How Does Lottery Betting Work? A Review By LottoGo.com
The term lottery betting (also known as lotto betting) refers to the activity of predicting the results of a lottery draw and placing a wager on the outcome. It is a type of online gambling, run by licenced and regulated betting providers.
Betting on the outcome of a lottery draw is the most common type of lottery betting. Just like a traditional lottery, players choose their favourite numbers or the numbers which they think will be drawn. A bet is then placed on these numbers, instead of purchasing a physical ticket via an official lottery operator.
Every game is different, with prize tiers and jackpots varying from draw to draw. If the selected numbers on your bet match the winning numbers of the respective draw, you win – just like you would in the official lottery. A cash prize will be awarded, ranging from small prizes to enormous rollovers going into hundreds of millions.
Types of Lottery Betting Models
Lottery betting providers operate using a combination of insurance and purchasing official lottery tickets.
Providers using this model do not purchase tickets from official lottery operators.
When a player places a bet on the outcome of a lottery, the betting provider then forwards this bet to a third-party insurance company. A set fee is agreed for each wager between the betting provider and the insurance company, in order to offset the risk of a substantial lottery prize being won.
If a player goes on to win the jackpot, the insurance company pays the betting provider, who then forwards the winnings onto the player in question. Typically, betting providers pay smaller prize wins directly to players from their own funds.
The availability and flexibility of the insurance-based model gives players the opportunity to take part in huge worldwide jackpots.
Some lottery betting providers operating using a ticket reseller model. This means tickets for the official lottery draw are purchased directly from the official lottery operator, on behalf of the player. In the event of a win, the betting provider will collect any winnings from the official lottery operator and these winnings will then be forwarded to the player in question.
How does lottery betting work?
Lottery betting is easy and hassle free. Players can enjoy a familiar lottery experience when they place a bet on the lottery.
First, players must choose the lottery game that they’d like to place a bet on. Then, a series of numbers must be selected, as they would with taking part in a traditional lottery, depending on the rules of the specific game.
Instead of purchasing a ticket for the official game, you are placing a bet on the outcome of draw. Any winnings will be paid out from the lottery betting provider that you placed your bet with directly.
What’s the difference between betting on the lottery and buying a lottery ticket?
Lottery betting is not the same as purchasing a ticket into the official lottery draw.
The process in terms of choosing numbers may be the same, but you are not buying a lottery ticket for the official draw. Instead, you are placing a bet on the outcome of that draw.
Lottery bets should be placed through specific licensed and regulated lottery betting companies / providers, who are not associated with an official lottery operator.Attribution: Santeri Viinamäki
What are the benefits of lottery betting?
There are many benefits to lottery betting which include:
Availability of offers
The lottery betting model allows companies to market a range of exclusive offers to both new and existing customers which would not be available with an official lottery provider. These exclusive offers can include a free bet, access to instant win games and discounted continuous subscriptions, meaning you’ll never miss a draw again.
Access to boosted jackpots
As lottery betting providers are not restricted by the official jackpot on which their games are based, they can provide exclusive one-time-only boosted jackpots, called Super Jackpots.
Play a wide variety of games - anytime, anywhere
Lottery betting gives players the opportunity to get involved in some of the world’s richest lotteries from the comfort of their home 24/7, with the chance of winning huge jackpots that might have otherwise been out of reach.
Since most lotteries require you to be a resident of the country where they are drawn, some of the planet's largest jackpots - including the record breaking Powerball and Mega Millions from the US - have previously been inaccessible.
But now, UK residents can place a bet on the outcome of these games and more, with the same life-changing jackpots up for grabs.
Players are no longer restricted in waiting for traditional lotteries to be played in a week. With lottery betting providers, there are mega lottery games happening almost every day around the world. Players can place a bet at any time on these games with the hope of winning a substantial jackpot.
Safe and secure
Lottery betting is legal in parts of the world where online gambling is permitted. In order for a company to offer lottery betting services, they are required to hold a gambling licence for the jurisdiction of their customers. Reputable operators in the industry are licenced and regulated on a continuous basis by state gambling commissions and authorities across the world. This guarantees the provision of a safe and secure service, with quick payments to users, which gives satisfaction to both the customer and the company involved.
Lottery betting is both safe and secure for customers. When a customer signs up with a lottery betting provider, they supply some personal details and are allocated a player account. Here all information about your past and current bets is stored, as well as any winnings you may receive. You’ll never have to worry about losing your ticket as your bet is stored safely and all winnings are automatically paid to your account after the draw.
What happens when you win with lottery betting?
If the selected numbers on your bet match the winning numbers of the respective draw, you will receive 100% of the winnings based on the equivalent cash prize options of each game, subject to the deduction of any applicable local taxes.
These cash prizes can range from small prizes to enormous rollovers going into hundreds of millions.
Who monitors companies who operates lottery betting in the UK?
Only licensed gambling companies can offer betting on lotteries to customers in the UK. Lottery betting and other lottery themed gaming products must be clearly presented and advertised, allowing you to easily identify the product that is being offered. Betting providers must also make it clear to customers that they are not entering a lottery, but instead are placing a bet on the outcome of a lottery.
All licenced operators must display that they are licenced by the relevant authority in their jurisdiction. This information is usually found at the bottom of their website. In the case of the UK, the Gambling Commission is responsible for providing licences for lottery betting providers.
Responsible gambling for lottery betting companies
It is an offence for anyone under the age of 18 to gamble in the UK. Lottery betting providers must ensure that all players are 18 years and over from a legal, licencing and regulatory perspective. Strict procedures are in place with every new member carefully verified at registration. Further proof of age documentation may be sought on sign up if required.
As well as age verification, all lottery betting providers must take social responsibly very seriously. Each reputable provider should have a Responsible Gambling Policy in place, which helps to assist people who may have an issue with gambling.
Player protection tools should be set in place to help players stay in control and prevent them from spending more than they can afford. These can include:
Enables players to set a ‘timer’ on their account as a reminder as to how long they are signed in / active.
Players can set a maximum value on the amount of funds added to their account over a set period of time.
Giving players the opportunity to take a short break from their player account for either 24 hours, one week, one month or six weeks.
Formally stopping any gambling via your player account for a minimum period of six months.
Enables players to set a ‘timer’ on their account as a reminder as to how long they are signed in / active.
As well as support provided by the lottery betting provider, players can seek professional help and advice for any gambling issues or queries. There are a number of independent organisations in place in the UK who can help, including:
- GamCare - http://www.gamcare.org.uk
- GambleAware - http://about.gambleaware.org
- Gambling Therapy - http://about.gambleaware.org
- The National Gambling Helpline - 0800 8020 133
- National Problem Gambling Clinic– 020 7534 6699
Popular Lottery Games in the UK
EuroMillions is a pan-European lottery. The first draw was held on Friday 13th February 2004 in Paris. Initially, only the UK, France and Spain participated, with the Austrian, Belgian, Irish, Luxembourgish, Portuguese and Swiss lotteries joining in for the 8th October 2004 draw.
How EuroMillions Works
Today, various European countries join together to win huge life-changing jackpots on the EuroMillions.
Simply pick five numbers (1-50) and two Lucky Star numbers (1-12). Each draw, five random numbers and two random Lucky Star numbers are drawn. Draw days are every Tuesday and Friday with the draw taking place in Paris, France.
Jackpot and prize information for EuroMillions
EuroMillions is one of the world’s richest lottery with an opening jackpot of £12,000,000 and a jackpot cap of £160,000,000.
Any player that matches all five main numbers, as well as both Lucky Stars selected on Tuesday's or Friday's draw is entitled to their share of the top jackpot prize. In addition to the main jackpot prize, there are 12 secondary prizes in every EuroMillions draw.
EuroMillions Superdraws are special events which take place at any time throughout the year and offer a guaranteed nine-figure jackpot. If a Superdraw jackpot is not won on the night, it will continue to roll over until someone matches all five main numbers and both Lucky Stars or until it reaches the jackpot cap of €190 million (sterling value will vary based on current exchange rates).
EuroJackpot is a pan-European lottery. It is the newest multi-national European lottery, offering jackpots as high as €90 million. The first draw was held on Friday 23rd March 2012. Today, fourteen participating countries strive each week to win the top jackpot prize.
How EuroJackpot Works
EuroJackpot is almost identical to EuroMillions, simply select five numbers (1- 50) and two Euro Numbers (1-10). The EuroJackpot draw takes place every Friday with the draw taking place in Helsinki, Finland.
Jackpot and prize information for EuroJackpot
The opening EuroJackpot is worth €10 million and there is a jackpot cap of €90 million, making it one of Europe’s biggest lotteries. Any player that matches all five main numbers, as well as both Euro Numbers selected on Friday's draw is entitled to their share of the top jackpot prize. In addition to the jackpot prize, there are 11 secondary prizes in every EuroJackpot draw.
Powerball is an American lottery game. It is coordinated by the Multi-State Lottery Association (MUSL), a non-profit organization formed by an agreement with various U.S. lotteries. The first US Powerball draw took place on Wednesday 22nd April 1992.
How the Powerball works
The official US Powerball lottery is exclusive to residents of the USA only. UK residents can now place a bet on the outcome of the US Powerball lottery draw.
Simply select five main numbers (1-69), and one Power Ball (1-26).
The US Powerball draw takes place every Wednesday and Saturday in the USA.
Jackpot and prize information for Powerball
Powerball jackpots are some of the largest in history.
The minimum advertised jackpot is $40 million with a potential of nine-figure prizes. There is no maximum jackpot for the US Powerball, and it will roll over until all the numbers are matched.
Any player that matches all five main numbers, as well as the Power Ball selected on Wednesday's or Saturday's draw is entitled to their share of the top jackpot prize. In addition to the jackpot prize, there are additional 8 secondary prizes in every Powerball draw.
The MegaMillions (originally called The Big Game MegaMillions) is an American lottery game. The first draw took place in 2002.
How the Mega Millions Works
The official US MegaMillions lottery is exclusive to residents of the USA only. UK residents can now place a bet on the outcome of the US MegaMillions lottery draw.
Simply select five main numbers (1-70), and one Mega Ball (1-25).
The US MegaMillions draw takes place every Tuesday and Friday in Atlanta, Georgia in the USA.
Jackpot and prize information for the MegaMillions
US MegaMillions jackpots are some of the largest in history.
It has an opening jackpot of $15 million with no cap. It makes the world's biggest lottery winners!
Any player that matches all five main numbers, as well as the Mega Ball selected on Tuesday's or Friday's draw is entitled to their share of the top jackpot prize. In addition to the jackpot prize, there are a further eight secondary prizes in every Mega Millions draw.