The words “betting” and “syndicate” in the same sentence sound like something taken from The Sopranos or Goodfellas. Luckily, the truth is a bit easy to understand as sports betting syndicates don’t really break kneecaps like Tony Soprano or James Conway do.
A sports betting syndicate involves a group of people who pull their resources and knowledge together in an attempt to find value in sports betting. It is a completely legitimate thing, and our goal is to make things a little bit clearer and explain to you how to build a sports betting syndicate with your friends.
What is a Sports Betting Syndicate?
A sports betting syndicate usually consists of a group of people who work together to analyse data. The idea behind forming such a group is to quickly identify value in odds and capitalise on line movements.
The people grouped in a syndicate usually bankroll everything themselves. They pull all of their resources together, analyse various situations, and then jump on the opportunity in an attempt to profit out of the situation as it occurs.
These syndicates exist in various shapes and sizes and can consist of as little as two people or an entire network of them. Sometimes, they will concentrate on a single sport. For instance, a football betting syndicate only follows the trend in the world of football, while a horse racing betting syndicate will only look for opportunities in the horse racing world.
They operate by looking for mispriced lines or bets created by mistake and capitalising on them. If their analytics prove to be accurate, they can exploit these weak lines and capitalise on them. This practice is not really illegal as regular punters actually look for these loopholes themselves. A syndicate values strength in numbers and uses the knowledge and assets of multiple people instead of one.
What Does a Sports Betting Syndicate Do?
Let’s say you are a sports betting enthusiast and have a bunch of friends who share the same values. One day, you decide to stop sharing and talking about potential value in bets that you saw the other day and decide to join up together. This is one of the scenarios on how syndicate betting starts.
What they do next is start crunching numbers. With the combined help of their sports and betting knowledge, they are able to recognize opportunities much faster than lone punters can. Once they find a suitable line, an opportune bet that has been given larger-than-expected odds, or a situation that deserves attention, they scurry about and start placing bets.
Basically, what they are able to do is the following:
- Market analysis
- Time bets for maximum impact
- Shop for lines
- Analyse data and statistical models
- Compare predictions to implied probability
- Simulate contests to determine probable outcomes
- High-value betting
Of course, the idea behind it is to make a profit together and share the income among the members of the syndicate. The most elite betting syndicate with multiple members is able to realise these trends quicker than others, which is why it is important for them to have as many knowledgeable people as they possibly can.
How to Set Up a Sports Betting Syndicate
Actually, a set formula about how to build a sports betting syndicate does not really exist. What you basically need to start with are two or more people and the desire to search for mispriced bets together.
You can start by finding members to join your syndicate. Setting up a betting syndicate with friends or acquaintances is how things usually go. But you will need to determine their skills first, as each member needs to bring something to the table. Dividing up work is a good idea, and playing on the individual strengths of your syndicate members is key.
Once you have your private betting syndicate formed, you are going to need to set your base of operations. Most of these syndicates work from residential houses, but sometimes you can rent out an office area if your group is big enough. The important part is working together and being in verbal distance from your colleagues, as sharing precise information at the right moment is what matters here.
To really capitalise on the bets you are going to make, it also helps to get some added betting syndicate ideas. These could be only betting on a single sport, covering specific types of bets, or more. That way, you won’t miss out on opportunities by setting yourself so much widespread.
However, the legality of a betting syndicate in the UK varies from place to place. In order to avoid breaking the law, one needs to look up the legal issues behind it. You can form a partnership or set up an organisation. We don’t recommend creating one without any legal arrangements. It is best to set things clear and have something in writing first.
The Benefits of a Sports Betting Syndicate
Creating a betting group is not easy-peasy. It is hard work, and some view it as a full-time job. There are members who work 70 hours a week. But when things are said and done, the returns can greatly justify the efforts put into creating various syndicate betting systems.
Pooled Resources
The more members a syndicate has, the more numbers they are able to crunch together. Resulting in faster responses and a better organisation when an opportunity arises. More so, they are able to generate more resources when creating one.
A larger group of people can put together more resources and do it faster than a single person ever can. Having multiple contributors who invest in a company that they are a part of can enable faster returns.
Data Collection, Research, Analytics
Having more sets of eyes crunching data is far more effective than having one person doing it. This is where one of the strengths of a betting syndicate lies in, with increased manpower, they are able to do more analysis and research much faster than before.
This could be particularly useful when making statistical models and simulations. To get the most accurate result, more data is needed. In fact, a constant influx of data is required. The more people you have, the faster it gets done.
Insight into Different Strategies
When you have more people with different types of experiences and strengths on board, there is a greater chance for success. If each member comes in with his or her own specific set of knowledge, there is a greater chance to cover more different sports betting strategies as well.
Most people concentrate on football betting strategies, as they are the most common ones. But not every person knows all of the strategies that exist. That is why if you have more people in line, you also have access to a larger insight into strategies that could be exploited.
Are Betting Syndicates Legal?
The first question to ask when you join a betting syndicate is – Is this legal? As we mentioned before, it depends on the location and legal ramifications that might come with it. But when it comes to the UK, creating a syndicate itself is not illegal, as long as one operates within the legal framework of gambling. As long as a syndicate complies with the taxation and anti-money laundering regulations, it should be okay.
That said, when creating a partnership with other people, it is always good to have everything in writing. Sometimes, it is best to form an organisation together. In that case, responsibility is shared between all members, and it also strengthens the legality of the formed group.
Possible Issues
There are certain issues that people tend to forget before even thinking about how to set up a betting syndicate. Determining these in advance could make things run much more smoother in the future.
- Splitting potential profit.
- The trust between syndicate members.
- The trust among members who carry the cash.
- The procedure for when a member decides to leave the syndicate.
- What happens when a syndicate incurs too many losses?
The most important question that needs to be resolved is how the profits are split. Two ways of dealing with it exist. Either all members receive an equal cut, or the member who recognises the winning bet or situation receives a bigger piece of the pie. Either way, it is something that needs to be determined before forming a syndicate so problems don’t occur later.
How to Build a Sports Betting Syndicate – Conclusion
If you’ve ever wondered how to build a sports betting syndicate, you don’t need to wonder any more. They have become more commonly placed today than they ever were. People are always looking for an edge when it comes to sports betting and finding the best sports promotions, and if it means joining up with a group of people, then why not?
However, one should be prepared for the ramifications that come with creating one. It is not always smooth sailing when betting is involved or with larger groups of people. So every member should need to acknowledge the risks involved first before ever even stepping into such a deal.
