Lottery Betting Services Explained
Lottery betting has become extremely popular, especially online. This relatively new form of gambling allows for the wagering of money on the results of lottery draws. Players bet on the numbers they think will be drawn in their chosen lottery and receive cash prizes if they guess right.
How does lottery betting work?
The odds are set by individual brokers are adjusted according to the amount of numbers the participant chooses to put money on. For example, some betting providers offer odds of 6/1 for correctly picking a single digit on the Irish Lottery. However, they increase to 150000/1 should you choose five digits.This is lottery betting in its simplest form but there are other ways to play.
What types of betting models to brokers offer?
As well as single and double digit wagering,a variety of online betting providers offer additional forms of betting. They are as follows:
- Straight – bets are placed on the order of a specific set of numbers
- Combination – a set of numbers are picked with bets placed on how many of them will be drawn
- Bonus Ball Number/Colour – bets are placed on the colour/number of the lottery bonus ball
- First Number Drawn – bets are placed on the value of the first number drawn
- Total Value –bets are placed on the total sum of the drawn balls
- Odd/Even – bets are placed on drawn numbers (often the first one) being either odd or even
- High/Low – bets are placed on a number being higher or lower than a value set by the broker
How can brokers afford to pay out?
Most credible betting providers use specialist insurers to cover big-money pay-outs. For lower-tier prizes, advertising proceeds andfinancial instruments such as hedging are often used. To protect players, the UK Gambling Commission requires all license holders to prove they can make all payments to players on every single prize.
Which lotteries can I bet on?
Although betting on the UK Lotto is restricted, many foreign countries don’t have such stringent regulations when it comes to lottery wagering. These are just some of the games that players can bet on.
- El Gordo
- US Powerball
- US Mega Millions
- Irish Lottery
- Polish Lottery
- Euro Millions
- Austrian Lotto
- French Lotto
- Finnish Lottery
- German Lotto
What are the advantages of lottery betting?
To begin with, brokers aren’t affiliated with lottery operators so there’s no need to physically purchase a ticket. Nor are they confined to fixed locations which means that players are allowed to place bets on lotteries around the world.The prices are not always fixed either with promotions and reductions offered regularly. And the odds of winning some sort of cash prize are much more favourable than traditional lotteries.
What are the disadvantages of lottery betting?
While the chances of scooping a cash prize are better than traditional lottery play,the winnings are often considerably smaller. Additionally, customers need to exercise a strong degree of caution given the amount of unlicensed providers that ply their trade online. This isn’t necessary with operator websites because they’re usually governed by strict regulations.Also, the money spent betting on lotteries doesn’t go to good causes as it does when you buy a lottery ticket.
Is it safe to play?
Consider using officially licensed sites if you decide to bet on the lottery. At the very least ensure that the website’s connection is secure. In the address bar the URL protocol should read ‘https’ instead of ‘http’. Most modern internet browsers will alert you if the website is unsafe anyway but it’s useful to be aware of a site’s security or lack thereof.
Many consumers struggle to make the distinction between standard lottery sites and lottery betting services. This was recognised by the Gambling Commission in 2015 who issued guidance on the matter. Its recommendations discouraged the use of misleading advertising as well as branding, language or imagery that closely resembled official lottery sites. Brokers were also reminded of their licensing obligations and told to present their lottery-themed gaming products clearly and without ambiguity.
Companies like Camelot are highly critical of companies offering betting services. One of their main contentions is that customers are able to participate without having to invest directly – for them this is tantamount to theft. Pricing has also been an issue – in 2016 Camelot decided to raise the price of a Euro Millions ticket from £2 to £2.50. However, much to the rage of its executives, Lotto Land responded with a price-freeze promotion that offered its customers the chance to buy a ticket for £2. This very public spat showed that operators just aren’t able to match the pricing flexibility offered by major betting outlets. Until they do, it’s likely that lottery betting will remain popular for the foreseeable future.