Starting your own business may seem quite difficult. Looking at your national lottery, you could think that you need quite a lot of money or an investor to build up a venture that will bring you nice profits in effect. In many cases that is actually true, but we’re living in the XXI century and the world has become highly digitzed. There are some niches in the internet that don’t require too much experience or skills, but still might bring you some extra bucks. Still, it won’t be enough to change your life and maybe quit your boring dayjob. You could become an affiliate in one of numerous affiliate programs but that’s not where you want to get, is it? You’d rather like to be your own boss. How about becoming a part of a multi-billion industry? Sounds promising? There’s an answer to that – lottery business. Where to start lottery / lotto business? What should you consider?
Read our guide about starting lottery business.
1. Is it worth to start a lottery business?
There are numerous reasons why running a lottery business is a great idea, especially if you want to run your business online. There’s a pile of cash waiting, as the lottery industry has generated over $279 billion dollar in ticket sales only during 2018. Impressive number, bilions of tickets sold, isn’t it? That’s one thing, but there’s something even more important than that. Ask yourself a question – have you ever heard about a person who hasn’t played lotto just once? There’s only one answer to that, no. Apart from that, nowadays, in the internet era, lottery business knows no borders. Thanks to a lottery white label solutions players are able to get their tickets for any lottery from any place in the world.
This means your lottery business might have a global reach right from the start, and you don’t need to start a lottery yourself. Starting a lottery with an impressive maximum prize means starting a business requiring a huge investment and a well-thought plan. Your lottery model should have attractive chances of winning. Coming up with one requires quite a lot of mathematical work. Also, you need to take care about legal agreements and in case of lotteries the costs of starting and running your business is pretty high and getting through all the paperwork takes a lot of time. Still, you don’t have to be the lottery organiser to get your piece of cake in this market and see some impressive revenue. We ensure you, our method will give you the financial freedom thanks to our model and a choice of products without a big investment.
2. Select your lottery business partner carefully
Well, maybe not a business partner exactly, but your software provider. First thing you need is to select a reliable, worthy and trustful provider if you want your lottery business to operate smoothly and without any problems, so you could focus on managing your brand in the most effective and profitable way. What are the things you should check before deciding on a particular lottery solution? Check if your provider will give you a complete package, or if you will be forced to do some stuff on your own, like designing and coding your website (and that would require some extra investment, getting a designer/developer team). You should definitely choose a partner like WhiteLotto that will provide you with everything you need.
We will guide you through the whole process of starting a lottery business in the internet. WhiteLotto wants you to profit and build a mutually beneficial relation, you will receive all the advice required to make your business as profitable as possible. We have all the marketing skills and we’ll gladly share it with you. WhiteLotto has been operating lottery websites for years now. Should you require support, you will always have your account manager by your side to answer your questions – or your customers questions.
3. Licenses in the lottery business
Lottery business is highly regulated by government bodies all over the world. The legal part might be tricky for beginning enterpreneurs, so it would be perfect if you could just leave this issue to your lottery solution provider. Don’t be afraid that it will make you dependent from your provider. Acquiring your own license take time, money and effort, while what we’re aiming is starting a lottery business as fast and smooth and possible. WhiteLotto gives you all that, so your company wouldn’t have to worry about being legal in any part of the world and reach out to all the markets you want to, as we’re talking about going global here.
4. Sales model
You will be providing lottery tickets to the players and there are two ways to do that. First one is buying physical tickets and providing scans to your users. There are companies on the market that provide such a feature, but in our opinion, this method is not a good choice. There’s a better, easier way to do that and that is insurance based model. Using that model you don’t have to acquire a physical ticket either yourself or using a third-party. Having set up a deal, the insurance company will pay a winner the prize when it exceeds a certain amount specified in a deal. Such model gives you much higher flexity in terms of pricing and it’s more benefitial both for you and the player.
5. Give your players a choice
As we have already said, lottery business is borderless nowadays. Therefore you should provide your players with a wide range of lotteries available on your site to select from. Luckily, offering the best, most popular and attractive lotteries doesn’t mean any extra costs, but will surely increase your revenue. Once again the thing comes down to selecting a good software provider like WhiteLotto, so you could offer your players the greatest lotteries our there like Powerball, where the prizes are really astounding (the highest jackpot ever in this lottery has passed $1,5 billion!) or Mega Millions, Euro Millions, Eurojackpot while offering some national ones (as they also have their fans) like the UK Lottery. Your offer has to be as attractive as possible, the more lotteries your users can participate in, the more players choose their lucky numbers for the draw, the bigger your income will.
6. Design of your website
That’s another highly important thing to consider when you decide to start lottery business. Let’s face it – it’s obvious that your site won’t be the only one selling lottery tickets online. This is why you should give your users a hassle-free lottery experience both on traditional and mobile devices, with the latter being especially important as the mobile traffic as according to the latest data, the mobile traffic is amounted to 3.7 billion unique users, stands for 49.7 percent of the whole internet traffic and the the uptrend is expected to continue. Rest assured that WhtieLotto will provide you with a dedicated designer and developer to make your lottery business a unique and highly standing out from the crowd.
7. Think global
As we have mentioned before, lottery business is global nowadays. Giving your players a wide range of attractive lotteries to play is one thing, but there’s one more thing you should take care about. Even though almost everyone speaks English, providing your players the possibility of using your website in their native language will surely boost your conversion rate and revenue. The solution WhiteLotto provides meets this requirement perfectly, as it has been translated into more than thirty languages, so you could maximize your market reach right from the start.
These are just some of the things you need to know while wondering how to start lottery business. There are more, especially technical issues like payment gateways, processing wins, advertising or search engine optimization. We’ve got it all covered at WhiteLotto and we’ll be more than happy to assist you when you decide to start a lottery business with us. We’ll share our vast experience in the field and you will be supported by a personal manager so that the success of your lottery business would be a win-win situation. Don’t hesitate, it’s all easier than you think – contact us now!