Using a football pools syndicate offers many advantages, including better coverage of the coupon, lower risk and a higher bank, which all add up to a better chance of winning the football pools. Sure, your winnings will have to be split, but there is a much better chance of winning in the first place.
There are other benefits too, depending on the way your syndicate will work. For example, will you meet in the pub every week to hammer out your list of selections? This can be a lot of fun, but the ultimate reason for running a syndicate has to be the improved odds you achieve using bigger plans/perms, especially when coupled with an effective proven system for producing match forecasts. There can be difficulties too, which need to be planned for. Without a good setup agreement, you could end up losing money and friends with a football pools syndicate.
The basics of running a syndicate involve two main roles: that of banker and that of forecast manager. It also requires a clear agreement, preferably written and signed by each member.
The role of the banker is to collect the subscriptions (usually weekly) from the syndicate members, and to manage the syndicate’s bank. The bank really could be a bank account, or it could be a tin box. Bank accounts are better, though there could be costs involved in running it. In the UK, the days when pools stakes were paid in cash to local agents are disappearing fast, now that online staking leads the way. So, the banker will usually need access to a credit or debit card to pay the stake over. Many pools companies make this easy, offering staking accounts which can be topped up. Some even offer staking credits from time to time.
Problems can arise when members are late paying their subs. If they haven’t paid on a particular week, then should they get a share of the winnings if there is a win that week? Who funds the shortfall in the stake?
This lucky person is responsible for preparing and submitting the pools entry. It will involve knowledge about perms and plans. Will the syndicate use the same perm every week? Who keeps any results data up to date? Usually the forecast manager. It may involve a meeting at the pub to agree the list with the other syndicate members, or it could be the manager who does the work, which could be a few hours a week. If you are serious about winning at all, even regularly, then you should be using a prediction system which works with the statistics of football results (and these are usually fairly reliable) to produce your match forecasts and final list of football results predictions for your syndicate’s entry. Many office syndicates just back the same numbers every week. This is a waste of time and money.
In many syndicates, the two roles are filled by the same person.
This is the key to a successful syndicate (beyond the obvious need to produce winning forecasts)! A written agreement is best. It’s like a pre-nuptial – prepare well, just in case things go wrong. Items you need to consider include:
– who will be the banker and who will be the forecast manager?
– what happens if a member does not pay up?
– does he/she still get a winning share that week if they haven’t paid?
– will you publicize your win (some people like publicity, some do not)
– can someone pay more and have a higher share of any winnings?
– what is the target stake level?
– who collects the money, when is the cut off time for subscriptions?
– will the banker keep a float to cover holidays and missed payments?
– what happens if the banker is ill?
– will you use a proven winning football pools system?
Get the basics right, use a good system for preparing selections, and you will be off to a flying start!
(c) Phil Marks 2011