Constant innovations and expansion into new markets
The betting industry is one of the most competitive and innovative industries around, with operators constantly vying with each other to take a bigger market share, and bring in more customers. While this means pushing existing products, it also means constant innovations and expansion into new markets.
Gibraltar based operator Lottoland has stepped into the messy world of online lottery, which was previously dominated by ticket resellers and the online presence of existing draw operators, which were less than revolutionary.
Traditional lotteries were always constrained by geographical borders, but like the EuroMillions draw, online versions were not hindered by this, allowing the concept to be opened up to a much larger audience.
With Lottoland making huge leaps in the market, furthered by innovative marketing strategies and a huge range of draws for customers they have established themselves as the go-to online lottery operator.
That’s not all, away from the B2C side of Lottoland, is the recently launched Lottoland solutions, which is the B2B arm of the company.
To cover customers jackpot wins, Lottoland have developed a range of strategies to ensure payouts are guaranteed. Aside from deals with leading insurers, Lottoland have their own Insurance Linked Securities, which is notably the first ever EU-regulated ILS for a lottery betting company.
ILS were traditionally used to cover unforeseeable eventualities, such as so called ‘acts of God’, but with lottery insurance the odds of these eventualities happening are calculable, as every lottery draw has its own odds. This has allowed Lottoland to develop its own ILS to cover the eventuality of one of its jackpots being hit.
With their own ILS, Lottoland can ensure that wins are not only paid out in full, but can be done with relative ease and in a timely fashion, meaning winners have access to their jackpot money much quicker than with other providers.
It has also become a big talking point amongst other similar operators who seek to incorporate this ILS into their own businesses.