Australia Investigating Lottoland

This week it was announced that Australia's Securities and Investments Commission is investigating online lottery betting group Lottoland due to the company offering betting products on international lotteries.

The investigation comes as Lottoland offers jackpot betting, where punters can place bets on the winning numbers of lotteries from around the world. Punters who match numbers with the corresponding draws win money from the site in the same value as the real lottery. Lottoland has insurance policies for paying out big jackpot wins, but it appears that this type of operation may fall out of line with Australian law.

The country passed laws last year that put bans in place on companies offering access to international lotteries. Apparently, there is a question as to whether or not Lottoland's operation run afoul of these laws, and the regulator will look into the laws to make a determination. If they rule against Lottoland, it could be a death sentence for the company in Australia, although operations in other regions