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What’s the Problem With the Lottery Industry?

Bitcoinist

Bitcoinist | Jan 26, 2019 | 06:00

GG World Sponsored Article

What’s the Problem With the Lottery Industry?

Bitcoinist

Bitcoinist | Jan 26, 2019 | 06:00


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The lottery industry managed to generate a total of $273 billion in ticket sales throughout 2017. However, despite being an international, multi-billion dollar market with unparalleled opportunities, its existing state is far from where it could be. Doubt, uncertainty, lack of transparency – these are just a few of the issues which are riddling it. But how can they be solved?


Old-Fashioned Approaches

Legacy lotteries have managed to introduce new products fairly regularly, which is admirable. However, instead of increasing revenue, it seems like topline revenue sales come at the expense of existing games.

Additionally, it’s also important to note that there is a more challenging, demographic problem hovering over the horizon. Millennials aren’t buying lottery tickets at such a high pace as older generations used to and this is bound to take its toll on the market.

In an attempt to tackle these issues, GG World presents a solution where traditional, brick and mortar outlets are left aside. Instead, it takes advantage of modern technology which is perfectly functional on mobile markets. Not only does this allow the project to reach the less-developed market, but it also resonates with the millennial mentality.

The thing is that millennials rely on their phones and on technology a lot more. Yet, lotteries are seemingly slow to catch up. That’s where GG World comes into the picture.

Lack of Transparency

Another pressing issue which is currently riddling the market is the lack of transparency and the growing concern of people regarding the actual randomness of the draws.

A broad range of platforms is using pseudo-random number generators. They are also commonly audited by questionable authorities, which quickly ignites the sparks of doubt and uncertainty.

In order to tackle these issues, GG World implements two particularly important components.

First off, the platform is the very first to use a True Random Number Generator (TRNG) on a blockchain. The TRNG itself is intended to guarantee the true randomness of the draws, while the blockchain layer brings the much-needed immutability and transparency.

On the other hand, in order to tackle the challenges related to auditing transparency, the project is closely monitored by Gaming Laboratories International. This is a world-class gaming certification business.

Losing the Personal Touch

Apart from all of the above, another important thing to consider is that legacy lotteries are continuously losing any kind of personalization they might have had. With billions of tickets in sales, it feels like the emphasis is put solely on the profit, rather than on the user.

GG World is tackling this issue by bringing back the personal feeling to the lottery. Every participant in the project’s STO will be entitled to receive a lifetime revenue share which is based on every single jackpot prize win.

This way every time someone wins the jackpot, all the token holders will win with him.

You can read more about the GG World Lottery project and participate in its STO on its official website.

Should you have any questions, don’t hesitate to ask away in the project’s Telegram channel.

What do you think of GG World Lottery’s way of handling the issues currently pressing the lottery industry? Don’t hesitate to let us know in the comments below!

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