Lotto betting, insurance premiums, billion-euro jackpot payouts
Is Lottoland a scam? How does Lottoland work?
As the company begins to grow and expand, many people are beginning to wonder exactly how Lottoland works. Our business model is new (new as in we're the first company ever doing this!) and, as with anything new, scepticism is to be expected.
Hence the purpose of this article; to explain, exactly, how Lottoland works and why our new approach gives you far more choice and much more ways to win when compared with traditional, ticket-based lottery operators.
The most important thing to remember with Lottoland is that you are not buying official lottery tickets and Lottoland is not affiliated with the official lottery providers in any way. Rather, you are placing a “lotto bet” on the outcome of the lottery draw. For Lottoland players this closely replicates buying an official paper ticket but there are a few important distinctions and common questions which I will address below.
Q. Is Lottoland a scam?
Lottoland is fully licensed and regulated by the Irish Government and also conducts operations worldwide. Our license is fully reliant on our ability to pay out our players’ winnings, swiftly and reliably, while remaining fully transparent with regards to our operations and financials.
Q. Can I legally play Powerball, Mega Millions, Eurojackpot etc. from Ireland with Lottoland?
Yes, because you are not ‘playing’ the official lottery. Instead at Lottoland you place a lotto bet, meaning that you can legally ‘take part’ in international lotteries. In order to buy an official lotto ticket you must be present in the country where it's run. In many cases, such as the US lotteries, you must also be an official resident in order to collect winnings.
Betting on the results with Lottoland provides an alternative way for Irish players to participate and means you can win the same amount as the official jackpots.
One of our main objectives at Lottoland is to provide our players with international lottery options without having to buy an airplane ticket!
For example, the Lotto has been popular not just here in Ireland. UK players have been enjoying it for years, but have never been able to play it precisely as it's meant to be played. But now that's changed and the Irish Lotto is now one of the top three most popular games on Lottoland UK.
Conversely, Irish players looking for bigger jackpots can now, for the first time, play the UK Lotto. Or the French Lotto, the German Lotto, the Swedish Lotto, the Polish Lotto...
Plus, in addition to EuroMillions we also have EuroJackpot, the other big European lottery, which is still relatively unknown here but every bit as famous as EuroMillions in Germany and Scandanavia. We also offer the massive Spanish Christmas Lottery, better known as "El Gordo" plus the the two American giants MegaMillions and jackpot world-record holder, PowerBall.
And really, we haven't even scratched the surface here. There's a huge choice of lotteries here, some with very low jackpot odds, others with tougher odds but massive jackpots, and everything in between. Check out all our lotteries to see just how many we really have.
Q. How can Lottoland pay out jackpots worth over €1 billion?
The majority of prizes at Lottoland are paid out of our profits as a normal part of business operations. However, when jackpots begin growing into hundreds of millions of euros we employ major insurance companies to pay out such a large amount of money if a Lottoland player wins.
Of course, as everyone knows, the more the risk the higher the premium, so once jackpots start to hit the half a billion mark there comes a point where our ticket prices rise, to cover these premiums. (Though such instances are rare.)
Q. How are prizes at Lottoland paid out? What if I win the lottery at Lottoland but no one wins the official lottery?
If you win at Lottoland you win as if you had bought a ticket for the official lottery. This will usually only apply to the first place jackpot as lower tier prizes are static or not affected much by having an extra winner. Here are some possible scenarios for winning a hypothetical €100 million jackpot at Lottoland:
You have the winning numbers and no one wins the official jackpot.
You would win as if you were the only winner and take the €100 million pot to yourself. The official lottery would continue to rollover.
You have the winning numbers and 1 person wins the official jackpot.
You would win as if you were the 2nd winner of the official lottery and therefore win a 50% share of the jackpot or €50 million.
You have the winning numbers and 2 people win the official jackpot.
You would win as if you were the third winner of the official lottery and take a 1/3rd share of the official pot or approximately €33.33 million.
And so on.