Currently we are in the "launch" stage. Our main focus is on spreading the word and promoting the website and the project to as many people as possible.
At the same time we are also focusing on the funding side and also establishing the details of the online platform.
- The system we would be running is the simple (and one of the oldest in use) 6 out of 49.
- Tickets will be sold online
- The majority of our profits (80%) will be invested in sustainability projects. The remaining 20% will be invested in the future development of the lottery.
- The players will be able to vote the project they like most every time they buy a ticket. After the jackpot is won, we will distribute the funds to the respective sustainability projects according to the votes of the players.
- The numbers will be drawn using a Random Number Generator using atmospheric noise to select the winning numbers.
One of the main challenges on the legal side, and maybe the reason why someone did not already create a global lottery, is that in most of the countries the lottery is a “nationalized” business. Creating a competitor for the state lottery is almost impossible due to protectionism of national lotteries.
The second great obstacle is that some of the biggest countries in the world (USA and China are a few examples) do not allow their citizens to gamble online. Even though it seems very strange that we can do everything online, it seems that gambling is a special thing. A reason could be that governments want to control this very profitable source of taxes, which is quite hard in the case of online gambling.
But as challenges are the key-stone of every entrepreneurial venture, we found two locations where we believe Win the Planet could be established: Malta or Antigua and Barbuda. We are still searching for other jurisdictions that allow lotteries and online gambling so we appreciate any pointers or advice you can offer.
We estimate an initial capital need of 350.000 EUR. These money will be used to pay for the gambling license fees, company set-up costs, equipment and online platform creation.
To raise this amount we plan to go simultaneously for two approaches: crowdfunding and finding an angel investor.
For the crowdfunding, our optimistic target is to get 4.000 people to contribute 50 eur each. In return for these money we will offer to each person that contributes 300 eur worth of free lottery tickets. You can see all the details here.
At the same time we are seeking an angel investor that would be interested in helping us develop this concept to reach its full potential. More details here.
