What is betting on the lottery?
Betting on the lottery is actually betting on the outcome of the lottery and does not involve the purchase of a physical ticket. Yes, you heard that right! No actual lottery tickets are purchased. Instead, players (bettors) are betting on the chance of their selected numbers coming up in any given lottery draw. Lottery operators are able to provide this service by taking out insurance policies against all the different number combinations. However, because the odds are so great and the insurance payouts for winning combinations so large it is possible for lotto bettors to win massive tax-free lottery size jackpots.