Syndicates are not bad, they can be very profitable and provide a safety net for you when gambling, but you should approach with a lot of caution as there are numerous tales throughout history that show people using syndicates to line their own pockets.
It’s difficult to refuse if someone offers you weekly tips and money back guarantees for an upfront fee or even a monthly fee but here’s a cautionary tale to make you think twice.
A guy from Birmingham was jailed for 3 years and 8 months last year for duping over 100 people, including his own mother, out of millions of pounds as he sold them the dream of big wins, weekly tips and money back guarantees. He forged bank statements to convince people that the syndicate was a winning machine. Unfortunately, he was terrible at betting, on average his ‘tips’ lost 83% of the time and when the punters followed him and consequently lost, he would Harry Houdini out of there, never to be seen again. Until the next victim.
Of course this is just one guy and one story and the positives of syndicates far outweigh the negatives, but the temptation of big wins with little effort will forever continue to tempt those with money into upping the stakes.
If you plan on joining a syndicate then ask a million questions, watch them in action, ignore the first 3 or 4 weeks of tips and see if they win and if they ask for a big wedge up front then steer clear!!