Lottery, by definition, is gambling; it's actually the form of gambling with the least advantageous odds and lowest - typically negative - expected rate of return (only slightly improved with implication of very specific strategies), so the epitome of a gamble.
But, apparently, lottery in-and-of itself is not sufficient for punters interested in greatly improving their odds without combining their winnings with a wealth of others through a lottery syndicate. This is where lottery betting (actually betting on the lottery like a sporting event) comes into play.
Lottery Betting Explained
Lottery Betting is pretty self-explanatory; it's placing bets with a bookmaker on the results of a major lottery draw. Instead of purchasing a lottery ticket for a popular lottery draw like the US' Mega Millions from a lottery concierge service, players place bets on numbers with odds set by the bookie, like a football betting, then watch the results to see if they hit any of the numbers selected.
Coral Lotto might offer 5/1 odds on matching your first number then gradually increase the odds based on the total number of correctly selected numbers eventually reaching something close to 50,000/1 to correctly select all numbers. The operator then awards the players their winnings, not the lottery service. Like sports betting, lottery betting has nothing to do with the actual event (in this case a lottery draw) but instead simply involves betting on the final result of said event.
Betting vs Playing the Lottery
As most familiar with gambling would have assumed, lottery betting might feature lower odds due to the ability to win without matching all numbers but also features significantly smaller winnings. Not surprising, as the only draw of lotteries are their jackpot sizes so anything with lower odds are bound to feature smaller prizes.
But if betting the on the lottery greatly reduces the potential winnings, what's the value? Well as somewhat explained, betting on the lottery increases your rate of return astronomically due to the ability to win based on a single number selection. The major lottery jackpots that draw all the media attention can have odds as high as 200,000,000/1 because the only way to secure the jackpot is hitting all numbers. If you get all the numbers correct but one - which happens more than you think - you still win nothing (some exceptions apply but they are rare and usually only result in small prizes for second and third place).
But if you place a €10 bet on the same lottery and you hit all but one number, you walk away with winnings at 50,000/1 odds or €500,000 as opposed to nothing had you played those numbers instead of betting them. Now €5000,000 might not compare very favorably to the more familiar €500 million winnings associated with those major draws but when compared to the nothing you get when missing just one or two numbers, it's a good deal.
Advantages of Lottery Betting
First and foremost, betting on and playing the lottery do not have to exist separately. It is completely legal (depending on your jurisdiction) and highly suggested by some to play your favorite numbers while simultaneously betting those numbers with a lotto bookie. This would in-turn mean if you actually win the lottery by selecting ALL the right numbers, you also win your bet ensuring your total winnings would be unfathomable.
The most obvious advantage to betting the lottery is the ability to win without fulfilling all the requirements of a specific lottery draw. Players can incur smaller winnings by only matching a few or even one number, increasing rate of return. Players can actually regularly involve themselves in lottery draws with the hopes of frequently bringing home winnings, as opposed to most lottery players who never see a single pound of winnings.
Players also have the luxury of avoiding regulation confusion as players looking to enjoy country lotteries from outside that particular country can occasionally face legality issues. Gambling.com can ensure playing national lotteries through credible concierge services like TheLotter is safe but some players prefer the the lack of confusion with betting the lottery as it is treated like a typical sports punt.
Where Can you Bet on the Lottery?
Players looking to play national lotteries from foreign countries can pretty easily find an online lottery service to assist in the process but those looking to place a bet and not actually play might have a little more trouble tracking down an operator.
Although lottery betting isn't a completely new concept, it's still in its infancy. A majority of readers enjoying this content might not have even known this form of lottery play was offered. Sport betting enthusiasts might be the ones most familiar as a majority of the top betting operators offer lottery betting as a market while others have embraced the products growth featuring entirely separate lotto sections like Ladbrokes and their Lotto tab.