that are in place for your Lottery Syndicate. For example, your Lottery Syndicate may be playing both Lotto on a Wednesday and Saturday and Euromillions on a Friday. You can then record the numbers being played in each draw and which day the draw is taking place.
The next specific arrangements section is dedicated to when payments will be collected and what course of action will be taken if someone fails to contribute.
This may be due to being unwell and not attending work or one of many other good reasons. The section is really for each individual lottery syndicate to decide what clarifies legitimate non-payment and what isn't an acceptable reason. As any Lottery Syndicate organiser knows, keeping track of who has paid and who hasn't and chasing people who have forgotten can be a headache. This will then govern a person's entitlement to a share of any winnings.
Going to the shop and purchasing the tickets, maybe copying them for each syndicate member takes much more time and effort than people think.
The next specific arrangements section gives the syndicate the opportunity to note down the procedure to follow if somebody should decide to leave the syndicate.
Next it is the witnesses turn to provide their details and also for the Lottery Syndicate to agree if they would like to receive publicity in the event of a big win.
As you can see, there are 'many' reasons to have a Lottery Syndicate Agreement and not a single reason that we know not to have one.
If you wish to have a formal agreement set up and managed then click on the button below to get more details.