Crypto Millions Lotto CEO Sulim Malook On Why Bitcoin Is The Logical Next Step For The Lottery Industry

Image Source: Sulim Malook

The year 2021 will be remembered as a watershed moment in the crypto industry. Bitcoin has once again reached a new all-time high, regulatory discussions appear to be opening the door for mainstream adoption, and large corporations have increased the level of institutional buy-in. Meanwhile, public interest in cryptocurrency has soared, prompting business owners to explore the real-world applications of digital currencies and how they might fit into their business operations.

According to Sulim Malook, CEO of Crypto Millions Lotto, there are numerous compelling arguments for preferring bitcoin lotteries over more traditional models. First and foremost, since bitcoin allows for borderless transactions, the digital currency eliminates a slew of complications related to geographical limitations and the restriction of player pools depending on residency status.

Secondly, bitcoin-based lottery providers stand to benefit from a wider variety of infrastructure savings, primarily regarding payment processing fees and negating the necessity for the distribution of physical tickets to local retailers. As we will explain in this article, many of these benefits are passed on to the end consumer, resulting in a vast improvement in the customer experience, such as bigger jackpots and instant payouts.

About Crypto Millions Lotto

In just a few short years, Crypto Millions Lotto has become the world’s most popular digital lottery platform. Through its subsidiary, Ofertas365 (Curaçao) NV, the UK-based company now possesses a lottery license to operate in more than 180 countries. This allows the firm to offer a variety of international lotteries, enabling players to participate in new lotteries worldwide.

Because of its simplicity of use and popularity, the company opted for bitcoin over other digital currencies like ethereum. This permits almost anybody on the globe to participate in lotteries without having to worry about the high gas fees typically associated with the ethereum network. Furthermore, the platform seeks to decrease the amount of taxes that winners are normally faced with in fiat-based online lotteries, where you may wind up losing a lot of money due to taxes after winning draws. With all that said, let’s take a look at some of the key benefits of Sulim Malook’s increasingly popular bitcoin lottery.

100% Digital

If the last 18 months have taught us anything, digital products and services are rapidly gaining in popularity. Consumers of all demographics are becoming much more comfortable with purchasing digital products and services online due to the global pandemic, and the lottery is no exception.

“The classic model has been one of the lotteries owned by the state, which are licensed to an operator who runs it for a fixed term. Typically, people will buy tickets to play that lottery from a nationwide network of small retailers like newsagents and corner shops. There are several problems with that model. The first and most obvious one is that those small retailers have all been closed in many countries for a large part of the last year. The operators have been working hard to try to get the lottery sales online. But you can see that there would be some resistance to that from the retailers, who rely on lottery sales to attract people into their stores,” says Sulim.

“So, the trend we see is a move to a proper online lottery, where people can play the lottery without leaving the house and where people can play more than just their own national lottery. The organizations best placed to deliver that are people like us who were born digital. Similarly, we’ve seen high street betting move from the physical bookmakers to digital natives like Betfair.”

In addition to this, a fully digital lottery service provides a number of benefits to players, such as:

● No more lost tickets

● No missing draws

● No need to check results manually

● Enhanced security and reliability

● Transparency, legitimacy, and credibility

● All tickets are automatically authenticated

Removing geographical restrictions

With Crypto Millions Lotto, players can enter into a wide variety of popular lotteries, even if they do not reside in the country or the state where the lottery is situated. Some of the biggest and most popular lotteries that are provided on the site include:

● Euromillions

● Oz Lotto (Australia)

● 6aus49 (Germany)

● UK National Lottery

● Mega Sena (Brazil)

● Superenalotto (Italy)

● Loto 7 (Japan)

● LottoMax (Canada

“Lotteries are regulated in many countries to the extent that they are mainly operated on behalf of governments and they are subject to the specific laws of the land. In many countries people can’t enter a lottery unless they are resident in that country. But that doesn’t prevent anyone from playing a game based on the numbers of any lottery globally as long as no local laws are breached. That’s what we do at Crypto Millions Lotto. People from more than 180 countries around the world can play.”

Furthermore, unlike other digital providers, no KYC procedure is required upfront; instead, KYC (photo ID and proof of address) is only required after a player wins a jackpot or makes a significant withdrawal. This makes the onboarding process and overall player experience much more streamlined.

When participants learn about a bitcoin-based lottery, one of their main concerns is the possibility of wild price swings in the value of BTC in comparison to fiat currencies. After all, it’s not uncommon for cryptocurrency assets’ prices to fluctuate by double digits in a matter of hours. To get around this, Crypto Millions Lotto displays all jackpots in US$, then converts the US$ to bitcoin when money is withdrawn, at the winner’s request . This reduces players’ exposure to market swings, resulting in a more stable and consistent gaming experience.

Final word

Sulim Malook states that Crypto Millions Lotto has not “adopted bitcoin just because it’s a digital currency. We’ve done it because it’s the best currency for the job.” Considering the benefits we have listed above, it’s hard to argue against that notion. Aside from the obvious advantages a digital lottery service offers, such as the removal of location-specific restrictions, players also stand to benefit from larger jackpots and instant payouts.

“In case people don’t see the live draw, we announce all of the winning numbers on our website, and we notify all winners by email immediately. Payment of winnings is made within minutes of the lottery ending,” says Sulim.

Due to all of these new features and added benefits, Crypto Millions Lotto is quickly becoming a very serious competitor for traditional lottery providers. With demand for digital products and services increasing all the time, it appears that Sulim’s innovative lottery website certainly has a bright future indeed.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes