Lotto pot


(Trevor Mitchell) #1

monzo lotto : if you give yourself a pot and call it lotto pot, you will have the option to make deposits into it and thereafter for every £1 You will get a chance to Win the total of all pots that entered that day or week. Or you could break it into amounts, 1st prize =50%, 2nd prize = 25%, 3rd prize = 10% and then 15 winners getting 1% each.

Good fun and easier than the lotto although I guess monzo would need to acquire a gambling licence or sumit…


#2

Yep and there would be geographical exclusions so it’s excluding some users from the start.

Also, a good idea to encourage gambling?


(Trevor Mitchell) #3

I’m kinda suggesting it as an alternate to playing the lotto, which is only really making Camelot wealthier, at least using the approach mentioned 100% would be returned or even if you fancy keep 10% for good causes 5% to recognised national causes and 5% to the winners preferred local or national charity / good cause . & even limit it to only being allowed a max ticket purchase like £2 So the same as buying 1 lotto line per week.

I use to play the lotto but it’s way to complicated with x number of games and who knows how many different scratch cards, I just want a simple cheap entertaining chance of winning a few bob… :slight_smile:


(Trevor Mitchell) #4

I don’t follow on the geographic exclusion, surely if you have a card you can play? :slight_smile:


#5

gambling laws in Northern Ireland mean we can’t do the health or postcode lottery. Camelot was a special exemption

There are rules for betting and bingo sites for NI residents


(Trevor Mitchell) #9

I do think the health and postcode lotto are maybe not so good to be fair so not sure you are missing much but I see your point…


( surohpotsirhC) #10

It’s an interesting idea. Maybe one best served by an outside body via the API?


#11

It also makes a good Islamic banking option at the moment (from my limited knowledge). Adding the lottery may reduce this so the outside API would be a good compromise


( surohpotsirhC) #12

There’s a really good thread here about Islamic banking. Taught me a lot. I’ll try and find it.

Found it: Islamic Banking 🕌


#13

Heard something on the world service a year or so ago. Fascinating.


(Simon B) #14

I never thought about the idea of games or gambling using our API (or indeed any financial API).

Interesting concept. It would have to be heavily regulated though.


(Andre Borie) #15

Wouldn’t Monzo still be Islam-compliant if the gambling feature is an opt-in toggle somewhere deep in settings?


(Trevor Mitchell) #16

But just imagine waking up 1 morning and having 10 million quid in your pot… :sunglasses:


(Andre Borie) #17

That’s just gonna blow up all and every single one of their fraud checks the second this happens. :joy:


(Kieran McHugh) #18

Games and gambling, particularly lotteries, are extremely heavily regulated in the UK.

The reason TV shows ask stupid questions on their competitions (e.g. X factor) is to avoid being classified as a lottery. It’s not a lottery if you have to answer a quiz question to participate.

I suspect we will steer clear of that!


(Trevor Mitchell) #19

Let’s call it a raffle then… :slight_smile:


#20

But just imagine waking up 1 morning and having lost 10 million, gambling works both ways!


#21

Monzo bonds. Ethical bonds which are invested in ethical things and 1 lucky winner gets a Monzo bag for life


#22

That’s one hell of a pot you’d be gambling from


(Simon B) #23

True.

My ex-gf used to work for the Gambling Commission, which is the regulatory body. They were/are based in Birmingham, where I live. This was long enough ago to where their biggest issue at the time was still the compliance of bookmakers. I suspect nowadays their work would be more focused on internet gambling and apps.