Lotteries conducted by online casinos are now a possibility with the advent of secondary lotteries. The term Secondary Lottery originated in the fact that the first lotteries under this model were linked to the outcome of other bigger more prominent lotteries. That model still exists, but the filed has seen wide diversification.
As of now, secondary lotteries can be conducted online in two prominent ways-
- Insurance model
- In-casino lottery
The insurance model allows the lottery operator to provide very high rewards. In this model, the consumer is allowed to place a bet on the outcome of a known main lottery draw. The consumer does not participate in the main draw but on an online lottery linked to the main lottery. The payouts in this model are normally guaranteed through insurance and the lottery operator can offer a large reward without selling tickets of the same value. A variation of the insurance model also exists where there is no linkage to another main lottery and instead of the consumer purchases tickets where the lottery is conducted by the online casino itself. In this model also, the payment is guaranteed through insurance procured by the lottery operator.
The second model of the lottery is an in-casino lottery wherein the consumer can purchase tickets being offered in an online casino for an inhouse lottery and the prizes are covered by the pool of money collected for the lottery by the casino. It is a much simpler model but the rewards are generally lower because the prizes are linked to the pool of money collected by the casino.
So who can conduct a secondary lottery?
Secondary lotteries can be conducted by licensed online casinos that have been permitted to conduct lotteries. Lotteries may be conducted through online casinos that are licensed inMalta AlderneyandCuracaoamong others. Many online casinos have already started providing secondary lotteries under both the models described above.
Empire Global can assist interested investors in procuring an online casino license from a reputed jurisdiction which will enable them to conduct secondary lotteries according to both the above-mentioned models. Its team of experts will help you to select the most suitable jurisdiction for licensing of your online casino based on the countries where you would want to provide your services. Empire Global will also assist you with ancillary services such as procurement of software and obtaining the required banking services for your online casino.