Do you want to start an online lottery? Here is a complete guide to starting an online lottery.
Quite often players become millionaires just at the snap of the fingers. Lottery business if executed properly is the one where there is a huge potential to make big money. Due to the massive profits that are made in this industry, many entrepreneurs are investing in this business.
However, some have failed because there was no due diligence carried out before starting the lottery. Even though there are huge profits to be made from the lottery, it carries high risk. So if you draft your strategies right, business is likely to make good money over a medium period of time. So what is it that you need to know to make a wise move towards your dream of having an online lottery business? Here’s what you need to know!
Market Feasibility Study: Conduct market feasibility study before you start an online lottery. With the result of feasibility studies, you will be able to prepare an online lottery business plan and make informed decisions. The study helps you look at the past performance and compare that with the data from similar markets. Next, conduct an analysis of existing and potential competition, providing an understanding of the competitive market. Then, look at the current and future demand for gaming within the region. Finally, apply proven methods to forecast revenues and expenses for subject property.
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Regulatory and Licensing Requirements: Lottery games are regulated by each state or the country. Usually, licensing process is managed the lottery or gaming commission. You can apply and get the license on your own or with the help of third-party organizations/ external consultants. The benefits of hiring an external consultant are fast processing, expertise in preparation of proposal and help in other aspects of lottery business startups.
Lottery Software/Technology: Lottery software plays a major role in online lottery operations. The success of the lottery depends on how secure, robust, and user-friendly is your technology. During technology evaluation, you have to ask for a detailed and structured proposal including demonstration of all features and capabilities, a pilot run to study all options and ease of using the software and any other essential steps to finalizing a technology and vendor thereof.
Payment Gateways: Accepting and making payments need to be a fluid and hassle-free step in order to prevent losing players. Players have a wide range of preferences on how they would like to pay, whether that be by bank transfer, credit/debit card or e-wallet systems so it’s very important to be versatile.
Marketing campaigns: Lottery is the most popular game across the globe, so targeting the right players is very important. If you want your lottery to do well then you must discover effective ways to advertise and market your lottery. The truth is that if your lottery is always in the eyes of the players then they will be tempted to play. Some of the ideas and strategies that you can use to market your lottery includes:
- Design a suitable and an appropriate game for the region
- Include lottery products in gift packs bought at the supermarket
- List your lottery on online directories
- Use your official website to promote your lottery
- Apply direct marketing method
- Let your loyal players help in referring your lottery by gifting them goodies or sometimes a second chance draw
- Create different packages for your different categories of players
- Make the odds attractive
- Place advertisements on different websites and forums
- Post testimonies of past winners on your website and also on all your promotional publications
Above points illustrate most important steps to be taken into consideration by a new business wanting to venture into an online lottery.
At LocusPlay, we provide solutions for both new and existing lottery operators and also we take the hassle out of starting a lottery, meaning you just need to bring in the players.
If you’re interested in starting a lottery, we’d love to hear from you. Get in touch with us here.