Many business owners think that competition is a bad thing. But competition is good for everyone - not only does it force businesses to improve their offering and pricing model, but competition implies that there is money to be made in an industry. Otherwise, people wouldn't waste their time!
And while we're certainly not the only lottery in the world, we believe we are uniquely positioned to take a considerable chunk of the market share as a result of our industry experience, adoption of cryptocurrency, and current traction with our other lotteries.
That said, there are massive problems with the lotto industry that will hamper its growth moving forward, especially in the face of new technology like blockchain.
Here are a few:
Most countries have their lottos controlled by national and/or state governments. Excessive rules and regulations are par for the course here.
Most people aren't aware of this, but lotteries have a network of affiliates that resist innovation, specifically on the internet. Why? Because they want lotto ticket sales to occur on their premises. So they lobby government officials to keep ticket sales from expanding outside their area of influence. This is not good for the consumer.
There is a frightening lack of transparency regarding the size of the prize and distribution of prize pools. This concept is called "Provably Fair." You can read more about it here: https://en.wikipedia.org/wiki/Provably_fair
Territorial limits prevent non-resident players from participating in out-of-state lottos. Not only that, but winners who are located outside of the country cannot claim their winnings!
Most lottos do not have a provision to keep the identity of winners private. Imagine if you won $20 million - would you want that information to be public? Probably not.
Buying tickets in a liquor store is not appealing to the younger generation that is far more internet-savvy than previous generations.
Despite their limited overhead, online lotteries do not pass these savings onto the consumer. They still charge high fees, as do payment processors.
Massive delays in paying out jackpots inconvenience the winners. Not only that, but most local jurisdictions levy heavy taxes on lottery winners.
That's a lot of problems!
Here at CryptoMillionsLotto, we believe that the lotto industry is primed for a huge disruption resulting from blockchain technology and cryptocurrency, ESPECIALLY in areas where jackpots are small despite the popularity of lotteries. Developing countries like Thailand, India and Brazil are underutilized markets where this technology could make a big difference.
So why crypto? Simple. With near-instant transactions, crypto can be used as a global currency to standardize cross-border payments. One Bitcoin in Bangkok is worth the same as one Bitcoin in London.
Furthermore, blockchain tech can be used to track sales and commissions in a clear and timely manner. Other lotteries do not make their sales available on an immutable public ledger. But if there was one company who did, it's likely that this feature would lend massive credibility to them as a lottery provider.
Our Security Token Offering is going on right now! To participate or learn more about what we're doing, head over to our website here: https://cryptomillionslotto.io/
In our next post, we'll give a bit more detail into our business proposition.
Until then, if you have any questions regarding the problems in the lotto industry, feel free to ask them in a comment below!