betting syndicate

carplates

myself and a few mates are thinking about setting up a betting syndicate, we all love a bet on the football every saturday and we trip across the odd good tip every now and then, we are just looking for ideas on what way to run it, ie entrance fee, montly fee after that and what rules we have on the bets we place, do we have a load of bets each week of do all members submit a bet each week and then the grup decide, all ideas will be taken on board, thanks in advance

ft9

Whats the advantage of a syndicate towards going it alone?
Ive never heard of a betting syndicate before.

carplates

its meant to be a bit of fun between a few mates, maybe if we have a good kitty at the end of the year we could blow it all on a day in the pub and a few bets

okidoki987

Ive never heard of a betting syndicate before.

:eek:
Advantage is more stakes and people know about different sports, horses etc and you can get a different view.

I've been in a few in work over the years.
We used to pay €10 a week for 10 weeks.
We had 10 in it so pot was a grand, weekly pot was €100.
Each person could back anything and I mean anything football, GAA, rugby, X Factor but they had to back it up with a reason that the majority agreed to.
Never had an occassion where it wasn't carried.
They had to use the €100 win or 50 e/w and full stake had to be used each week.
We put the money into Betfair as they had the biggest selection of markets and best prices with an exception if a bookie had a special offer that nobody else had and the person wanted to back it, we went for that.
All stakes and profits were left in the pot, someone kept a running total and at the end, we split the total by 10.
Some of group went on the lash, some used it as a saving scheme! and others just spent the proceeds.
Did it about 5 times, made money (small profits) twice, lost all the money once, lost half once and just about broke even with the last one.
Was good crack and worth it but messy collecting money each week and placing the bets.

the groutch

would not recommend it, we've heard so many stories about lotto syndicates going wrong, nothing to stop something similar happening if one of these syndicates had a big win

carplates

its going to be among 5/6 good mates so i'm not worried about something going wrong or people getting upset.

Warper

carplates wrote: »

its meant to be a bit of fun between a few mates, maybe if we have a good kitty at the end of the year we could blow it all on a day in the pub and a few bets

This is called a Saturday

Reginald P. DuM

carplates wrote: »

myself and a few mates are thinking about setting up a betting syndicate, we all love a bet on the football every saturday and we trip across the odd good tip every now and then, we are just looking for ideas on what way to run it, ie entrance fee, montly fee after that and what rules we have on the bets we place, do we have a load of bets each week of do all members submit a bet each week and then the grup decide, all ideas will be taken on board, thanks in advance

HI OP, I am currently in a betting syndicate so I said I'd offer up my experiences for ya.. Like you it's 6 good pals, so there's no messing and nothing to worry about re payment etc.

Here's how we do it.

6 wk cycle, each player bets €60 of their own cash every week in turn, in essence ten bob each. This has the advantage of there not being a need for collecting money weekly, its easier.

Player can bet on anything they want, it's not up for debate before the bet is made. Only ridicule if it loses!!

Player must email or text the chosen bet to other members in time for the off. No advance warning, bet cannot be included in the syndicate.

Only when one player has the entire €60 staked can the next player commence their betting. Best to use calendar weeks but sometimes one can bet before its their day provided the previous players sixty is down.

Get one syndicate member to keep a spreadsheet with every detail on it, type of bet, odds, returns on investments etc. Spreadsheet updated weekly and emailed to members.

Have a league table of members.

Set up special bank account, all monies made including stake obviously, electronically transferred into same. One person controls the acc, but the spreadsheet tells exactly the balance.

Every so often we have whats known as a potbet. Thats when the majority of members vote on an outcome they think will happen. Money from the bank account taken and staked. Usually money on shots, not horses or soccer. Great way to boost the coffers..

End of the project withdraw, divide and spend how ye see fit.