Is the Lottery the next Industry to be Disrupted?
For my sins I’m still in my company’s lottery syndicate and for 18 years have been staking £1 pound a week, resulting in a £1000 investment with zero return!!! So what I used to see as just a bit of fun, constitutes in retrospect, the unrewarding outlay of a significant sum of money!!
I’m always interested in disruptive solutions, and I came across PoolTogether who offer a paradigm shift both in terms of how a lottery is played and how it could be perceived. Currently in the UK the National Lottery is regulated by the Gambling Commission, which more than hints its own baleful intentions!!!! The hope of winning vast sums of dosh is a strong motivator, so one can understand why some individuals can easily become addicted to the Lottery.
PoolTogether_ , however, are flipping the lottery concept on its head. They allow individuals to stake their money, and the interest accrued from the pool (circa 8%) is used to pay the winner. Those who don’t win that week can either get their money back or can choose to roll it into the next lottery. Philosophically, it is a moot point as to whether the government would deem that arrangement as gambling or an investing strategy.
When people talk about the internet moving to an age where it is seen as the “Internet of Value” this is the type of solution that brings this concept to life. This is a great user case where the rewards benefit a wide number of participants in the Global market and in this case everyone wins!!!
My dilemma, of course, is do I leave the syndicate after 18 years with a 1:14 Million chance of winning the jackpot, or do I just cut my losses and put my money into the so-called Magical Internet Money? Sentiment, romanticism, solidarity with fellow punters and inertia are probably worth fifty quid a year, but I won’t be increasing my stake! But I will be upping my stake in PoolTogether_
Maybe Mr Branson will have another stab at taking over the UK National Lottery using Pooltogether_ to differentiate this time!!!!!