Gambling, lottery licences

[redgrape1985]

I have a new business idea which involves starting a lottery. I am aware that I need a lottery licence and/or gaming licence. Can somebody help me out with this as there are a few licences out there?

If the jackpot is say £100.000 and I have £10 in the bank, but there is a 1 in 10 million chance that it goes straight away. Am I allowed to do this?

Who is out there to check up. I am asking as I want to do this all ligit.

Thanks in advance.

Dave

 

[beenthruthemill]

I have a friend who has written a lottery software programme and investigated the licensing implications. If you would like to be put in contact with him, please let me know.

 

[redgrape1985]

That would be fantastic. Could you pm me his details please?

Dave

 

[beenthruthemill]

I'll email him to get his agreement and then pass on his contact details to you.

 

[beenthruthemill]

My apologies, I emailed my friend but his own launch plans are quite advanced.

From my own direct experience of obtaining a bookmakers licence, they were quite keen to know what funding was in place to pay the winners. I can't imagine a gaming licence is any less stringent. You might like to look into taking out an insurance policy against losses. I should think a policy underwritten by Lloyds would be enough for the licencing authorities. Anyway - good luck.

 

[redgrape1985]

Thanks again. As far as I'm aware you only need a basic licence for a lottery but I need to do some more thorough research before we launch - the last thing I want to do is be on the wrong side of the law.

In terms of the low risk aspect I'll have a look into insurance policies. Sounds like a great alternative to traditional funding, which can be a nightmare to get at a good rate regardless of the risk.

If anyone else has any experience with insurance policies for lotteries/funding/licences your feedback would be greatly appreciated!

Dave