Could someone please explain exactly what Lottoland is selling. The advertisements imply that they are selling tickets from overseas lotteries but I do not believe that is the case. The advertisements are targeted at older people and I think they are being conned.
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From their web site and Dr.Googling, to answer your question they are selling logical equivalents of the respective lotteries, ie a bet on the lotto outcome not lotto tickets from the lotto sponsor.
They are quite open about it.
At the end of the day if you are a punter and pick the top numbers direct, or from Lottoland, does it matter if you have the same winnings in your pocket regardless of who/how it is paid? They pay out from their takings or when necessary from their insurances against large payouts (nb. large payouts have Very Low odds).
âWe secure our policies with the worldâs leading insurers and we are fully audited by KPMG. Lottoland completed an insurance-linked securities (ILS) transaction in Gibraltar, in order to insure itself against major customer wins. With a âŹ100 million set aside that will be released by KPMG when major jackpots are won.â
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Be on the safe side keep away from them, they are not affiliated with any Lotteries in Australia, nor are Licensed resellers of tickets and all profits go out of Australia, also all losing ticket monies, not like enabling jackpots in buying Australian tickets.
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Their time may be limited.
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Western Australia has banned them also want all Australian states to ban them just a rip off to the consumer and many think their numbers will win lower prizes DOES not happen lost your money they prey on our nationally well known lotteries to confuse the customer into what they are buying, and they donât say they are not affiliated with Actual Australian Lotteries that also support various charities., which this Lottoland doesnât.
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Do Not Allow these companies to operate in Australia, Looks as though the USA is going to ban payment of Lotteries to Non Residents and the selling of its lotteries by foreign companies, Australia should do the same Ban sale of Australian Lotteries or anything to do with them by Foreign companies.
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There have always been USA based promotions of all sorts only open to US residents or residents of specific states (eg âselectâ tax payers); But please cite your source for that as google does not find a hit.
All I can find is this non-authoritative site that touches on the legal/tax complexities.
In contrast to Australia where winnings are all yours, lottery winnings in the USA are subject to 39.6% federal income tax (top bracket) as well as state and sometimes local income taxes. At least 25% and sometimes all 39.6% is withheld from payment. Still a lot of money in oneâs pocket. FWIW an American national living in Australia who won a lottery would also be expected to pay that 39.6% federal income tax on the pot to the IRS since Americans legally have to file US tax returns on their global income regardless of where they live; that law apparently dates back to the American civil war.
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I agree with the âdo not allowâ but the US may ban sales to others but Lottoland isnât an actual sale of lottery tickets but is a bet on a bet. It is like an insurance product in that it covers the risk of an event happening ie that the winning numbers will be chosen for a particular lottery, and that may be harder to actually stop internationally. It is a gamble regardless and we currently have enough gambling related problems in Australia without adding any further enticement.
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