Interviews
Crypto Millions Lotto’s Sulim Malook on What Happens When Lotto Meets Bitcoin
The proposition of Bitcoin lotteries is simple. If you go to a casino, you have to buy chips from the cashier to play. When you finish playing, you can cash your chips in for money, or keep them for next time. With a digital lottery, you play with a digital currency. In the case of Crypto Millions Lotto it’s Bitcoin. Think of bitcoin as the chips you have to buy to play Crypto Millions Lotto. Players deposit bitcoin to play, and if they win, they get paid in bitcoin. One exception is that if you’re lucky enough to win the jackpot, this innovative digital lotto gives you the option to take your winnings in bitcoin or a local currency of your choice.
There are some really strong arguments for considering bitcoin lotteries vs traditional ones. There are two major reasons. The first is that if you play games across borders using a credit card or any other traditional form of payment, then there are complications and frustrations around whether the payment can be made or if it will be blocked, the exchange rate, and payment periods. Using bitcoin removes all of that because it knows no borders.
The second reason is that by operating digitally using bitcoin companies like Crypto Millions Lotto can avoid a lot of infrastructure costs, including payment processing charges. According to Sulim Malook “Having a low cost base allows us to offer bigger jackpots. Our jackpots are bigger than the majority of state-run lotteries and bigger than any of our online competitors.”
How Does a Digital Lottery like Sulim’s work?
“We allow people to play the numbers of eight of the world’s biggest lotteries on our website. Although they choose the numbers on our site, they’re actually betting on the numbers of a state lottery, so numbers are drawn by each of the underlying lotteries. That way we remain completely independent.
This means people can play every time one of those eight lotteries has a draw, in total 14 times a week.
In case people don’t see the live draw, we announce all of the winning numbers on our website, and we notify all winners by email immediately. Payment of winnings is made within minutes of the lottery ending.”
Bitcoin lotteries are the natural progression from digital lotteries
The first big shift was from offline to online, but all that really changed was how we bought and received tickets for a single lottery.
The next shift was allowing people to play many different lotteries online, and for that people needed a better way to buy tickets and to receive winnings. Sulim says “That’s where bitcoin came in. So, we haven’t adopted bitcoin just because it’s a digital currency. We’ve done it because it’s the best currency for the job.”
Covid’s Effect on The Lottery
Contrary to what you might imagine, historically, the lottery performs well in downturns and recessions, as people try to generate fast money for themselves. Covid, of course, has put a lot of the world into recession, so the lotto industry as a whole as well as the gaming sector has performed well.
But more significant than that, Covid has exposed the flaws and tensions in the traditional lottery model. Specifically, that it relies on a network of small retailers to sell tickets, most of which have now been closed and certainly were not contactless anyway.
The result, according to Sulim, is that people have gone online. “So not just us, the whole online lottery industry has seen a big uplift, while the traditional lotteries have seen a negative impact.”
And yet the lifting of COVID restrictions has not impacted this sector negatively. Sulim was clear that “On the contrary, the effect has been positive. With some state lotteries closing down for months, playing online was the only option. In our view, this is a good thing for an industry that has been living in the dark ages.
I’d liken it to working from home. Covid has opened many people’s eyes to the benefits of home working. Some people might go back to the office after Covid restrictions are lifted. But for many others, they’ve discovered a new way of doing things and will stick with it. It’s the same with the digital lottery. We introduced it to many people who now prefer it and who won’t go back to the old way.”
Business is booming at Crypto Millions Lotto and the team has a lot in the pipeline. So what comes next for a business of this ilk?
“We have lots of exciting things in our pipeline. We’ve recently added six new lotteries, and we’re planning to add more. We also plan to add more games, as well as offering players the ability to get bitcoin using their credit cards directly on our site.
As our user base expands into more countries, we want to offer Crypto Millions Lotto in multiple languages.
We have also just launched an affiliate program, which we believe offers a more attractive proposition than other affiliate programs already out there.”
Evoplay recently announced the launch of its lottery products in partnership with EQL Games. What has the initial market response been like, and how do you see the products evolving?
We view the partnership with EQL Games as an exciting development, as it represents our first steps in the US lottery market. While it’s still too early to assess the market response, EQL is one of the largest independent providers of games in the US lottery market. Integrating our products into their US portfolio provides lotteries with access to super competitive content and lays the foundation for future growth, opening the door to broader opportunities.
Evoplay is famous as an award-winning iGaming studio that produces innovative games that many operators across the globe take up. However, as newcomers to the very different lottery market, we are taking a strategic, step-by-step approach to building visibility and establishing a strong presence. Not all of our games are appropriate for the far more conservative iLottery market – we are, therefore, modifying our most popular instant win games as well as developing specific ‘lottery friendly’ content to establish a lottery focussed portfolio of games that support safer gaming initiatives while still being attractive to players.
In October, Evoplay will be attending the World Lottery Summit in Paris, where we will showcase our lottery games and ideas. This engagement is vital to our strategy to expand our network and explore new partnerships.
How would you evaluate the current landscape of the US lottery market? Are there any new partnerships on the horizon for the US market?
There are two factors currently impacting the US lottery market. First, retail sales are down, with most lotteries reporting significant declines in draw-based game sales for this fiscal year (FY25), mainly due to the lack of massive jackpots seen in FY24. Second, there’s increased competition for gambling dollars as states legalise online sports betting, bringing faster casino-style games to mobile devices. The attractive sign-up bonuses from online operators are drawing younger players away from traditional lottery games.
While North America’s iLottery sales are expected to reach $17.7 billion by 2032, this won’t fully offset the decline in draw-based games. To compete, lotteries must offer similar opportunities while leveraging their trusted branding. Evoplay can help by providing games that are not only safe but also appealing. This approach is already attracting interest from potential partners, and we expect that number to grow.
When introducing a long-established product like lottery, how do you ensure it resonates with new players while maintaining engagement from your core audience?
To engage new players as well as our existing audience, we’ve begun by transforming our popular instant games, such as Penalty Shoot-out, along with flagship titles like Adrenaline Rush and Star Guardians, into captivating lottery experiences. Unlike traditional lotteries, our games will offer a unique blend of excitement and entertainment, appealing to players who enjoy both casino dynamics and large jackpotswhile retaining familiar elements that resonate with our loyal audience.
By turning our popular titles into innovative lottery games and introducing entirely new ones, we aim toimpact in both the iGaming and lottery markets. We’re confident that our audience and newcomers alike will be curious about these new games, and we’ll further boost interest through various promotions. Evoplay’s products will deliver a unique gaming experience, combining nostalgic charm with modern appeal, ensuring they resonate with different player types worldwide. When players discover they’re not only having a great time but also having a chance to hit the jackpot and make their dreams come true, they won’t be indifferent.
In which global markets is the lottery experiencing the most growth, and where do you see the biggest opportunities?
Right now, the American (both North and South) market is at the forefront of online lottery growth, and there are huge opportunities here. The COVID-19 pandemic has pushed many players from retail to online platforms, leading to a clear increase in lottery participation globally. In the US, new online and sports betting laws have further accelerated this growth.
Asia is also a significant growth market, as is Latin America, which is becoming more accessible for operators. But if you ask me to pinpoint the biggest area for opportunity, I’d definitely say it’s the US. I believe our partnership with EQL Games is the first step for Evoplay to enter this market and sets the stage for future growth and success.
We are also focused on expanding our presence in other key markets, including Europe and beyond, where there are many lottery fans. The open data for 2024 highlights the growing potential in these regions, particularly in the top five countries by revenue, whichthe United States, the United Kingdom, Germany, France, and Canada lead. . This landscape presents us with numerous opportunities to leverage.
What does the future of the lottery look like to you?
As the lottery evolves, it will increasingly have to take on some of the characteristics of an online casino. To stay relevant, lotteries must enhance their game offerings and refresh their image to attract younger players, as most current participants are still 50 and older. This transformation is already underway and is set to accelerate, creating significant opportunities for innovative companies like Evoplay.
While engaging a younger audience is essential, prioritizing player safety remains crucial. This can be achieved by crafting games that encourage responsible play, offering captivating formats and dynamic gameplay that keep players engaged without compromising their well-being.
I believe the future of lotteries is bright as we innovate and adapt to the evolving preferences of players. Instant win games are poised to gain traction, potentially shifting the current balance from traditional lottery ticket sales to a greater emphasis on instant win formats by 2030.
What opportunities has WA.Technology identified in the Peru market? Why was this an attractive expansion opportunity?
The Peruvian market is an incredibly attractive opportunity for WA.Technology, for many reasons. The market is home to a large, fast-growing, tech-savvy audience that has an ever-growing disposable income available to enjoy gaming.
The Peruvian market is also no stranger to gambling regulation. Land-based casinos have been legalised in Peru since 1979; this legislation formed a solid foundation for many other LatAm markets to introduce similar regulations for brick-and-mortar venues.
Online regulations have been introduced much more recently, in October 2023, following approval from the regulator, MINCETUR. As you can imagine, this means that much of the population has a level of awareness of the different gambling products available to them.
Another key factor is the growing usage of social media platforms among players. In Peru, social media usage has surpassed eight hours a day – this provides an important opportunity for operators to be able to establish communications with players and, ultimately, build brand exposure. Growing internet and smartphone penetration across the country also presents a huge opportunity for the growth and development of the gambling industry. It is estimated that smartphone penetration is approximately 1.2 phones per person, making the type of online gambling we’d expect in Europe and North America quickly available further south.
Why has now been the right time to enter Peru?
As they say, there’s no better time than the present! We already have a strong presence in LatAm. The introduction of regulations that govern the online gambling space in Peru has opened up new doors for us to expand our footprint across the region.
Peru’s regulatory framework makes this market the perfect opportunity for WA.Technology to bring our expertise to operators across this nascent market. With more and more operators entering Peru (the last time I checked, there were 145 licence applications), we knew that there would be a demand for platform providers that can offer the full package of iGaming solutions. WA.Technology is perfectly placed to deliver exactly that.
Our full spectrum of products and solutions – which includes WA.Platform, WA.Sports, WA.Casino, WA.Fantasy, WA.Affiliates and WA.Lottery – will allow sportsbooks and casinos across Peru to revolutionise the way they engage with bettors by facilitating new levels of personalisation and localisation.
How do you plan to stand out from the crowd? What are your key USPs for this market?
WA.Technology has three key aspects that will give us a true edge in the Peru gaming market, making us the best proposition available for operators. The first is that we are the only iGaming provider that fully understands the importance of localisation. We are a global business, but we act locally – as well as boasting nearly two decades on the continent.
In short, we are incredibly well versed in the intricacies of the LatAm market, and how best to navigate the unique gaming culture in Peru. We also have a team based in Trujillo, which gives us a solid base of operation and allows us to stay up to date on developments on the ground.
The second aspect is the quality of the platform that we have. The WA.Technology is second to none; our products and solutions are highly customisable and scalable, each tailored to the unique needs of each of our partners.
We also offer best-in-class technology, backed by our team of top-level professionals, which utilises artificial intelligence to create the most efficient, streamlined products for our partners. This combination of expertise and cutting-edge technology gives WA.Technology an edge in the Peruvian market and allows us to stay ahead of any changing trends.
The final aspect is the support that we can offer to our partners. Operators are not just purchasing a product from WA.Technology; they are getting a full package of iGaming solutions. By partnering with us, operators will gain access to a wealth of knowledge and round-the-clock support that no other provider on the market can offer.
In addition to our platform, our partners also benefit from our team’s extensive gaming experience. Not only do they receive the full spectrum of support when launching and executing their growth strategies – but we’re also able to seamlessly integrate our best-in-class technology, no matter what the local tech challenges, as we understand LatAm better than anyone else.
How will your previous experience in LatAm shape your Peru strategy?
Our experience in LatAm, and other markets around the world, has provided us with a deep pool of knowledge that will most certainly influence our value proposition and our ability to offer operators the best possible solutions based on their own unique requirements.
WA.Technology knows just how important localisation and personalisation are to creating stand-out experiences. This isn’t just applicable to LatAm, but rather to every market that is regulated. We are very fortunate that we can tap into our local team to ensure that we have a deep understanding of the cultural, social and economic dynamics of the market.
We know that in order to engage and retain players, we cannot offer a standardised set of products – each product and solution must be tailored, in collaboration with our partners, to allow them to achieve their company goals.
What have been some of the biggest trends within the Peruvian gaming market? And how does WA.Technology plan to capitalise on these?
Something to keep in mind is that the Peruvian market is incredibly diverse, so it is hard to pinpoint a small number of trends that are shaping the market. But there are two which I believe should be mentioned: the first is the growth in provinces outside of Lima.
Lima, the capital city, has long been the centre of operations in Peru. But the city has become increasingly saturated, with many operators focusing their attention here.
In recent years, we’ve seen particular growth in cities such as Arequipa, Ica and Moquegua, and with that, significant technological advances and growing acceptance of gambling activities. This growth looks as though it will continue long into the future, which I believe will bring plenty more opportunities for expansion in Peru.
The second trend I’ve noticed comes down to players’ behaviour. The grouping in digital tribes is becoming much more noticeable, especially as we can analyse behaviours across different demographics.
At WA.Technology, we have identified more than 40 different demographics of players and more than 60 different psychological biases that impact how players engage with gambling activity. With those insights, we can understand what stimuli can impact player behaviours and adjust our products accordingly.
WA.Technology’s commitment to compliance and social responsibility
WA.Technology is a dedicated B2B service provider that upholds a strong compliance culture and encourages social responsibility and responsible gaming. Our marketing efforts support partners in upholding ethical standards, reflecting a commitment to integrity, transparency and the well-being of the gaming community. WA.Technology encourages safe and responsible gaming environments by offering products and services that adhere to regulatory compliance and responsible marketing.
Conferences in Europe
“Finding Xanada”: Vladimir Malakchi on Revolutionizing iGaming Investments and Fostering Innovation
The European Gaming Congress (EGC) returns to Warsaw for 2024 on 15-16 October, and organizer HIPTHER is proud to introduce the conference’s esteemed Sponsors – trailblazing professionals and innovative organizations that help make the magic happen! In this Sponsors Spotlight Interview, we are proud to welcome Vladimir Malakchi, CEO and Managing Partner at Xanada Investments.
Thank you for joining us for this interview Vladimir! Let’s introduce you and Xanada Investments to our readers: What inspired you to create an investment fund with such an ideological and philosophical approach?
Thank you for having me! The idea for Xanada Investments came from my extensive experience in the industry, where I witnessed firsthand how many promising startups struggle—not just due to a lack of funding, but because they lack proper strategic support and long-term vision. Over the years, I saw how typical investment funds often limit themselves to providing capital, without addressing other crucial aspects of business growth.
This inspired me to create a fund that goes beyond the traditional investment approach. At Xanada Investments, we focus not only on financial backing but on building an ecosystem where startups can grow together, share knowledge, and support one another. Our philosophy is centered on mutual growth. Every project in our portfolio receives more than just capital; they gain access to strategic consulting, a network of industry contacts, expert resources, and development opportunities.
It’s not just about the success of one project—it’s about creating a community where every participant contributes to the overall success of the Xanada ecosystem. Our goal is to ensure that our investments not only help businesses grow but also elevate the entire industry by setting new standards and driving innovation.
Your investment philosophy focuses on mutual growth within your portfolio. Can you share an example of how your approach has fostered collaboration between different projects under the Xanada umbrella?
At Xanada Investments, we strive to build a diversified ecosystem by supporting projects of different types, sizes, and stages of development. Our current portfolio consists of five projects, all carefully selected from over 150 applications. We invest significant resources in understanding each project and offer tailored support to ensure successful partnerships.
While we maintain an individualized approach for each project, collaboration within our portfolio is key to accelerating growth. By working together, our projects are able to share insights, resources, and strategies, allowing them to achieve significant results faster. This collective effort not only strengthens each project but also enhances the overall ecosystem, ensuring mutual success.
With Xanada Investments primarily focusing on startups within the iGaming sector, what trends do you foresee shaping the future of this industry in the next 2-3 years?
The iGaming industry is going through an exciting period of change, driven by new technology and shifting player needs. One trend we see is the growing use of AI and machine learning to create more personalized gaming experiences. Startups are using AI to make gameplay and marketing more tailored to individual players. Another big focus is on player retention. With more competition, companies are using gamification, social features, and real-time engagement to keep players interested.
At the same time, there’s increasing attention on following regulations and promoting responsible gaming. As rules become stricter in different regions, startups that can stay compliant while still offering great experiences will have an advantage. The future of iGaming will belong to those who can innovate responsibly while meeting players’ changing needs.
You emphasize the importance of a strong team and leadership in your investment criteria. What are the top qualities you look for in a startup’s leadership team when considering an investment?
No matter how great the idea or technology, at the end of the day, it’s the people behind the project who make the difference. We invest in people—their experience, potential, and vision. The leadership team is the backbone of any startup, and we believe that a strong team is key to a project’s success. We look for resilience and adaptability—qualities that help a team navigate challenges and pivot when necessary in today’s fast-changing market.
We also value experience—leaders who know their industry well and understand how to manage its complexities. They must be hands-on and not afraid to get involved in every aspect of their business. Integrity is crucial, along with a collaborative mindset, both with us as investors and within the broader ecosystem of startups. These are the qualities that set successful teams apart.
Beyond financial support, Xanada offers strategic consulting to its startups. Can you elaborate on the specific types of support that have the most impact on helping these companies scale?
At Xanada Investments, we understand that successful startups require the right guidance and strategic support to scale effectively. We provide comprehensive consulting services that encompass various aspects of business growth. Our strong network of top industry experts also offers insights in key areas such as marketing, sales, and business development.
This community of experts plays a crucial role in our support system, helping startups analyze their current challenges and develop tailored strategies for growth. We work closely with our startups to create robust business strategies that integrate all critical components, ensuring a cohesive approach to scaling.
You’ve expressed plans to invest in 10-15 projects within the next year. How do you prioritize which projects to invest in, and what excites you most about this upcoming batch of investments?
As we look ahead, our goal is to invest in 10-15 projects that will help us build a diverse ecosystem, driving deep, foundational growth for each company. We believe that a robust ecosystem made up of various types of businesses enhances our collective strength, allowing us to offer a range of innovative solutions. We are particularly focused on finding startups in game development, casino operations, and player retention strategies.
What excites me most about this upcoming batch of investments is the talent and creativity we are seeing in these areas. We are actively seeking startups that provide relevant solutions to the iGaming industry, addressing specific pain points and offering viable business models. By concentrating on these critical areas, we are positioning ourselves at the forefront of industry innovation and ensuring our portfolio companies have the resources they need to scale effectively.
You recently launched the Xanada Startup Contest. What were the key drivers behind this initiative, and what do you hope to achieve by giving startups this platform?
The Xanada Startup Contest was created in response to the challenges many startups face in today’s market. We observed that while there are numerous startups with incredible potential, they often struggle due to a lack of resources and proper guidance. This competition was designed to bridge that gap by offering a solution that goes beyond just financial support.
What makes our contest unique is that it provides more than funding—it offers a platform for continuous learning and development. We want to ensure that startups not only receive capital but also the tools, mentorship, and strategic insights they need to maximize their potential. The contest also gives visibility to deserving startups that might otherwise go unnoticed, helping them connect with industry leaders and gain the consulting support they need to scale effectively. Our goal is to create a lasting impact by empowering startups to succeed in the long term.
Given the challenges faced by startups in securing both funding and guidance, what advice would you offer to early-stage entrepreneurs looking to break into the iGaming sector?
My biggest piece of advice is to focus on building a strong team and a clear, scalable business model. Investors are not just looking for great ideas—they want to see that your startup can execute and grow. Be prepared with detailed financial projections and a solid understanding of your market. Finally, seek out mentors and advisors who have experience in the industry. The right guidance can make all the difference in navigating the complexities of the iGaming space.
As an investor and former gaming executive, what do you believe is the biggest challenge currently facing the iGaming industry, and how is Xanada Investments positioning itself to address these challenges?
One of the biggest challenges in the iGaming industry is player retention. With so many options available, keeping players engaged long-term is becoming increasingly difficult. At Xanada Investments, we’re positioning ourselves to tackle this by investing in startups that focus on innovative engagement strategies, such as real-time personalization, gamification, and social elements that enhance the player experience. Additionally, we’re helping our portfolio companies optimize their operations and user acquisition channels to stay competitive in this fast-paced industry.
Vladimir Malakchi will be speaking in an exclusive Fireside Chat with HIPTHER’s Co-Founder Zoltan Tuendik at the European Gaming Congress, “Mythbusting Investment in iGaming: Missed Opportunities and Xanada Investments’ Vision for Startup Success”.
Join us in Warsaw and meet Vladimir in person:
The post “Finding Xanada”: Vladimir Malakchi on Revolutionizing iGaming Investments and Fostering Innovation appeared first on European Gaming Industry News.
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