First of all, with the large-scale movement of businesses and endeavours to the online space, it shouldn't come as much of a surprise that even lotteries are making the transition. Yesteryear, you could only buy lottery tickets in person - even with the explosion of the internet as a primary place to do business.
One of the chief places for abettors to indulge their dream of winning it big is the UK's Lottoland, a website that's been confirmed as legitimate and conducting above-board transactions. This is, of course, essential to being successful in a climate where recent big data breaches have made some people wary of sending credit card or bank information into cyberspace. In the following, you'll see just what makes Lottoland stand head-and-shoulders above the rest.
The Lottoland UK Operation
It's important to know that Lottoland does not actually offer an official lotto of its own. Instead, it is a platform that accepts and moderates the placement of wagers by abettors on global lotteries.
In the above sense, then, Lottoland hosts an aggregate of lotteries, and allows you the bettor to place wagers on them. There's a healthy combination of options available, from single bets to syndicate bets - and various combinations thereof. When you place a bet, a middleman called a "punter" will see that your wager goes through; when the official draw occurs and you happen to win, you're guaranteed your portion of the outcome.
The prize money is retained in your account on the Lottoland platform, and is subject to withdrawal by you at any time with minimal transaction times. Your account is already confirmed beforehand, and linked to your bank account of choice.
Understanding Lotto Wagering
Lottery betting might sound strange at first glance, but it's really quite straightforward. You're not actually playing the official lottery, per se; but rather, you are wagering sums of cash on what the final result will be and being paid out the agreed-upon amount if your prediction bears fruit. The monetary reward is very similar to that won in the official lottery.
The key takeaway in Lottoland's betting scheme is that you are not paid by the official lottery, but by the insurance company that was commissioned by the lottery betting operator (by way of the operator, of course). The middle man punter is the person that is responsible for selecting the same numbers as the ones that will hopefully appear in the official draw.
Why would anyone enter a Lottoland-operated lottery betting platform? Frankly, the reasons vary - but some of the most popular ones are due to the many special promotions that such outfits usually offer. They also have other gambling games that might garner your interest, as well as the feature of increasing the official jackpot prize. The latter entices even more people to sign, with an increased fraction of the wagers going to the winner.
Overall, lottery betting online has seen some very promising results - but you should be aware that they are not always welcome in your jurisdiction. Lotto betting overall is still a contentious legal issue, with some parts of the world forbidding it altogether. Be sure to check your local laws to make sure that any of your wagers and bets will not be void due to inapplicability in your region.
How, Exactly, Does the Lottoland Betting Model Work?
You may be wondering how, exactly, Lottoland can stay in operation simply by taking bets and placing them. A more in-depth investigation shows that the entire business model is predicated on insurance, in a sense. Let's delve into it a bit so that you can better understand the mode of operation.
Lottoland does not mandate that you buy the tickets first from the lottery operators. The model they use involves a viable insurance company (known and respected throughout the industry) to accept a portion of the bet amount, which is submitted by the middleman (the so-called punter, as mentioned earlier). Basically, this means that Lottoland UK uses the large number of applicants to do two things:
- account for the risks incurred by betting on non-winning numbers
- pay off the winners when their jackpot numbers are realized
For example, let's say that you win a very large lottery jackpot amount. Then, the insurance company employed by Lottoland will send them the amount of your jackpot prize, with which Lottoland in turn pays you. This series of steps only occurs when the jackpot is quite large (an unspecified amount for this particular article, as the cap can vary). Should you win a small amount, then Lottoland has enough cash on hand to simple pay the winner without exchanging information first with the insurance company.