There’s an old cliché you’ve probably heard a few times, usually delivered bombastically in a movie by a captain or ruler leading their army into battle: “Together we stand! Divided we fall!” It certainly makes sense. There is power in numbers, and once you break those numbers up, that power dwindles a little. This is, more or less, the rationale behind Powerball syndicates, groups of people who buy Powerball tickets in bulk in order to boost their chances of winning big. Of course, before you make the decision to join one, understand that syndicates have their pros and cons.
A lot of people don’t have the money to spend on, say, a hundred Powerball tickets, so they settle for relatively few lines, hoping to catch the eye of Lady Luck and win that famous Powerball jackpot. In a syndicate, however, you can spend the same amount of money and essentially own shares in a hundred different lines, making it a hundred times more likely that you’ll win. Granted, you won’t win the entire amount (see the “Cons” section below) but you’ll win nonetheless.
Another pro when it comes to syndicates is that they make it easier to play regularly, because you’ve pretty much entered a pact with a number of other people. If you were to play all on your own, there’s a chance you’d forget about it one week and potentially miss out on a big win. The easiest way to structure a syndicate, to better facilitate consistent ticket-buying, would be to ensure that the tickets are all bought online, that way you don’t have someone looking after a bunch of physical tickets; playing online is simple these days, even here in Canada, and if you need help you can always check out these FAQs from Powerball.ca, which are thorough and informative.
Here’s the obvious one, and you probably saw it coming: yes, you have to split your winnings. If, for instance, you’re in a 10-person syndicate that buys ten tickets that means that, although you’re ten times more likely to win the jackpot (than if you were to buy a single ticket), you’re also getting a tenth of the jackpot, instead of the full amount. Now, with a starting jackpot of 40 million dollars, you’ll still be getting four million dollars, but you might always wonder in the back of your mind whether you would’ve scooped the entire prize had you gone it alone.
The other con of syndicates is, unfortunately, other people’s intentions. Make sure you enter a syndicate with people you trust, and make sure you sign a syndicate agreement. The last thing you’d want would be to win a sizeable amount of money only to discover that your syndicate’s organizer has decided to abscond with the money – it probably wouldn’t happen, but you’re better safe than sorry. Even if it’s just an office syndicate, sign an agreement.
There you have it. It’s ultimately up to you whether you want to up your chances and decrease your winnings, or decrease your chances and up your winnings. Either way, you’re going to have fun playing Powerball.