Betting Syndicate UK – What Are Syndicates & Are They Legal?

Betting syndicates are where a number of individuals come together and pool their collective resources, to enter the lottery or bet on events and share the winnings should one of them win. 

But are they legal? Continue reading this blog post to learn what betting syndicates are, if they are legal in the UK, how they work, and how to start one.

What Is a Betting Syndicate?

In a sports or casino setting, betting syndicates are a group of casino game players who come together to form an organisation, pool their bet amounts, combine their skills and share profits for gambling or sporting games.

The idea beyond betting syndicates is to share resources so as to potentially increase the odds of winning and share the profits.

The number of people in a syndicate can vary, with some having over 100 people and more. The most popular betting syndicates are for the lottery, but they can also form to bet on horse racing and sports events. 

How Does a Betting Syndicate Work?

Betting syndicates are typically well-run organisations with dedicated managers and organisers helping with a well-thought-out strategy and creating risk assessments.

Each syndicate member contributes a certain amount of money to the pool for bets. If there are fewer members, each member might have a role such as an organiser, a researcher or an opportunity spotter. 

If the syndicate is interested in participating in games, there may be selected members appointed to place bets or play the games with an allocated specific bet size. If there are any winnings or profits made from the games, they are added to the pool or divided amongst the group.

The amounts shared are usually predetermined before the game or games are played and agreed upon collectively.

Is Syndicate Betting Legal?

Yes, betting syndicates are legal in the UK if they are created lawfully and follow the rules and the framework of the law. 

Firstly, betting on behalf of other people is not allowed in the UK. The loophole for this in relation to syndicates is that the person or persons placing the bets are not doing so for their personal profit.

Therefore, one of the legal frameworks for betting syndicates to be legal posits that no one person makes a profit over the others. Suppose the betting syndicate is on a larger commercial scale. Then it may need to be registered and licensed to be legal. 

Be that as it may, betting syndicates may be questionable in bookies. Bookies or sports betting places may have a strict one-person bet rule, making the syndicate deal a grey area. In addition, bookmakers can make their terms and conditions, so they can be within their rights to ban betting syndicates. 

But, in general, if one person is making a profit alone or taking cuts from the syndicates and charging a fee or commission, the syndicate will be illegal. Barring that, betting syndicates are legal in the UK.

How To Start a Betting Syndicate With Friends

Now that you know betting syndicates are not illegal in the UK, you may be curious to start your own with your friends. 

Let’s look at some things you can do to start a betting syndicate with friends, but before we begin, we would like to point out that there is no one way to start a betting syndicate. We will only give you a basic outline of how to begin.

First, find a group of friends who are willing to join a syndicate, are trustworthy and can commit to the syndicate. Then, if necessary, assign specific roles to each person based on their strengths, such as betting strategies, managing finances, and researching anything that may be useful to the success of the betting syndicate.

The most common form of syndicate is entering the lottery. So each member purchases the same number of tickets, and the agreement is if any member’s ticket wins, the winnings are shared amongst all members.

Conclusion

In conclusion, betting syndicates can offer an exciting alternative way to experience gambling and establish a community. They are legal and allowed in the UK. 

However, it is essential to be mindful of the rules when placing bets as a syndicate at bookmakers because not all bookies allow betting syndicates to place bets in their establishments. So, looking into any further rules or regulations governing the formation of syndicates before forming one is a good idea.