New business model will revolutionize the social and economic impacts of online gambling.
Online gaming and lawmakers have a checkered history. Governments want to regulate the industry to prevent underage gambling, protect low-income groups and collect taxes. The companies are in it for the dollars.
Regional public lottery corporations have seen how much money is out there in the iGaming world and they're eager to tap into those markets too. The difference is these lotteries are interested in directing profits into social development programs. They want online gaming to help fund vital public policy initiatives.
A new model
Using the existing infrastructure of the lotteries, Canadian
company Lotto IP wants to develop a business method for state or provincial
lottery retailers. Game With Us (GWU) uses unique validation codes and allows ticket
holders to log onto state-controlled gaming sites. Winnings will be collected
at local lottery outlets.
Several lawmakers have expressed interest in the new Lotto IP and within 2 years agreements could be signed. The specifics as to the ownership of the licensing operations have not been hammered out yet.
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