Syndicate - Rules and Guidelines: Draft One for Discussion

[Sprocket501]

The Darts Forum Betting Syndicate
Proposed Rules and Guidelines

1. General
1.1 The Syndicate will be known as the Darts Forum Betting Syndicate
1.2 All members of the Syndicate must be members of thedartsforum.com
1.3 There will be no undisclosed membership. All members of the Syndicate must make themselves known via their forum nickname to all other members
1.4 No one person has ownership or control of the syndicate
1.5 All discussions regarding the Syndicate will take place in the designated section of thedartsforum.com
1.6 The organisation is primarily a low-risk venture with a prime objective of providing fun and entertainment for its members – any profits won are a bonus
1.7 Members have to agree with these rules and guidelines in prior to being accepted into the Syndicate
1.8 All bets will be transacted on Betfair.com

2. Buying In
2.1 Members buy in to the Syndicate by purchasing shares
2.2 Each share is worth £10
2.3 Members may purchase between one and five shares inclusive
2.4 Members must send their money to an appointed treasurer (who will provide them with a sort-code and account number). The Treasurer will then transfer that money into a Betfair Account from which all bets will be placed
2.5 Members may increase their stake into the Syndicate up to but no more than five shares but only on the first day of each new quarter
2.6 Members agree to commit to this venture for a minimum of one full quarter. Any withdrawal from the scheme prior to this is not permitted and should a member still choose to do so, no return of investment will be issued until the next quarterly day is reached (see Section 5)

3. Selecting and Placing Bets
3.1 The Syndicate will get involved with major sporting events throughout each year – for example World Cups, European Championships, Grand Slam Tennis events, Golf Majors and of course, Darts events from both side of the divide
3.2 All bets placed will be singles only
3.3 No bets will be traded during in-play. All bets ride to the end
3.4 The maximum amount to be staked on any one event is 5% of the current balance of the account. Lower amounts will also be staked according to the syndicate’s view of the risk / reward aspect of the bet
3.5 All winnings will be returned to the Betfair account and will remain there for betting until each quarterly payout
3.6 Bets will be selected through a process of discussion and concensus. In the event of a dispute, majority rules. If the vote is split 50-50, the bet is not placed.
3.7 Any member of the forum may offer a selection for consideration and must include a few sentences explaining their reasoning for choosing the selection
3.8 Once a bet has been agreed upon, the Treasurer will place the bet at as close to the odds suggested as possible. Please note that odds can fluctuate rapidly on betting exchanges
3.9 The Treasurer will provide screen shots of the bet once it has been placed and also of any winnings being returned into the account

4. Returns and Payouts
4.1 Each member will receive a dividend related to their investment every quarter. These dates will be the first of September, December, March and June
4.2 Each member will receive a proportion of the profits according to their stake. For example, if the syndicate has made a quarterly profit of £300 and has sold 50 shares (thus account balance will be £800) and a member has bought in for the full five shares, he will receive 300/50 x 5 = £30. A member who bought in for two shares would receive 300/50 x 2 = £12. Any profit which cannot be split evenly will remain in the account, for example odd pennies
4.3 If the syndicate has made less than £100 profit in a quarter, no payout will be paid and the account will roll over to the next quarter
4.4 Only profit will be paid out. Members of the syndicate agree to leave in their initial investment in order to keep the syndicate going unless he has been a member for a full quarter and chooses to leave the Syndicate on the first of March, June, September or December (see section 5)
4.5 The Treasurer will transfer dividends back to members via a bank transfer within three working days of each quarterly deadline assuming the required level of profit has been made

5. Withdrawing from the Syndicate
5.1 All members must commit to the Syndicate for a minimum of a full quarterly period
5.2 Members may only leave the syndicate on each of the dividend days – the first day of March, June, September or December
5.3 Should a member choose to leave the Syndicate on one of these days, he will receive his full investment on the provision that the Betfair account is in profit.
5.4 Should the account be below the starting amount at the time the member chooses to leave, he will receive only a proportion of his investment back on a pro-rata basis according to his share holding

[Sprocket501]

4.5 The Treasurer will transfer dividends back to members via a bank transfer within three working days of each quarterly deadline assuming the required level of profit has been made

I think I need to change this to 7 days to allow for the time it takes Betfair to process withdrawls.

[Dicie]

1.3 There will be no undisclosed membership. All members of the Syndicate must make themselves known via their forum nickname to all other members

The reason for the 1 member wishing to remain un named was because all he wants to do is be part of it, not actually have any input in selection of bets. Im sure he can be named within the group/syndy, but not on an open forum which is in full view for the public to see

[Sprocket501]

I personally think all members have a right to know who their partners are.

[Sprocket501]

For all we know, dicie, the anonymous member could be any member of the syndicate looking to double his investment to ten shares.

[Sprocket501]

Section 6 needs to be added - Closing the Syndicate

Should we choose to do so, all contents of the account to be divied up according to shareholding. I'll do that shortly.

[Dicie]

I personally think all members have a right to know who their partners are.

Which isnt an issue within the group, it is an issue on an open page on the forum for others to read that arent members of the syndy. Which is why we shall have our own section for members only

[Sprocket501]

Then that is no problem - all members to identify themselves to the group.

We need then to make this section private and give access privileges to the members.

[Dicie]

Then that is no problem - all members to identify themselves to the group.

We need then to make this section private and give access privileges to the members.

yes as soon as you have recieved the members cash then they will be added to the group. Or, we can do it befoe they send the cash so we can bash out the rules.

[Sprocket501]

Actually 1.3 is worded perfectly.

[M H]

Good work lads. This section is only visible to Mods and you Sprocket at this time. I can add others as and when you lads feel appropriate

[Sprocket501]

I think all those who have agreed in principle to join should see this - or should I post it in a different section?

[Dicie]

Those that have pledged shares i suppose can see it and we discuss it here. mainly because they are all long term members.

[M H]

Will add them when I get in mate. Done it such a way only those in will know who is here so the member not wanting to be public wont be.

[Dicie]

Lovely.
We will also get those that are nosey that will add the odd tenner to the pot. It use to happen alot in the old group i was involved in, mainly cause there nose got the better of them

[M H]

You do realise that later its gonna be pissed admin fucking with members accounts! Has it ever happened before?

[Sprocket501]

Also, I might not be around to place the bet.

[Dicie]

Then we shall have ur mobile number, or one of the admin team can have the log in details to your account

[D & B]

I am/was the silent member, it was not done with any intention other than wishing not to be active on selecting bets or voting.

I am 100% behind this and am looking forward to it being a huge success. I will also like to up my shares to 5.

[Sprocket501]

Brilliant, Dandy. I did not suspect any foul play at all, to be honest but it's best people within the group know each other.

Fuck everyone else.