How did he do it?
An entrepreneur started the world’s first free-to-enter lottery six years ago, with just a mere budget of £10 a day, he has since struck a brand-new deal with one of the world’s largest lottery companies.
His website is now valued at a whopping £10m.
Chris Holbrook, founder of FreePostcodeLottery.com (FPL), struck a new deal with Zeal Investments (ZI). ZI are investing £1m for ten per cent of the company.
Holbrook created the site back in 2011, he had the idea of making the lottery free so that anyone could enter.
When the project first began, he would run the site in his spare time whilst working as a web developer. The fact that the lottery was completely advertiser-funded drew in people from around the web.
FreePostcodeLottery.com now sees thousands of visitors flock to the page, the company has given away £280,000 to winners. It currently has 300,000 daily visitors, as well as this one in three UK post codes are registered with the site.
The investment from ZI will be put back into the website, the company has the aim of giving away £20,000 a day and would like to see 20 per cent of the population playing by 2020.
Chris Holbrook, founder of Free Postcode Lottery, said: “This deal is a massive step towards shaking up what is a slow-moving industry. It is clear that the global lottery market is in desperate need of some fresh and original ideas and we believe that the free-to-enter model of FreePostcodeLottery.com provides that. “
“Since we launched five years ago, many others have tried and failed to replicate our success and a large part of that is down our fantastically loyal players. I wanted to take this opportunity to thank them and to reassure them that nothing is changing – apart from maybe bigger daily jackpots! I am not going anywhere and I look forward to taking our brilliant community with us on what is sure to be an exciting journey. FreePostcodeLottery.com is only going to get bigger, better and with more chances for ordinary people to win for free. “