We all have been part of the ole argument on whether you prefer betting on lotteries or purchasing lottery tickets. There are pros and cons both ways, though I do lean towards betting on the US lotteries in particular – part of that is theoretically, there are no taxes taken off the top! The team took a look at a new site called Jackpot.com today. It’s an online betting site for international lotteries and syndicates.
Games at Jackpot.com
Currently, Jackpot.com has four lotteries that they offer for players to play. No big surprises here that they have focused on US Powerball & Mega Millions, EuroMillions & EuroJackpot. Players can bet on one ticket line or more. Winnings are the face value of the published lotteries. There is no facility for quick pick or for subscriptions, though remember, this is a new site. Time will tell whether they have done this intentionally or will continue to expand the options – and the lotteries available.
Syndicates at Jackpot.com
Jackpot.com offers three syndicates for EuroMillions: 55 ticket lines/40 shares, 23 ticket lines/25 shares and 15 ticket lines/10 shares. The more the ticket lines, the more the shares cost. There is also Thunderball with 10 lines/10 shares, 15 lines/10 shares and 11 lines/20 shares. UK Lotto also has three syndicates with 20 lines/30 shares, 23 lines/25 shares and 21 lines/40 shares.
I Won! I Won!
We thought there wasn’t any commission paid until we got into the small print in the Terms & Conditions – wrong! The most important aspect is the fact that Lottomatrix (aka Jackpot.com) retains 35% of any winnings in US Powerball & Mega Millions on the highest prize category of any jackpot win. They say this puts “the Player in a similar economic position as if they had played the Underlying lottery”. Sorry folks – that means you are simply keeping the tax that would have been deducted from that win. Kinda defeats the whole purpose of betting versus buying actual lottery tickets.
More I Won! I Won!
It gets better – not! Lottomatrix (aka Jackpot.com) can decide whether you get your winnings for US Powerball & Mega Millions by a lump sum or by annuity over 30 years. Your first payment will occur “as soon as possible after the draw”. If they opt for the lump sum, then it will be 60% of the annuity amount after they take the 35% withholding off.
Reading through the prize categories takes a great deal of patience. There is a whole bunch of what she/he gets depending on whether there are one or more winners at Jackpot.com and the actual lottery. They also divide it up to three categories – A, B & C – with different rules.
Who Can Play at Jackpot?
Besides the usual ‘you have to be 18 years or older’, people who work for the company are not allowed to play on this site plus anyone who lives in Belgium, Bulgaria, Denmark, France, Hong Kong, Ireland, Israel, Italy, Malaysia, Romania, Singapore, Spain, Turkey and the good ole USA (and its territories).
I Need Help
Jackpot.com is owned by UK Company called Lottomatrix Limited, registered with the UK Gambling Commission. They offer live chat available 9:00 am and 9:00 pm GMT. It’s good and they really do know their stuff. There is also an online form, email address and UK phone number. Oh – and a snail mail address and all the registration details for the UK Gambling Commission.
The Bottom Line at Jackpot.com
I really do have a problem with their taking the 35% off the top in lieu of taxes, but they take it – and don’t have to pay anything. Other than that, the only other gripe from the team is the lack of some of those other international lotteries that are available through other sites.
Good Customer Support
35% Withholding and that’s NOT taxes
Only Four Lotteries to Bet On
Annuity or Lump Sum?
This site doesn’t get a thumbs down or a thumbs up. It’s too new at this stage and it will be interesting to see what they do next. They definitely need to rethink some of the aspects of their site and get on board on more lotteries.