The iGaming market is constantly evolving as new betting options enter the fray and capture the attention of the masses and over the last three years the industry has welcomed online lotteries.
Although lotteries were cited in the bible and then reappeared in Europe in the 15th century, it’s only been in the last few years that our love for random numbers has surfaced online. In fact, despite the live lottery industry taking something of a nosedive in recent years, the game’s virtual cousin has started to thrive.
Indeed, according to UK’s National Lottery, revenue between September 2014 and September 2015 was down by 5.2% to £2.3 billion. In contrast, online lottery outlets have boomed in recent years and the stats now suggest that virtual games account for 10% of the world’s gambling revenue.
Part of the reason for a boom in the online lottery industry is its ability to cater to a wider demographic. Under the traditional model, lotteries were only accessible to local residents. For example, if you wanted to play the UK’s National Lottery then you’d need to buy a ticket from a shop in the UK.
Although the boundaries for live lottery play have gradually widened over the last few years thanks to the introduction of Europe-wide games such as the Euro Millions, the medium is still restricted. In contrast, online lotteries have made it possible for players to speculate on games from around the world.
Not only that, but these sites have also been able to create their own lotteries that are specifically tailored for online audiences. However, it’s not simply the ability to offer betting on international lotteries that’s made the medium a popular choice with modern bettors.
Following the tradition of online gaming being a place where added value is an essential part of any major site, online lottery sites now boast an array of interesting and, importantly, lucrative innovations.
Lottoland, an online lotteries and gaming platform, recently turned the “rollover” concept on its head by creating the “Rollover Reload” promotion. Instead of rollover jackpots disappearing after a player matches the necessary numbers, Lottoland has created a system where players get a second bite at the proverbial cherry. Each time a rollover jackpot is claimed, Lottoland will offer you a shot at the rollover prize the following week.
Essentially, instead of resetting the prize counter as is normally the case when a rollover jackpot is claimed, Lottoland will press the replay button to give players a chance to win more than they would under normal circumstances. Thanks to its network of insurance companies underwriting the prizes, every winner is guaranteed to receive their prize and that, in a nutshell, is the difference between live and online lotteries.
The potential to innovate in this way isn’t something live lotteries have. In fact, when you look beyond Lottoland’s Rollover Reload you’ll see a plethora of promotions designed to give online players more value. From buy one get one free on game tickets, to guaranteed prize pools and daily draws, online lotteries are more flexible and that means they’re more equipped to cater to a modern gaming audience.
Indeed, in 2015 the iGaming industry generated $41 billion globally and by the close of 2016 that figure is projected to increase to $45 billion. What this tells us is that online betting is continuing to grow in popularity and the consequence of this is a gaming generation that expects more variety. Online lotteries, in fact any online betting medium, satisfies this desire better than live options and that’s why the market will continue to grow and operators will continue to innovate.