Here's how far I've got. Sorry for the delay; I got tied up with other things. This thread will be stuck for a few days and then I'll un-sticky it For the benefit of those not familiar with the term “strawman”, it’s a method I used to use a lot in order to get things moving. A volunteer offers to knock something up with as many ideas/features as they can think of, having had some initial discussions. The strawman is there to be ripped to bits as it is easier to do that than to start something off. It is not something to be defended; it’s there with the sole aim of getting things moving. So here is a strawman for a Betting Syndicate. Overview All amounts mentioned would, in reality, be parameters with values assigned once agreed. They could also be changed following some experience of the syndicate. For ease of reading only I have used temporary values and these are not necessarily what I think they should be. Contributions • Regular contributions. Payments may be made by regular monthly standing order. The minimum monthly contribution will be stated in the Rules current at the time of contribution (eg £10pm) • Ad hoc contributions. Ad hoc contributions may be made at any time by direct bank transfer and must be notified via the Contributions Group. The minimum amount of such contributions is £25 Individual Fund Value (IFA). The value of a member’s IFA is expressed in £1 shares. It will be increased by the value of: • contributions, once they have appeared as a credit in the Syndicate’s bank account • any returns from bets placed by the Management Team, once they are reflected in the Syndicate’s bank account and will be reduced by the value of: • any bets place by the Management Team on behalf of the member • any Administration Fees that may be charged in accordance with the rules in force at the time Selection of bets. The Selection Team will have sole discretion as to which bets will be placed on behalf of the Syndicate. However the value of the bets will be governed according to the strategy agreed and published in the Rules. In addition, Authorised Members will be able to specify bets to be placed on their behalf, with the sole aim of boosting their IFV. Restrictions and fees (if any) will be governed according to those agreed and published in the Rules. Placing of bets. Bets will be placed by an Aministrator. A nominated member of the Selection Team will also be able to place bets in the event of unavailability of an Administrator Withdrawal from the Syndicate. Members (including the Management Team) may withdraw from the Syndicate at any time and will receive their full IFV less a Withdrawal Fee. The Withdrawal Fee (if any) will be governed in accordance with Rules. In broad terms this will be the cost of any bank charges incurred as a result of the withdrawal. Retirement from the Management Team. In the event of any member of the Management Team retiring from the Syndicate a replacement will be elected by the remaining Syndicate members. RULES for starters 1. Syndicate refers to the group of members, including the Management Team and is open to NOT 606 registered members only 2. Selection Team is stick, Boston Bob and uncle cracker. They will have sole discretion on those bets that are placed on behalf of the syndicate. If any of the Selection Team are unavailable a replacement will be invited by the remaining members of the Selection Team 3. Administrator(s). There will be 2 Administrators who will administer all aspects of the syndicate, including the placing of bets. 4. The Management Team consists of the Selection Team and the Administrator(s) 5. General Administration Fees. Founder Members. No Fee. Non Founder Members. £1 per contribution 6. Special Administration Fees. If a member elects to have personal bets placed solely on their behalf there will be an Initial Registration Fee of £1 and a £1 Special Administration Fee on each bet placed 7. Restrictions on Syndicate Bets. Bets selected by the Selection Team and placed on behalf of the Syndicate, other than Scoop6 bets, will be restricted in value on any single day to 10% of the total funds available in the Syndicate’s bank account. Scoop6 bets will be restricted only to the total amount available in the Syndicate’s bank account unless agreed by over 50% of the Syndicate Members to place a different restriction. 8. Restrictions on Special Bets for Authorised Members. Bets placed on any single day for the sole benefit of an Authorised Member will be restricted to 10% of that member’s IFV. Such bets must be notified to the Administrator(s) by 10pm on the day preceding the race on which the bet is to be placed and the funds used for such bets will be deducted from that member’s IFV prior to determining the funds available for bets to be made on behalf of the Syndicate 9. Authorised Member. An Authorised Member is a member who has registered to have personal bets placed on their behalf and has paid the Registration Fee Rip away folks and let's get closer to having something we can work with
Helpful! I am still on hols with very limited internet access, but all the above seems good as far as I can tell
Hooray. Can someone ascertain whether or not such a syndicate would be legal. There are/have been a number of Scoop6 syndicates which appear to be legal but not sure if betting syndicates are.
If someone, when time is right, tells me what I have to do/or pay, I will gladly contribute. Shame, we didnt have anything left over, theres a big jackpot rolling onto Newcastle tomorrow I believe!
If it's difficult to comment I think the best way to move forward is to ask questions like "How do I ...... ?", "What can I .........", What happens when ....? What if... ? etc
Im not in the syndicate thing Ron, but from what Ive read it seems pretty watertight and self explanatory as to what your trying to achieve... Good luck with it, I hope it comes off for you all...
Cheers for comments so far. I would like to make it clear though that I am not pushing for this extended syndicate. Following comments about widening the scope of the Scoop syndicate which, although we didn't win, was considered to be an unqualified success, I could see potential problems and therefore felt the urge to get something started to ensure everyone went into it eyes open. I think that until we have it tied down it would not be fair to ask for full commitment from anyone. I'm not one for rushing into things; nor am I keen on things dragging on with no sign of progress. If we are to go ahead with the widening of scope it is essential that all potential members understand fully all the implications. So potential members will need to think hard about this widening of scope and its implications to them and to start asking questions. It could all turn sour if members start paying contributions and then don't like what is happening. Given the interest in this I would have expected much more questioning. In fact I don't think there has been any questioning and I would not be comfortable proceeding in such circumstances. I feel I have done as much as I can for now and can only help to take this further once all possible angles have been covered. So I'll give it another week after which I will place it in the hands of the Forum to decide how to take it forward, if at all. My final say on this is that I'm beginning to think we should just stick with the simpler Scoop6 Syndicate. Maybe a separate "unofficial" group could set up independently to place other bets and, if they wish, invest any winnings towards buying more Scoop6 "shares". Or if individuals fancy bets just place their bets as normal and do as they wish with any winnings. The option to place other bets within the syndicate seems a nice idea but makes it complicated and could potentially ruin the chance of a go at another large Scoop6.
Took a good look into gaming syndicates ron and its not as cut and dried as we all think with the tax man .There are plenty of ifs and buts regarding gaming syndicates and profits made . I am starting some building work for a good client who is very high up in a law firm next week so I will see if he has any idea where best to look for answers regarding the legality issues that may rise. At presant from first impresions it can be classed as a taxable investment but it is something the revenues have yet to really fight . I will post anything I find out next week. Giving it a week or two will at least give reebs and stick chance to catch up.
