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Nowadays, we have a unique chance to witness lotteries blending with the sports betting sector. Does this mean that state lotteries will become a part of leading platforms and be similar to the hollywood login password and other links? This question is not an easy one to answer, so let us dive deep to see what gambling consultant Jari Vähänen has to say about challenges and advantages there are in the industry.
"I played the recommendation... and I won the first prize!"
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Originally, lotteries were governed by the state, which is why they were called “state lotteries”. Their manifestation was in the form of scratch cards and draw-based games (or lotto, simply put). It is only relatively recently that the lottery sector has started to broaden its horizons by merging into new dimensions, one of them being the sports betting realm.
As surprising as it is, some lotteries companies were initially geared towards sports games such as in the case of all Nordic lotteries. So, the topic of sports was and is sporadically present in lotteries.
The legislation in regard to lottery regulation have been gravitating towards unifying the laws pertaining to gambling and lotto.
Is it generally a good idea to have betting and lottery coalesced? There have been successful example of lottery companies reaping benefits out of sports betting despite not having a monopoly in this landscape.
In Europe, for instance, France’s La Française des Jeux (FDJ) and Greece’s OPAP are the leading actors in the sportsbook markets of their niche. So are the companies in Italy, Spain, Portugal, Switzerland, and Israel, yet to a bit lesser extent.
In essence, competitive markets are proven to be able to serve well for lotteries’ success, which demands certain market adjustments in order to draw a line between an operator and the overall competition.
One more factor to underline is lotteries’ tweaking payout percentages. This is to say that lottery products are by nature less profitable for the companies compared to other ones in the market.
While the opportunities for cross-sector collaboration are very much possible, they need elaboration and clarification.
Betting has to kinds of product groups: pool-based, or totalisators, and fixed-odds games. The latter type of games invites customers to place a bet against the company, where the bettors are left with a slightly less possibility of winning. The former one takes the form of lotto, the gist of which is to include a large number of participants while the company takes no risk by sharing the sales among the winning customers themselves. That is where economies of scale function well and therefore are the main focus of lotto companies. In this regard, sportsbooks are known for fixed-odds betting mainly, yet there are some exceptions in, for example, betting on horse racing.
For lottery companies to thrive and use the collaboration to their advantage, they should aim for a product which will be no match for any other companies, therefore offering something totally unique in the market. Powerball or Euromillions are telling examples of this.
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