Wonder what newsagents think of this loophole in the Lotteries industry?
MyLotto24 to follow in Lottoland's footsteps
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Lottoland CEO Luke Brill: the company's brand of online lotteries betting has proved to be lucrative. Wolter Peeters
First came the overseas online bookies, including Paddy Power, Ladbrokes and William Hill. Now the foreign raiders are taking aim at Australia's lotteries market in ever-increasing numbers.
Already, Gibraltar-based Lottoland has cut a swathe through the local scene with its brand of online lotteries betting proving to be extremely lucrative.
Street Talk understands the next in line is MyLotto24, owned by German listed company Zeal Network SE. MyLotto24 has registered an Australian company and recently appointed some of its global executives as directors.
MyLotto currently runs betting markets on European, German and Irish lotteries. It has a similar model to Lottoland, whereby customers bet on the outcome of a European or Australian lottery via an offshore company rather than buying a ticket in the lottery itself. If a punter wins a jackpot or divisional prizes, Lottoland pays out the equivalent of the prize money as if the customer had a ticket for the actual draw.
Lottoland is already profitable in Australia after only two years of operation, posting a pre-tax profit of £1.35 million ($2.2 million) from £9.8 million in revenue ($16.2 million) in the year to December 31, 2016.
The Luke Brill-run firm's success has also seen the likes of CrownBet, which has established Crown Lotto, and even AFL club Collingwood join the online lottery scene.
TTS Price at posting:
$4.02 Sentiment: None Disclosure: Not Held
