How To Start A Lottery
This guide is about starting a lottery
And here if you just want to find the Best Online Syndicates
So you want to start your own lottery? It won’t be easy but here’s some ideas and information on how to get started.
Firstly, Why Do You Want To Start A Lottery?
This is a vital question. Are you fundraising for a group or charity? Or maybe wanting to start a business? Or just want extra income?
The scale of the game you want to create will have a major impact on how you proceed. And the level of support and financing you might need.
Are You Sure It’s A Lottery You Want?
If you’re fundraising then a raffle (or ‘tombola’) may be a better solution.
(If extra money is the goal, jump now to Your Own Lottery Business)
A raffle is where you sell numbered tickets, and at a specific time winners are drawn from a container that holds a copy of every numbered ticket sold. It’s very different to a lottery because only one ticket can win each prize. And the prizes are often donated by local businesses for a little publicity on the tickets.
How Do You Fund Lottery Prizes?
With a lottery you need to be able to pay all of the prizes, and you don’t know until each draw is complete what winners there will be.
There are commonly two ways to cover prize payouts. Either you sell enough tickets to cover all the prizes you may potentially have to pay out, which is how most national and state lottery games work. Or you have an insurance company underwrite the game. This is how the online lotto games tend to work.
Very Serious Legal Bit
Lottery games are heavily regulated all over the world. Generally speaking at the very least you will need a license from your Government to be allowed to run one.
And you absolutely must consult with legal professionals before you do anything. I am not a lawyer, and you do need one. Preferably a firm already experienced with lottery law.
Bear in mind it will likely be extremely difficult to get a license or approval to run a lottery. Why? Because most countries have big national lottery games that make lots of revenue for the Government. And they don’t really want any competition.
What Makes Your Lottery Better?
Most countries have a big lottery game. You pay a very small amount, and can win a very big prize.
Your game needs to be better or different in some way. It may simply be that all the profits go to your charity. Or maybe the odds on winning are so much better (even if the prizes are smaller). Whatever it is, you need ‘something’!
So What Now?
If running your own lottery game is for you, then I’d suggest your next step would be to contact the relevant Government department. It will normally be called something related gaming and licensing. But if you ask for whichever department handles lottery licensing you should be on your way.
Start Your Own Lottery Business
If the idea of running a lottery is more about generating extra cash than owning a lottery company, then I can help you further. This can be for you directly, or for a group you represent or support.
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So you want to start your own lottery? It’s far from easy. So here’s some ideas and information as a starting point.
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Why Starting a Business Beats Winning a Lottery
When I was 20 years old and investing every penny I could find into my summer businesses, one of my friends begged me to buy a lottery ticket she was selling to benefit the American Cancer Society. I told her that I don’t buy lottery tickets, and that they aren’t a good investment. She said she had already told her boss at her day job that she had sold all of her tickets, and if it was found out that she didn’t she said she would get fired. Begrudgingly, I bought the $1 lottery ticket just to help her out.
One week later, a representative of the American Cancer Society called me, told me I had won the raffle, and asked me to set a time when could I come pick up the grand prize of a small sailboat. The boat was worth $600, a 600-fold return on my investment of $1.
This lottery was a great win for me. However, I have found that a successful small business can have much higher return than even a winning lottery ticket. I started Adams Media Corporation, a book publishing business, with about $2,000 and sold for it for $40 million, a 20,000-fold return.
Your Best Bet for Making Money Is a Small Business
Today, running a small business is your best bet for making lots of money. In fact, the odds of becoming a multi-millionaire by running your own business are much better than your odds of making it anywhere near the top of the corporate job world.
If you make some of the right choices and work hard, how successful can you make your small business? Probably a lot more successful than you think. There are many very small, even one-person businesses where the owner makes more money than all but the very top executives at the largest corporations.
It’s probably a lot easier than you may think to succeed with your own small business. It’s also a good deal less “chancy” than entering raffles and lotteries.
The Biggest Rewards in Running a Small Business
You might be surprised to find that the real satisfaction in running a small business doesn’t lie in the monetary rewards. The real satisfaction is more likely to come from such intangible factors as:
- The constant stimulation of tackling endless challenges;
- The feeling of pride in the fine workmanship involved in building great products;
- Delivering great services;
- The satisfaction in fulfilling customers’ needs;
- The sense of fulfillment in providing employment and career growth for those who work for you;
- The gratification of being in control of your own destiny;
- The pride in making a highly tangible contribution to society;
- The thrill of achieving success.
You will never get those more meaningful satisfactions from getting lucky in the lottery. I’ve won a lottery and I’ve won at small business. Winning at small business is a heck of a lot more rewarding.
Entrepreneur Bob Adams explains why you have better odds at making a million dollars by starting your own business than trying your luck at the lottery.