Lottoland’s ‘jackpot betting’ under investigation in Australia

The Australian Securities and Investments Commission (ASIC) is taking a hard look at Lottoland, following a complaint that claimed the Gibraltar-based operator was offering betting products based on international lottery businesses.

Lottoland’s recently released “jackpot betting” product takes numbers from financial markets and international lotteries and uses them to derive a random lottery draw, from which it then pays out its winners. While the action is based on foreign draws, like the American Powerball, it does not allow direct purchasing of lottery tickets for those contests.

In late June, Australia passed laws which would ban offers on international lotteries. This current investigation will analyze if Lottoland’s “jackpot betting” is in violation of that legislation.

The Sydney Morning Herald reports Communications Minster Mitch Fifield is seeking advice from the Australian Communications and Media Authority to determine “there are no activities that are contrary to the law.”