Lotto market today
Today virtually every country has its own national and commercial lotteries that have been enjoying steady popularity for many years. The share of lotteries on the world's gambling market is above 30%. Annual turnover on the market currently stands at $284 bln. By way of example, it is 10 times higher than the turnover of the entire world's film industry.
‘‘ ‘‘The share of online lottos is already in excess of $4 billion. This figure continues to grow as the Internet penetrates new areas and the number of smartphone users rises, which, according to specialist estimates, will exceed 5 billion devices by 2020. ’’ ’’
The lotto is today's favorite national entertainment and is second to none both in popularity and the market share it holds among entertaining social games in the world. Globally, on average, every second person in developed countries plays the lottery on a regular basis. In some European countries, such as Spain, this figure is even higher and can be as high as 80% of the adult population. Despite such popularity, there are still some major shortcomings that bother every player.
FAIR DRAW PROBLEM
Licensed operators cannot rule out the role of human factors in the industry with a turnover of billions of dollars which, in turn, cannot guarantee a 100% fair draw. The problem of fair play is currently the main constraint on this market and not without reason.
THE PROBLEM OF COLLECTING WINNINGS
Collecting the prize in each country is governed by its own rules and , if you win, it can take several years to collect your winnings, and all kinds of fees are required which may make up to 50% of the prize, depending on the country.
LIMITED ACCESS TO TICKET PURCHASE
Residents of many countries still suffer from a lack of access to payment or banking systems. The lack of a universal payment method is a major constraint for organizing a single international lotto for people in all countries.
Evidently, lotto is one of today's most popular gambling practices
It is precisely the above problems, coupled with difficulties in attracting customers and the lack of an easy-to-access universal payment method, that are the key constraints for launching a global, 100% fair and transparent lotto.
How does KIBO Lotto tackle these challenges?
KIBO LOTTO offers a new approach to the organization and holding of lottos. Thanks to blockchain and Ethereum smart contract technology, we have eliminated key shortcomings in the most popular social gaming entertainment on earth.
A completely transparent and 100% guaranteed fair-play platform
KIBO is built on blockchain technology and makes use of open-source smart contracts, whose logic and algorithms are available to anybody. Anyone can check out any transaction, any draw or any lottery.
The gambling rules and conditions are hard-wired into the architecture of the KIBO smart contract. After the network is set in motion they cannot be changed, doctored or deleted. This ensures a complete transparency of each lottery and a 100% guarantee of fair play.
Play from any place on the planet
Using new forms of e-money, such as bitcoins, ether and other stable cryptocurrency, we have been able to make access to the online lottery truly global. Playing lotto now has no geographic boundaries and is not tied into any local financial system.
KIBO is the first international lottery that can be played even by residents of those countries where there is no banking infrastructure; all that is needed is Internet access.
Instantaneous payout of winnings and anonymity
By using new technology we have reduced the time needed to collect your prize, which in some countries can be up to several years. In KIBO, the smart contract logic makes payments automatically, with no intervention from third parties.
Now, when a person wins in KIBO LOTTO their prize of any size is paid virtually the same moment to any place on the globe without any fees.
The KIBO Lotto platform is translated into 14 languages, has an intuitive interface and contains a series of the most popular types of lotto on European and Asian markets. As we move forward with technological advances, we are happy to offer a product which represents the next step in market development and which transforms it in every direction.
You can try it too. Right now you can learn about the alpha version of the platform at http://kibolotto.net