What future awaits KIBO, or what is going on with the lotto market
What is lotto?
Many people have never given a thought to the scale of and reasons for the popularity of lotto worldwide.
In the meantime, lotto is the most popular game on earth today. The world’s turnover of this market is estimated at $284 bln, which is over 30% of the whole turnover of the gaming industry.
The game is part of our genetic code — the first mention of lotto has been traced back to 100BCE.
Lotto is an immensely popular entertainment. Despite the fact it involves an element of gambling, it stands apart from games of chance. Unlike casinos, poker or the bookmaker’s, it is permitted in most countries and is one of the world’s favorite forms of social entertainment.
On average, every second adult person in any developed country now plays lotto on a regular basis. According to the 2016 WLA report, in the first quarter alone, the world’s market grew by another 3.1%.
In North America and Africa, the growth was 15 and 13%, respectively.
It becomes clear from the above why launching a lotto can be very attractive business indeed. For certain reasons, however, there are some barriers that make entering this market difficult for some players who can compete with state lotteries.
And why is that?
First, it’s fair play — the degree people tend to trust the state has always been higher than they do private companies, despite the fact that the human factor is present in both.
Another important obstacle is that it is difficult to attract a large enough audience. If all you need to open a casino is to attract a few hundred gamblers to your site, to create a big jackpot in a lotto you need to sell thousands or tens of thousands of tickets.
To carry out such a task you need resources and various mechanisms for enrolling a large audience of users.
This is a time for dramatic changes for both lotto and gambling markets today.
And these changes are already taking place.
This has become possible owing to such technology as blockchain.
What is blockchain and Bitcoin? How come more and more experts are reaching the conclusion that the entire gambling market is going to convert to the technology in the next 5 to 10 years?
The thing is that the transparency ensured by blockchain ultimately rules out any need for institutions that guarantee fair play — fraud is simply impossible now and this is the key element of the game for every player.
It is also important that such cryptocurrency as Bitcoin and Ether makes access to the game global to a degree previously unimaginable and allows new markets to join that previously simply have had no access to payment systems.
All this is just a fraction of what the KIBO platform can offer the lotto market for the first time in its history.
How quickly the market is changing
Multiple gambling cryptocurrency resources using blockchain to ensure fair play started to appear back in early 2015. This went hand in hand with the advent of convenient services and wallets for easy use of cryptocurrency.
Users were quick to appreciate the advantages of the new technology and as early as by the end of 2015 the market had reported a 15-fold growth in turnover.
The 2016 figures are not yet known but it is already clear that this is only the beginning.
The lotto market is starting out on its path of change, with KIBO offering not simply a new approach to organizing and holding lotteries. For the first time, the terms and conditions for each affiliate and the platform as a whole are governed by a smart contract.
This means we now have a solid basis for building a network of many thousands of independent affiliates with each one able to start its own lotto.
This allows us to accomplish task number two: rapid expansion of the platform worldwide.
