If you are an avid casino or bookies goer, you may have heard of betting syndicates or know someone who is a part of them. Betting syndicates are believed to have been around for as long as gambling has been around.
However, if you are new to gambling, you may not really understand what betting syndicates are. In this post, we will explain what a betting syndicate is, whether or not they are legal and how one starts a betting syndicate. If that interests you, continue reading!
What Is A Betting Syndicate?
Betting syndicates were most popular in horseracing but have since spread out to other aspects of gambling, especially the lottery. In fact, the National Lottery promotes and encourages the creation of betting syndicates. On their webpage, you can find details on how to start one legally.
Many lottery players choose to pool their money, and then each person plays different numbers. Should one or more of them win, they then split the winnings. However, the betting syndicates have to abide by the Gambling Commission (UKGC) rules, and individuals cannot place bets on behalf of someone else in the syndicate.
Are Betting Syndicates Legal?
Yes, betting syndicates are legal, as in, it is not against the law to start a betting syndicate. However, for it to be legally operational, the members need to follow the UKGC's guidelines.
With that said, some betting syndicates can be operated illegally, wherein members start the syndicate without following the guidelines and using the proceeds for personal profits. You may wonder how betting syndicates work if you are not allowed to place bets on behalf of someone else.
Betting syndicates are joint ventures; all money contributed must go towards the bets. That means the members involved in them are not allowed to make personal profits. Whatever is won must be equally shared with each member, with no one person making a profit by taking a cut for placing the bets.
Though the National Lottery may have no problem with betting syndicates, the bookmakers might, especially if the game has high stakes. But, if the game has relatively low stakes, bookmakers may let betting syndicates participate in their games.
How Do You Start A Betting Syndicate?
Starting a betting syndicate is not a complicated task. You only need two or more willing candidates. But, if not done right, betting syndicates can go incredibly wrong.
- Find your kin: Ideally, you want to form a betting syndicate with a group of people with similar interests, be it to improve the community or their lives. The best way to make a success of it is if the goals are clear and preferably aligned.
- Set clear rules: Once you have established the people you want in your syndicates, it is time to lay out the rules. Figure out who will manage the syndicate, how much each member should contribute, as well as how and when the bettings will be made. You also want to discuss how much each bet per person must be, which games will be played and how the winnings will be split.
- Draw up a contract: Once you have come to a mutual agreement on the operations, you may want to draw up a contract that stipulates everything and have each member sign. That way, if disputes arise, you can always refer to the agreement, and should things end up in court, the contract may be helpful.
After all of the above has been established, you can start your betting syndicate. We suggest you also leave room for improvement, as you may need to make a few tweaks here and there as you go along. Remember to always follow the UKGC guidelines, which you can find on their website.
Betting syndicates are not illegal in the UK, but they can be operated illegally, so if you are a part of one or want to start one, ensure that it is properly following the UKGC guidelines.
Additionally, it is best to check with the casino or bookmakers you are playing at to see if they allow betting syndicates. However, most of them may not have a problem as long as you are not betting on behalf of someone else or collecting someone else's winnings.
Most importantly, remember that being a part of a betting syndicate does not increase your chances of winning. The odds remain the same. It only helps you receive a portion of someone else's bet, should they win and also allows you to share with other people if you land a win.