Lottery Betting is our focus rather than sports betting. There has been a flurry of licensed betting sites offering lottery bets. There are reasons for the increased interest. Primarily is that lottery fans can now bet on all international lotteries & bet on specific numbers.
Why Lottery Betting Has Increased
A lot of lottery games get tied to a specific country’s location. For instance, you would not be able to play the massive USA Lottery games as you need to be a resident of a particular state in the USA. Lottery bets do away with this requirement.
How Does Lottery Betting Work?
Betting Sites that offer a bet on lottery games usually are fixed-odds betting sites. So, think of traditional bookmakers in the United Kingdom. However, the difference is, that betting sites typically provide a lot of flexibility regarding a bet on different international lottery games.
Players can select numbers for the lottery as they would on a standard lotto ticket. The variation here is that as it is a fixed-odds payout, you can choose a single number to bet on or however many you wish. This kind of feature is not available on regular lotto games.
It must also get stated that Fixed Odds betting sites typically also do not offer a total payout of the entire lottery jackpot. If you did, though, manage to get all the numbers in a particular draw, the odds for that would generally be very favourable.
Taxes & Lottery Bets
Most Lottery game providers get tied to a contract with the country they operate it. As a result, they usually are a monopoly, and as part of that, they often donate a lot of lottery profit to good causes. That means in some regions – the United Kingdom, for example – there is no tax payable on lottery winnings if you play from the state-licensed lottery site.
If you are betting, you might incur some taxes in the region you live. For example, lottery betting is gambling in the United Kingdom. At present, any winnings derived from betting online are not taxable in the UK. However, it does differ in other countries. Portugal, for instance, imposes a tax on any winnings on lottery games over a certain amount.
Why Can’t I Win the Full Lottery Jackpot?
As indicated above, online lottery betting sites offer fixed odds, and therefore a payout of the entire lottery jackpot is impossible. The tradeoff for this is that you can participate in an extensive range of international lottery games and select the number of lotto numbers you want to bet. You do not have to choose the complete set of lottery numbers.
We recommend using other providers who either insure for the total lottery jackpot or buy a lottery ticket to win the entire lottery jackpot. Several operators provide this. Lottery bets are an increasingly popular way to take part in international lotteries due to the flexibility and range of odds on offer.