Gambling has always been a big part of people's lives, as everyone wants to play games that have real rewards and consequences. What better to go for than for risking your own money in various games, and potentially winning a large reward, if you are skilled and lucky.

Among many different types of games in the gambling industry, we have the lottery, which is only one type, but also one that is extremely popular. As you may know, the lottery involves drawing of numbers, and if one of the participants has a number that was drawn, they win a large prize. 

One lottery director gave his view on the game, stating that lotteries are different from any other gaming product. "Lottery players risk a small amount of money against very long odds to win a large prize, with the net proceeds going to the public good,” he said.

In reality, the industry keeps around 29% of all gambling revenue in the world. In 2004, the lottery industry was worth $187.1 billion. In 2014, that amount climbed by $100 billion, making it worth $284.3 billion in total.

https://twitter.com/GlobalBetting/status/1265562826476748807

In other words, it has an annual growth rate of 4.3%, and it managed to maintain it for well over a decade.

So, What is the Problem?

The problem is the fact that the lottery, in its traditional form, comes with countless inefficiencies. Lottery platforms have countless inherent issues, which cause a lot of distrust between players, hosts, and even developers. Not to mention that they include numerous middle-men, and they have large-scale fees.

In fact, here are some problems that people have with the traditional lottery industry.

  • Rare and small jackpots

  • Hidden fees

  • Withdrawal restrictions

  • Lack of social interaction

  • Only offers weekly draws

  • High risk of fraud

  • National lotteries hold a monopoly

  • Payouts are slow, while payout amounts are limited

Even when it comes to charities and businesses, there are numerous issues that range from being inconveniences, to being quite annoying. For example, they:

  • Have long, expensive licensing processes

  • Providers are charged huge entry fees

  • They lack support for blockchain

  • No large jackpots

  • Running online lotteries is expensive

  • Lack of transparency

  • Unknown reputation

  • Integrated payments and similar items often cause operational overheads

What Can be Done About It?

The easiest way to resolve the mentioned issues is to bring the lottery industry to blockchain, and integrate various protocols and solutions that would ensure trust, and deliver transparency. This would cut out the mentioned middle-men, reduce the fees, and still deliver plenty of rewards, large prizes, and alike.

One example of this is Winners Group, with its upcoming product — Lotto Nation.

Winners Group itself is a Scandinavian firm, that offers innovative next-gen software solutions. It stands out from the competition by being the only operational platform that has integrated the latest blockchain tech with proven B2C and B2B solutions.

As for the Lotto Nation, this is a groundbreaking new development that comes in the form of a decentralized platform for the lottery. It is powered by blockchain technology and AI, and it is perfect for businesses, charities, as well as individuals who need a safe technological medium. Its business model is familiar enough, as it can be seen with other lottery providers in the world. It also does have an up-front fee, although it changes and depends on the complexity of the required integration and then continued revenue share of the specific lottery’s future net profit.

Can Blockchain Really Change the Lottery Industry?

The answer is a definitive yes. Blockchain has plenty of tools at its disposal that can bring transparency and trust to the lottery industry, such as smart contracts, privacy, accessibility, traceability, and plenty of other attributes. 

It emerged at just the right time, as all of these things started disappearing. Many would claim that blockchain is still in its infancy, and they would be right to say so. However, if it offers such groundbreaking solutions in its infancy, then its potential when it reaches maturity might be nothing less than limitless.