Syndicate Tool

pnw72

Hi.

I've been wanting to start a lotto syndicate at work for some time.

I stumbled across SyndicateTool.com, which is a syndicate manager.

It ticks all the boxes for being easy to use, easy to play & easy to manage. And it's free.

You can enter card details & auto top up your payments. Winnings get transferred back to each player automatically.

I'm in the process of getting people to join & it occurred to me that in the event of a really big win, could Syndicate Tool run off with the money?

Does anyone use this website who can advise me of it's trustworthiness?

Best regards.

xlouise17x

Did u use the syndicate tool? I already have a syndicate set up but thinking of changing to this. X

pnw72

xlouise17x wrote: »

Did u use the syndicate tool? I already have a syndicate set up but thinking of changing to this. X

Yes, I did try it, but we stopped using it after a couple of months.

It may be fine but I was just paranoid about a couple of things. Mainly, on the Euromillions ticket, it states "Don't forget to check your Millionaire Raffle numbers when the results are published",wheras on the tickets I would buy through the Lotto website, it states "We'll check your UK Millionaire Raffle numbers and will send an email if you win". Quite a big difference, especially if like me, you can't be arsed to check the tickets.

Also, all the tickets were displayed singularly, so it was a shlep to check all the tickets. With the Lotto tickets, there are 5 sets of numbers on each ticket, which makes checking much easier. Plus Lotto check them automatically anyway.

If you've got it set up already, I wouldn't change it.

The way I've set it up is that I've got all the members to pay £x into a newly set up bank account every 4 weeks, then I buy the tickets through my normal lotto account online. I then copy & paste and email everyone the tickets. They pay a week in advance just in case the regular transfer fails for whatever reason. Any winning tickets, again I copy & paste the winning ticket & the amount. I also keep a running total & email this with any new win. Any winnings, I transfer to a second new bank account, so everything is separate.

It's working really well & doesn't really take up too much time, apart from the initial setting up, & chasing people to set up their payment!!

Hope this helps. x

flyforfun

Our syndicate manager found this, but I'm not sure.

If you purchase the tickets through them (which I'm not even sure is legal), if you win a prize, they would be the owners of the money. They would then decide who in the syndicate gets paid. They then can pay you via cheque, amongst other ways. But in the mean time all this delay means they accrue interest on your winnings (as well as money on your ticket funds before purchase).

Of course, if they just happened to go bust after you'd won your £120 million prize, I don't think you'll see you money....

I could be wrong, but after reading their T&Cs I don't think I'd be happy to use them.

Edit: Emailed National Lottery about them and they "warn strongly against purchasing from such organisations".

johnkenna

flyforfun wrote: »

Our syndicate manager found this, but I'm not sure.

If you purchase the tickets through them (which I'm not even sure is legal), if you win a prize, they would be the owners of the money. They would then decide who in the syndicate gets paid. They then can pay you via cheque, amongst other ways. But in the mean time all this delay means they accrue interest on your winnings (as well as money on your ticket funds before purchase).

Of course, if they just happened to go bust after you'd won your £120 million prize, I don't think you'll see you money....

I could be wrong, but after reading their T&Cs I don't think I'd be happy to use them.

Edit: Emailed National Lottery about them and they "warn strongly against purchasing from such organisations".

Hi,

Does anyone know of a good lottery syndicate manager software, as I could do with something to help keep a track on all the winnings etc

webclinician

I used the syndicate tool for couple of times. For some reason I can't stop them from sending email since that I have to change my email.

The main reason I stopped using them is that they are not even a part of our syndicate but they hold the tickets. They can cash it in but it is not clear what is their involvement if they are not part of the syndicate.

If you want to check your winnings. Better buy your tickets online and use an excel lottery checker. Just look in youtube and you can learn it in 5 minutes.

morrisok

I was also worried, so I emailed them. Got a response in a few hours. See below, sounds plausable.

First of all, we simply work as a purchasing agent. The tickets and
all eventual prizes are owned by the participating syndicate members.
For small prizes, we automatically transfer the prize to the syndicate
immediately (and claim the tickets in a daily batch).

In the case of a large win, we transfer the ticket to you and Camelot
speaks with you. Our only involvement at that point is to demonstrate
that the win occurred through a syndicate which is important for tax
reasons (you have probably heard of keeping syndicate agreements etc).

Unfortunately, interest on deposited funds would be completely
negligible at the moment. The company actually operates by earning
commission on gross ticket sales. This happens on the retail network
side and does not come out of your ticket cost or prizes.

We're a UK registered company and have been running this service for
free since 2003. Similarly, we bank with HSBC and have comprehensive
insurance to protect from technology issues, bank errors, etc. We have
already distributed jackpot and near-jackpot level wins on several
occasions and even defended syndicate agreements in legal arbitration.

Hope this helps but please let me know if you have any other questions
or comments about Syndicate Tool.

agressoprox

morrisok wrote: »

I was also worried, so I emailed them. Got a response in a few hours. See below, sounds plausable.

If they've delivered jackpot win(s) they must be pretty popular. Think of the odds, they'd have to have administered tens of millions of lines in order for that to be true. Our syndicate has about 20. It's possible, but if the average syndicate has 20 and if they've been around, say, a year they would have to have at least 7,000 accounts - from the offset. It's possible, but lots of near jackpot wins as well? I'd ask them how long they've been operating and you can quickly do the calculations against the statement they've already given you. Any thing less than a result of 1.0 then it won't be true.

JAK68

pnw72 wrote: »

Hi.

I've been wanting to start a lotto syndicate at work for some time.

I stumbled across SyndicateTool.com, which is a syndicate manager.

It ticks all the boxes for being easy to use, easy to play & easy to manage. And it's free.

You can enter card details & auto top up your payments. Winnings get transferred back to each player automatically.

I'm in the process of getting people to join & it occurred to me that in the event of a really big win, could Syndicate Tool run off with the money?

Does anyone use this website who can advise me of it's trustworthiness?

Best regards.

I have been using syndicate tool for nearly a year now and have probably won about £100 in total and was paid onto my card as soon as I asked, very quick response with any queries you may have. Up to now would highly recommend for a syndicate to use. It is now updated for the new lottery of £2 a week and it even checks new raffle number on the ticket .

All I need now is a decent win :eek:

justinpossible

i use syndicatetool and find it very useful, easy to use and easy to manage. i have had a response to all my enquiries in a very timely manner and have had winnings added to members balances straight away. i am unlikely to move away from them as it works so well.

devil_tez

only use the syndicate tool if you can afford to pay in more than the tickets cost.

My syndicate decided to switch to this and so every payday i paid in enough for all the tickets that month, but when my syndicate won the euro millions (only £2.70 thankfully) I wasn't included in the payout.

Apparently syndicate tool buys all the tickets way in advance using up all the money you put in almost immediately, so just after putting in £10 they needed another £10 and as I was a couple of days late putting it in so they went ahead and bought all the tickets excluding me.

For an idea of how far in advance they buy the tickets - The ticket in question that I was excluded from, was dated 10 days after I had put £10 in.

The others in the syndicate have set up auto payments but they have like £30 going out in 1 month when the tickets for the month should only cost £8 and I can't afford to have them taking money out of my account whenever they feel like it.