Lotto is a huge industry with global sales of around $300 billion. It is immensely popular with an estimated one in five of the world’s population playing. A report by Technavio3 predicts the CAGR for lotto at 9% from 2017 to 2021.
However, online sales only represent a very modest segment according to iGamingBusiness, accounting for just 10% of overall revenues.
The potential for growth is clear, but online lotto faces two major barriers: geographic regulatory restrictions and cumbersome payment processing systems.
Traditional fiat currency lottos are highly fragmented and restricted within the confines of national and state borders whose regulations limit who can and cannot play. This messy array of local operators hampers growth. A Brazilian cannot play the Thai National Lottery; a Ukrainian can't play the Brazilian and a Thai cannot play the Ukrainian, and so on.
The other major impediment is the equally arcane payment processing ecosystem, which tends to be expensive, slow and fraught with stifling regulation, involving an array of intermediaries: gateway suppliers, payment providers (Mastercard, Visa, PayPal, Neteller, etc.), voucher sellers and, worst of all, at the end of this lengthy chain, banks.
To create a global lotto, one that is open to all, is impossible. That is, it is impossible without the use of cryptocurrency and blockchain.
Cryptocurrency and blockchain can be the disruptive factors; the key to unlocking a huge marketplace. It is the only practical way to change the lotto landscape. Operating a crypto-based lotto on the blockchain provides a truly radical solution. In a single move, it overcomes both obstacles. It introduces a genuine borderless lotto with a single, standard currency that can be played by anyone in any jurisdiction where gambling is not prohibited for major jackpots and prizes.
At the same time, it eliminates the payment processing middlemen from the equation. Lotto payments and prize payouts can be made instantly in cryptocurrency directly between players' wallets and operators, without the burdensome processes and delays of traditional payment providers. And best of all, no banking services are required between player and operator!
Cryptocurrencies, blockchain and lotto are ideally suited.
CryptoMillionsLotto is ready to set the momentum for change, by bringing a familiar lotto game format not only to the crypto community, but to the mass market of non-crypto lotto players, liberating them from the constraints of traditional fiat lotteries, offering a borderless lotto with a seamless payments structure and, of course, life-changing jackpots.
Find out more about CryptoMillionsLotto and our ICO/STO at www.cryptomillionslotto.io