CHICAGO, Aug. 6, 2019 /CNW/ -- When it comes to in-lane lottery solutions, The Froelich Group believes they have the answer. After years of bootstrapping, the small fintech company has successfully tested its revolutionary technology and is set to open its doors for business.
"Do you know why you can't put instant tickets on the shelf within reach of the consumer?" asks Christian Froelich, Founder of The Froelich Group; a financial services technology company serving the lottery industry. "You can't do it because someone could grab a bunch of tickets and run out the door. But what if those tickets weren't worth anything until they were purchased… like gift cards? What if we could activate a lottery's current stock of instant tickets when they're sold? Today those ideas become a reality."
This week, the Froelich Group introduced "LottBox," a patented system for selling instant tickets that allows lotteries and their retailers to securely activate individual instant tickets upon sale.
"The secret to securely selling instant tickets in-lane is the ability to autonomously inspect each ticket for tampering. If you can do this, you can put your instants on the shelf and activate them in-lane without fear of falling victim to a scam," said Froelich. "Without it, you're either trying to redesign instant tickets themselves, or you're back to locking up instants in a vault of some sort."
The company's website outlines the specific benefits for all stakeholders from the players to the lottery to the retailer.
Froelich says that because the price of each LottBox unit is negligible, client lotteries will order enough LottBoxes to put one in every checkout lane of their larger retailers. "Broad distribution is the whole point of in-lane sales. If you're only in one lane, you may as well save your money and stick with your vending machine," continues Froelich. "We built a cellular system that is affordable, scalable, can be rolled out within days and requires almost no training. Perhaps most intriguing is the fact that we don't require a common API or coordination with other lotteries or retailers. In other words, it's 'plug and play.'"
Currently, The Froelich Group is developing the second generation, market-ready LottBox that is quicker, smaller, faster and more secure than the original. Froelich says the units will be available to U.S. lotteries by early 2020.
For more information: www.thefroelichgroup.com
In this press release, The Froelich Group makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "will," "may," and "should." These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors.
SOURCE The Froelich Group
For further information: Christian Froelich, [email protected], https://www.thefroelichgroup.com