Launching your own lottery business, if done correctly, can be a very profitable business proposition. That being said, all successful businesses need a solid business plan in order to succeed where others may fail. There are many factors to consider when choosing a lottery provider, so much so that choosing the correct provider can almost feel like a gamble in itself.
Should you develop yourself?
Occasionally operators will attempt to develop their own lottery platform though often very quickly realise just how time-consuming and expensive this option can be. Given the astronomical costs of self-development and the time required, it’s no surprise why most lottery operators will choose to partner up with an established lottery platform provider who can get their product launched much quicker and typically as much lower costs.
Important things to consider
When choosing a lottery platform provider, it is important to establish the advantages (and of course disadvantages!) that one provider may have over another. Many full-service providers will offer not only the lottery platform but also help, support and advice on important matters such as:
- Regional compliance and regulations
- Payment providers
- Gaming licences
- Support Staff
- Regional trends and user demographics
- Technical support
Other things to consider are that whilst many of the larger lottery providers may have more staff, larger premises and a stronger brand, the cost of dealing with the larger companies can often be prohibitive. And it’s not just budgetary restrictions to consider when dealing with the bigger providers. Usually, you’ll end up paying a lot more money yet only have access to an account manager and the speed of development can often be much slower due to the company’s size. Larger companies often tend to be less agile and responsive to bespoke development requests. Smaller providers frequently give better value for money, and you’ll generally get access to C-level management, development can be significantly faster and bespoke requests are handled with ease.
What services do you need?
Services that are offered can vary hugely between providers, but more often than not a good lottery platform provider will assist you with the following services as part of their offering:
- Payment solutions and integration help
- Player/user management
- Draw/game management
- Security and data management
- Technical support
- Various reports with KPIs
Making the right choice
The difference between working with a good, responsive and competent provider and a provider that is inflexible and slow to assist you, is often the difference between success and failure. Therefore, choosing a good provider is not just about simply finding the largest, most well-known, most expensive company and hoping that you “get what you pay for”. Frequently this will not be the case and can lead to disappointment, not to mention additional time and expense. Search for a provider that is a good fit for your needs, who can be flexible and agile and who is willing to go the extra mile to help you launch your lottery product.