Despite being one of the oldest games in existence, the lottery has experienced very little innovation or evolution in terms of how it is played. Even in 2021, the majority of traditional lotteries are still played with cash since players must purchase tickets from local lottery retailers. Furthermore, players must remember to keep their tickets safe because if they win, they are required to return to the store and submit their tickets in order to claim the prize. If they manage to scoop the jackpot, tickets are usually sent away for validation.
With most other industries undergoing rapid digital transformation to meet shifting consumer demands, Sulim Malook, CEO of Crypto Millions Lotto, recognized the opportunity to establish a fully digital lottery platform that used bitcoin as the primary currency. Today, Crypto Millions Lotto is recognized as one of the world’s largest digital lottery sites, with customers from over 180 countries being permitted to play the world’s most popular lotteries. In this interview, we will hear more from Sulim Malook, the company’s founder:
How does Crypto Millions Lotto improve on the traditional lottery model?
The classical lottery model is one that is rapidly becoming a thing of the past, especially in light of recent events. In general, traditional lotteries are owned by the state, which are licensed to various operators who then run the lottery for a predetermined length of time. If you want to participate in the lottery, you usually have to buy tickets from a nationwide network of small retailers, such as newsagents and corner shops.
While this model has worked well for the past several decades, consumer demands are changing. All of a sudden, needing to visit your local lottery retailer to pick up a ticket seems rather outdated. With the rise of eCommerce and online shopping, people are demanding more convenience than ever before, and thanks to the global pandemic, customers expect to be able to purchase their products and services online.
Besides, most small retailers have all been closed in many countries for a large part of the last year, which led many operators to frantically open up new digital channels so they can sell their lottery tickets online. However, retailers who rely on lottery sales to get customers into their stores have expressed strong opposition to this notion.
We provide a fully digital service with Crypto Millions Lotto, allowing consumers to participate in a number of international lotteries from the comfort of their own homes. Furthermore, they do not require a physical ticket, which eliminates the chance of misplacing it and losing their winnings. The good news for us is that firms like ours, who were born digital, are best positioned to offer a completely digital service, not existing established operators that are attempting to adapt.
How is it possible that your players can participate in lotteries from countries outside of their place of residency?
Most lotteries are regulated by the governments that run them, and as a result, they are usually subject to local laws. Thus, many governments make it impossible to enter a lottery unless you are a resident of that country, which drastically limits the potential prize pool.
However, as long as no local rules are broken, anyone can play a game based on the numbers that a lottery produces, from anywhere in the world – and that’s precisely what we do at Crypto Millions Lotto.
Furthermore, Crypto Millions Lotto is licensed by the Government of Curaçao and acts in accordance with the international lottery laws with licenses from the government of the states and countries they operate in, which keeps everything above board and guarantees that we remain in compliance with our global eGaming license. As a result, we are required to hold to strict anti-fraud practices and to ensure all jackpots are paid, we use the largest and most well-known prize indemnity insurance provider.
What is the thought process behind opting for bitcoin and not any of the other popular cryptocurrencies?
People frequently wonder why we don’t accept alternative cryptocurrencies for deposits and withdrawals, but we simply believe that bitcoin is the best candidate for the job. Most other altcoins aren’t mature enough to be utilized by the general public, and bitcoin’s transaction costs are generally cheap, especially when compared to ethereum. In a nutshell, we are fully committed to bitcoin and have no intentions to change our minds any time soon.
How has Covid-19 affected the lottery industry, and do you expect your sales to be affected once we return to “normality”?
It’s no real surprise to see the demand for online lotteries rise as a result of the pandemic, while traditional lotteries have seen a negative impact. As people were locked inside, they were forced to seek alternative solutions for almost all of their personal and business needs. Fortunately, we were well-positioned to take advantage of this new demand and subsequently gained a large number of new customers.
As for when the pandemic is resolved, it appears as though the removal of restrictions has not affected this industry negatively. In fact, the effect has been mostly positive. With most lotteries shutting down for the best part of a year, playing online was the only real option, and now that consumers have discovered a new way of doing things, they are more likely to stick with us in the future.
Finally, do you have any exciting ideas coming up in the pipeline for Crypto Millions Lotto in the near future?
We are always thinking of new ways to innovate and improve the experience for our customers, which is why we not long ago added six new lotteries, with many more in the pipeline. One of the most exciting new features we plan to offer is giving players the ability to buy bitcoin directly on our site, which opens up the door to the market segment that has been reluctant to purchase bitcoin themselves.
Additionally, we have plans to go public in the future. We are considering the possibility of a SPAC reversal in the US, being acquired by a Capital Pool Company on Canada’s TSX-V or a listing in London. We’re keeping a close eye on all the activity in North America at the moment. Right now, all our options are open.
It’s safe to say that the future looks bright from Sulim and the Crypto Millions Lotto. Even as lockdown restrictions are being lifted, the company continues to trend in the right direction, suggesting that digital lotteries are finally beginning to take a real foothold in the sector at the expense of the more traditional platforms.