HOW DID THIS START-UP REVOLUTIONISE AN INDUSTRY AND WHAT LIES AHEAD FOR THE ‘LOTTO’ LAND OF OPPORTUNITY?
Back in 2013, German entrepreneur David von Rosen created a start-up based in Gibraltar with only seven other employees. The company now boasts 11 offices across four continents, including Kuala Lumpur, Porto and Sydney along with around 400 staff and has been listed as a FT1000 company.
WHO IS LOTTOLAND?
Lottoland is an online gambling company that specialises in lotto betting. Lottoland’s vision was to create a company with its ‘own DNA’, setting it apart from other online gambling companies by offering a ‘completely different product – unique customer experience, huge pay-outs and infinite choice’.
The idea was to disrupt the established, arguably complacent, lottery industry. It is estimated that the global lottery market generates approximately £300 billion, yet internet penetration accounts for a mere 5% of the money generated. Lottoland has capitalised on this huge gap in the market by focusing on lotto betting.
Lottoland was launched in the UK back in 2016, with Chris Tarrant from Who Wants To Be A Millionaire involved in the initial marketing campaign.
WHAT IS LOTTO BETTING?
With Lotto Betting, you are placing a wager on the outcome of an official lottery but you are not taking part in the lottery itself. Instead, you are betting on the numbers which will be drawn rather than buying a ticket. You pick your numbers in the same way you would do so for that particular lottery and if you win, you win the same jackpot prize, or possibly more depending on the lottery and what special features are available.
CHALLENGING THE MARKET.
Let’s face it, the lottery has never been one of the most exciting ways to gamble. You buy a ticket and you wait for a draw against which you face incredible odds of winning. People play the lottery as it gives them chance to drastically change your life like no other game out there. Here’s how lotto betting shakes things up:
- You can bet on lottos from around the world.
One great advantage of online lotto betting is that it enables you to participate in lotteries which you would not normally have access to. For example, you can bet on the Irish lotto from the UK or place wagers on the US giants Powerball and Mega Millions from South Africa. This enables lotto players around the world the chance to bet on lottos which have more favourable odds that those in their own country. Those who live abroad no longer have to miss out on the excitement of their own national lottery draw, which evokes sentiments of nostalgia and a connection with their family and friends at home. A perfect example of this is the Spanish El Gordo de Navidad, very much a Spanish Christmas institution.
- There are special features such as DoubleJackpot and NumberShield.
DoubleJackpot gives you the chance to win double the jackpot prize on select lotteries whilst NumberShield enables you to block your numbers so that you don’t have to share your winnings if your numbers come up.
- You don’t always have to wait for the draw.
One of the most frustrating aspects of playing the lottery is having to wait for the draw. Lottoland uses a verified number generator to offer quick-play lotteries. This generator is audited independently and approved by a Test House which is authorised by the Gambling Commission. Millionaire Go! offers huge jackpots to be won every hour, KeNow gives you the chance to win £1 million every 4 minutes and Keno 24/7 is your chance to win £10 million every 4 minutes!
Of course, one of the biggest attractions to online lotto betting is the convenience. You can bet on multiple lotteries from around the world from the comfort of your own home or from anywhere you are, as long as you have an internet connection. You also don’t have to worry about losing your ticket or forgetting to place your bets and you can select options for repeat betting whenever you chose.
SAFE AND SECURE.
Lottoland is licensed by the UK Gambling Commission, the Irish National Excise Licence Office and the Gibraltar Betting and Gaming Association as well as holding licenses to operate in other countries around the world.
Lottoland pays-out smaller wins directly from the revenue generated from sales. Larger pay-outs are covered by an insurance policy which falls within the framework of Insurance Linked Securities. Lottoland has also established its own insurance company, Fortuna Insurance PPC Limited licensed by the Gibraltar Financial Services Commission.
In June 2018, Lottoland paid out a jackpot of €90 million for a EuroJackpot win, this is recognised by the Guinness World Records as the largest online gambling payout.
LOOKING TO THE FUTURE.
Lottoland continues to grow and add to its offerings. The coronavirus pandemic caused an increase in online gambling due to people looking for ways to entertain themselves during lockdown. This has given online gambling companies the chance to grow and come up with new ideas. Lottoland launched its sportsbook just before the UEFA Euro 2020 tournament. Apart from online lotto betting, Lottoland offers bingo, scratch cards, slots and casino games.
Lottoland recently added a £50,000 scratchcard to support its aligned charities, to complement its Win-Win Lotto. 20p of every £1 bet on the Win-Win Lotto and the scratchcard will go to charity. Lottoland supports Hospice UK, Blue Cross for Pets and the Prader-Willi Syndrome Association (PWSA) UK.
It is reported that Lottoland is currently considering a stock market float of more than £1 billion, possibly merging with a Special Purpose Acquisition Company (SPAC).