Forming horse racing betting syndicates has traditionally been a way for punters to clump together and improve their chances of winning something back from a bet. However, there are a lot of problems with syndicates, which makes them a bad choice for bettors.
You might know of someone who is part of a lottery syndicate at work. Everyone puts money in and, if one ticket wins, the prize is shared among everyone in the group. Well, betting syndicates in theory work the same way – but there are a few, important differences.
Paddy’s created this guide to explain why betting syndicates are and why they’re not a good idea.
What are horse racing betting syndicates?
A horse racing betting syndicate is effectively a group of people who come together to bet as a block. These aren’t to be confused with owner syndicates. They usually pool their stakes together and bet on a few outcomes, say in a horse race. If one or more of their bets pay out, then the profit is shared among everyone.
Syndicates are informal. There is no official structure to them, which is why they are best to be avoided. We’ll explain more about why to steer clear of syndicates later in this guide.
Why do betting syndicates exist?
Like with any form of gambling, punters are always looking for ways to beat the system and boost their chances of winning bets. A syndicate is able to improve each individual’s chances of claiming profit from an event. Let’s say it’s a horse race. You might not be able to afford to bet on multiple horses in a race. But, with a syndicate, your money is pooled and you stand more chance of winning something back.
That’s the theory, at any rate. The problem with syndicates is they can mask the identity of each individual member or contributor. That leaves syndicates open to corruption and many other problems.
Are betting syndicates allowed in horse racing?
Indeed, syndicates aren’t allowed in horse racing – or any other form of gambling – for that matter. Here are some reasons why they’re effectively not allowed:
- It is illegal to take a payment from someone to place a bet on their behalf, so syndicates have to be incredibly careful not to pay anyone a fee for facilitating bets
- Syndicates hide the identity of individual bettors, meaning problem gamblers have an avenue around safeguards built for their own protection
- Bookmakers can only accept bets from individuals who are betting on their own behalf, not anyone else. Syndicates expose the risk of under-age people having access to betting
- Bookmakers reserve the right to restrict payouts on bets they suspect have been placed as part of a syndicate
How syndicates affect pool bets
Perhaps the most common syndicate in horse racing focuses on pool betting. Groups of bettors form a syndicate to monitor the size of pari-mutuel pools, looking for value in an under-represented pool. It can happen with the Tote in the UK and Ireland, and pari-mutuel providers in the US.
Pools syndicates work a little bit like market traders. They assess the pools ahead of races, see if there’s value in betting on a particular race meet, and throw cash at the ones they target. It can be hugely profitable but is also a risky strategy.
What are horse racing owner syndicates?
Betting syndicates aren’t to be confused with owner syndicates. These are groups of people who come together to own a racehorse. The logic goes that an individual might not be able to afford the up-front costs and running costs of owning a horse. So, a syndicate is formed to share the costs and also the prize money, selling fees, and stud fees from the horse.
A syndicate won the Paddy Power Stayers’ Hurdle at Cheltenham in 2022 when Flooring Porter cruised to victory.
Can I join a betting syndicate?
Honestly, we wouldn’t advise it. Syndicates are not strictly legal and therefore your cash is at risk if you join one. The UK Gambling Commission takes a dim view on syndicates too, while bookmakers work hard to prevent syndicates from betting on their sites and in their shops.
If you really want to join one then it’s probably best sticking to your workplace lottery syndicate!
READ MORE
- Why are there false starts in horse races like the Grand National?
- How many horses are there in the Grand National?
- Grand National prize money: How much does the Grand National winner get?
- 9 things to consider when picking a Grand National winner
- Grand National fence names and the stories behind every Aintree jump
THE PADDY POWER GUIDE TO SAFER GAMBLING – EVERYTHING YOU NEED TO KNOW
