Honeypotlotto triggers investment round and eyes Australian licence

Micro-lottery start-up Honeypotlotto has opened an investor round as it looks to obtain a Northern Territory lottery licence in Australia.

The firm, which was founded in 2017, is looking to regain its footing as a licensed entity to allow it to act as a B2C operator.

The Honeypotlotto product allows punters to enter quickfire draws with big pay-outs.

Micro lottery works by providing players with low-cost entry to games which have restricted player quotas and a guaranteed payout odds.

Lottery ticket purchases range from €1 through to €100 and the format relies on small game pools with known fixed odds, with restricted game quotas and known game pay-outs for transparency purposes.

Honeypotlotto previously held a Maltese licence and planned to launch its product in the UK in 2020, although the launch never materialised.

Since then, the firm has expanded its software offering into the B2B market and as a Raffle as a Service (Raas) platform offering.

Pitching for investment on the company’s investor relations page, Honeypotlotto said: “Our micro lotteries model and games present a natural readjustment in the lottery market.

“Honeypotlotto is a recognised leader in the creation of this new market niche and we are looking for investors to help us get to our next stage, an Australian lottery licence.

“Honeypotlotto is a small entrepreneurial team that successfully gained a European gaming licence on the smell of an oily rag and we now want to launch in our home market.”