Lottoland, which is an international lottery giant whose jackpots are mostly worth millions of dollars will give a gospel vibe to anybody. The most recent person who turned millionaire on Lottoland won $137 million which is roughly around 975 crores in the Indian currency. However, one should be curious about what is the procedure through which Lottoland transfers such large amounts of money. You will get to know about every minute details of the process but let’s collect some vital information about Lottoland.
When was Lottoland established?
It came into being in May 2013.
How many customers are in association with Lottoland?
Lottoland has 8 million customers worldwide.
What’s the highest paid-out amount by Lottoland for a single prize?
Lottoland paid-out $137 million (975 crores approximately) in June 2018 and that is a world record.
So that looks a decent track record for a lottery company of such a stature. Now the question arises, how ill the payout be done after winning? Before understanding the procedure, one should follow some other things about the lottery business as well.
The lottery companies’ every jackpot contest is not worth 700 crores rupees. Mostly they have amounts around 32 crores and sometimes a bit lower than that. There are always different types of cash prizes available under the same jackpot contest.
The other thing you should understand is that you are not the only one who is buying a stairway to heaven by buying a scratch card or a lottery ticket. There are millions of people who are buying such tickets to all the types of lottery contests that Lottoland offers.
The price of the scratch cards or the tickets is not too high. The amounts are relatively considerable. Now what this means when millions of customers buy Lottoland tickets they end up making a massive sale which brings them loads of money and the prize money are distributed using this revenue.
As mentioned earlier that there could be two broad categories of jackpot values which can be figured into smaller payouts and higher payouts.
How does Lottoland pay out the smaller jackpots?
Lottoland pays the winners from the revenue generated out of the lottery ticket and the scratch card sales. The payouts which are of 30-40 crores rupees are easily paid-out through the proceeds of the sales.
How does the Lottoland pay multi-million jackpot prizes to the winners?
They do this through a concept that was introduced back in the 18th century called Insurance. Lottoland insures themselves if such a case arises where somebody ends up winning a multi-million jackpot. The company can never give a payout of such a large number from the sales made. They purposely have to rely on insurance services; otherwise, any lottery company which decides to pay such a payout from their pockets would go broke.
So, this is how Lottoland has been able to deal with the massive payouts in many of the countries.
The Indians should get themselves ready to experience the wonders of Lottoland because very soon the company will be launching its website in India.
Indians will now have access to all the lottery contests and games offered by Lottoland on their Indian website. What can be better news than that? One of the biggest online international lotteries will be in India and people would get a chance to win a huge amount of money.