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Lottery Syndicate
lotteryA group of people who pool their money to buy more lottery tickets, sharing any winnings proportionally.
Key Takeaways
- 1Syndicates pool money to buy more tickets
- 2Expected value per dollar doesn't change
- 3You get more chances but split any winnings
- 4Always get a formal written agreement
What is a Lottery Syndicate?
A lottery syndicate is a group of people who pool their money to purchase more lottery tickets than any individual could afford alone. If any ticket wins, the prize is split proportionally among the group members.
The Math Behind Syndicates
Syndicates don't change the expected value per dollar spent — but they do change the experience:
Solo player:
- 1 ticket = 1 in 292 million chance (Powerball)
- Cost: $2
100-person syndicate:
- 100 tickets = 100 in 292 million chance
- Cost per person: $2
- But each person only gets 1/100th of any prize
The expected value per dollar is identical. The difference is you get more "shots" for the same money, reducing variance.
Famous Syndicate Wins
- 2013: 16 co-workers in New Jersey split a $448 million Powerball jackpot
- 2018: 11 co-workers in California split a $543 million Mega Millions prize
Syndicate Tips
- Get everything in writing — formal agreement with signatures
- Designate one buyer — one person purchases all tickets
- Photograph every ticket — share photos with all members
- Agree on rules upfront — what happens if someone misses a payment?