David Young explains the rise in lottery start-ups and why the industry is continuing to thrive whilst others are falling off.
If there’s one thing that’s universal in a society, it’s the ability to feel lucky. Luck, we believe, has no interest in any particular demographic features, allowing everyone to have the exact same chance. With 70% of adults in the UK – 32 million people – playing the lottery regularly, the biggest game of luck and chance going has never seemed healthier. That’s why we’re seeing a rise in lotto betting startups, which hone in on the ability for regular people to win big through a mere selection of a series of numbers.
The ritual of the lottery is one enjoyed by generations, many of whom believe strongly enough in the luck of the product that they cannot miss a weekly draw in case their numbers come up. It's something that has marked British culture, the "keep calm and carry on" nature of working hard and investing time and patience in the hope of eventually winning. That’s why taking a simple concept such as lottery start-ups like lottoland can yield returns. For example, the online brand Lottoland was recently listed on the FT1000 as one of the most successful gaming companies on the list of fastest growing companies.
The numbers are definitely around to back up the big lottery rush, with those lottery providers listed on the FT1000 posting revenue growth since 2015; indeed, Lottoland posted an 820% revenue growth. The successful financial position and growth of the business shows that, despite the rocky economic future, the British people will continue to put their faith in a system that has anchored the routine of their lives. The lottery, as a whole, also comes with the feel-good connotations of being so impossibly unimaginable, yet possible enough to be true, which gives a weekly buzz of excitement for those who play.
The rise in lottery betting start-ups could also be seen to grow in tandem with the rise in Bitcoin investment and the general public’s interest in investing. Originally reserved for stock market experts and those in the know, methods are becoming increasingly easier for people to invest. Lottery betting start-ups allow this investment, and differentiating features of each one will continue to see a varied slew of ways to play the lottery.
The lottery, when played online, comes under the category of iGaming, which itself is seeing a resurgence, despite other industries seeing a decline. The nature of the offering allows the product to be rolled out to mass numbers after the initial development, which acts as a benefit to invest in during times of prosperity and to fall back upon in more testing times. Therefore, the lottery acts on the principle that it can be offered and taken up regardless of the climate.
Overall, lottery betting start-ups are no surprise, given how business has developed from tangible products to offerings that are less easy to quantify. The digital sphere has immersed business in a haze of existing solely online, and creating a company that allows people to take a chance to win a lump sum online, solely existing as credit transfers, continues this trend into the digital age. But, the steadfast approach to the lottery and the fact that this week may be their week continues to attract people to the various incarnations of playing the game.
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