Lottery or lotto is one of the legal gambling activities allowed in India. Lotto in India gets its fair share of patronage from the commoners because of its simplicity, affordable tickets and high potential returns.
Considering India’s vast population, starting a business in this line is a good step in the right direction. That’s because, if you manage the game well enough, it has immense potential of giving you huge profits.
In this article, we look at what it takes to start a lotto business in India. First, let’s consider lotto as a game; how does it work?
How does lotto work?
There are only a few games that are simple and yet interesting, like the lottery game. Like with any gambling activity, it offers a high level of risk for a considerable return. This large pool prize is usually the tempting factor and the reason why it pulls so much crowd from everyday people.
Playing the game is easy. All a player has to do is buy a lotto ticket from a retail outlet of his choice. After that, the player will predict some set of numbers depending on the rules of the game. The player can also choose whether to pick a single draw or multiple draws. Finally, the player will wait for the final announcements and see if their predictions are correct.
How Profitable is Lotto Business in India?
For many Indians, the lottery has become a part of their daily routine because they have seen the game transform regular people like them into millionaires. The game serves a sort of financial liberation plan for many people.
India’s large population presents massive opportunities for anyone who intends to start best online lottery sites in India. Every day in India, an average of 20 million people buy lottery tickets. The stats are fair enough, and it is clear that the numbers are to your advantage.
Therefore, the lottery business is one that will see you reap significant benefits in no time as soon as you start. In the following sections, we’ll consider what it takes to create a lotto business in India.
How to Obtain a Lottery Business License in India
There is no central regulatory board for gambling in India at the moment. Therefore, the regulation of lottery games in India rests solely on the shoulders of the state governments. If you are going to start a lottery business, you have to file for the necessary papers licensing at the state office level.
You must know, licenses are a must for anyone who wants to have a lottery business in India. Without it, you would be running an illegal business venture. People would not want to gamble with you because it is risky and unlawful. Those who do would be doing so at their own risk.
The beauty of getting a license for your lottery business in India is that there are several ways to do it. You can either do things by yourself or have someone do it on your behalf. While doing it yourself can be cheaper, the process might take your time and leave you stressed out in the end.
On the other hand, when you leave it in the hands of organisations specialising in getting lottery business, the process is faster and easier. You can search online to find these organisations to help you obtain your license.
Getting the right place for your Lottery Business
Like any business, your lotto business needs to be in the right place to be successful. Before you choose an area, the first thing is to consider if state laws allow gambling or not. In India, only 13 states allow their residents to gamble. The states include:
- Arunachal Pradesh
- Madhya Pradesh
- West Bengal
Interestingly, not all these states allow their residents to take part in online lotteries. Of the 13 states, only 5 states allow their citizens to buy lottery tickets online; they include:
- West Bengal
After selecting one from the above sites, the next thing to do is conduct a feasibility study. That is, to check the probability that your business will do well if it were in that environment.
Ideally, in selecting your preferred location, you should consider your customers and the presence of competition. Your lottery business should be in a place where there are customers. At the same time, it should be in a place where there is no prominent or established lotto business. Otherwise, your business might not make the maximum profit that it should. While competition is good for business as it helps keep you on your toes, you should also remember that your business is just starting. Competing with already established companies will only cause unnecessary problems for you and your new lottery business.
Disclaimer: The above-mentioned story is for information purpose only and the viewers are requested to look forward accordingly as Business Upturn does not take any responsibility of the losses that may occur in further activities of traders and/or buyers.