pick6 syndicate

[chickenhead]

is their a group on this board involved in going after big pick 6 pools? Seems like there is a lot of assembled h'capping talent hanging around here, a natural group to contend with the big boys in taking down the good carryovers.

Any thoughts?

[cj]

Most handicappers like to be independent. Its a good idea in theory, but in practice it might take a long, long time to agree on a ticket.

[kenwoodallpromos]

I think there has to be at least small groups of cappers putting their heads together. In the past I have heard of some "syndicates".
I think if handicapping as a group either each in the group has to have a specialty, or a concensus made, like DRF does.

[shots]

Have seen a few groups with one or two decent handicappers with the others offering opinions. Whoever lays out the ticket structure has the most important job, the hardest part...imho.

[chickenhead]

I think you need to have a framework for making decisions for sure, either concensus as you say, or a tiered system, where picks flow upward and are narrowed down as they go.

I was picturing something like the government structure even, house, senate, and president. House gives concensus picks, senate critiques and passes final list on to president (1-3 people) who have the final say on what goes on the ticket.

I think you're right also about specialties, there would need to be some way to work that in there, some people have extremely high win % but only in certain circumstances.

I think it would be an interesting exercise, even if only on paper.

[Handle]

Davidowitz has some interesting stuff on P6 syndicates in Betting Thoroughbreds. From what I remember there were two salient points:
A) One guy is the leader and he calls the shots when shots need to be called.

B) Nobody in the syndicate makes p6 wagers on their own, outside of the group, without permission from the syndicates members. After all, you'd hate to get lynched walking to your car because you nailed it with a $2 off ticket after the group had put up $500-2000.

The biggest stumbling block I've always run into when thinking about a syndicate are the tax issues. Wasn't there some well known guy in CA running somewhat of a scam with a syndicate. His group would hit, he'd collect for the group, get paid extra for the taxes from the winnings, and then be able to declare all of the "gambling losses" too. Was that the way it went, or?

[ceejay]

Originally posted by Handle
The biggest stumbling block I've always run into when thinking about a syndicate are the tax issues.

Wouldn't the winning ticketholder 1099 out to the other partners?

[chickenhead]

Taxes are a little bit tough.

Seems like the best and most straightforward way if you were really serious about this would be to form a corp, with members as shareholders, and distribute winnings as (tax free) dividends.
With that method you would pay only the corporate (non-progressive) tax on whatever winnings are left over.

[PaceAdvantage]

Aren't syndicates technically illegal in most states?

[chickenhead]

for wednesday. I'll try to post a ticket on the selections page if I have time, anyone else care to we can have a little contest to see who can hit it on paper. say $500 limit.