You’ve probably seen the adverts on TV for websites such as LottoLand.co.uk and other lotto betting sites but how do they actually work? Lotto Betting is when you bet on the outcome of a lottery instead of buying a ticket for an official lottery draw. This means that people in the UK can play lotteries around the world such as the US PowerBall & the EuroMillions.
The short answer – Yes! For all intents and purposes you will have the exact same customer experience as if you were playing the official lottery. The key difference is that your bet is taken and they pay you if you win. They are able to achieve this in two ways.
For smaller prize payments they make the payout directly from the fund they have accumulated via total ticket sales.
In order for them to make the larger prize tier payments they take out insurance policies to cover the eventuality of a Jackpot win or a substantial payout on the ticket. Part of the ticket price you pay goes towards the payment of this policy.
They have a risk assessment team that calculates the requirement for each prize tier and, depending on their results, they decide to make the payment by option 1 or option 2. This system operates in the same way on all the lotteries they offer.
For greater peace of mind companies like Lotto Land are fully registered with and regulated by the UK Gambling Commission. In order for them to retain this licence they have to prove that they are able to make the required payouts to their players should they win and that they have the correct procedures in place to guarantee this.
Why play the same lotteries week in week out when you can bet on the biggest and best the world has to offer? Play today at LottoLand.co.uk and get access to exclusive deals such as buy one line get one free!
* If you win you will receive the same payouts for each prize tier as you would have, had you purchased a ticket from the base lottery operator. For more information please read the Payout Rules for each game prior to playing, to understand how much you would win if there were other winning players, or winners of the base lottery draw. Terms and conditions apply.