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It holds multiple licenses from regulators in the jurisdictions where it operates, including one from the reputed UK Gambling Commission and Curacao.
Though it does not make use of provably fair technology, its systems periodically undergo audits from independent third parties.
The payout process is remarkably fast too. For anyone who loves gaming on the go, you will appreciate the fact that there are native apps for Android and iOS.
The site also supports multiple languages as well as plenty of cryptocurrency and fiat payment options. With the recent surge in popularity of Bitcoin lotteries, it comes as no surprise that brand new lotteries are appearing on a regular basis, some options are more innovative and exciting than those that came before while others are not so impressive.
This phenomenal success has also influenced the release of some new Ethereum based lotteries. Ethereum is another blockchain technology, similar to Bitcoin but with several structural differences.
This technology relies on the exchange and earning of a crypto token called Ether which can be used as a form of payment made by clients of the Ethereum platform.
KIBO is the first every Ethereum lottery and has been described as a revolutionary renovation to the game. This platform uses smart contracts to select winners and organise pay outs.
The use of smart contracts is another technological restructuring of online lotteries and is something that we might expect to see more of in the Bitcoin lottery space.
The architecture of smart contracts restricts the number of functions that a lottery game needs and eliminates the human factor by using code to control transactions.
Bitcoin lottery is a broad term and like a traditional lottery, it covers multiple variations. Essentially, these games operate on the same basic concept, with participants buying tickets in hopes that they will win a jackpot.
Another common feature that characterizes these games is that players buy tickets and win prizes in Bitcoin. However, there are some differences in terms of odds and the types of games available.
There are differences in the odds offered by different games and different providers under this category. To give you an idea of your chances of winning, consider the industry average in a 49 ball game where 6 numbers are drawn:.
Though the end game is the same, there are some variations in the execution part of it as we will see in greater detail below. Let us take a close look at the main types of a Bitcoin lottery:.
In its early days, the Bitcoin lottery space featured games drawn from the traditional lottery space. For instance, one of the earliest arrivers on the scene, Lottoland, was known to get its numbers from traditional lottery games.
It did not draw its own winners, but rather, used numbers from providers such as Bonilotto Spain. The idea behind this was to foster trust as this would eliminate impropriety from the selection process.
A major highlight of this model is that traditional lottery operators offer services under stringent regulations. A space that is highly regulated means better security for players.
Another advantage is the opportunity for regular play, as these services often offer daily draws. The potential for winning is also huge and such games are associated with massive prize pools due to their popularity.
However, the main downside is that it is difficult to verify results. These make use of provably fair technology, allowing players to verify the randomness of results.
Balls for this type of lottery are randomly drawn, a fact that can be verified at any time. It is also possible to verify the number of tickets sold, the person who won and other details.
In order to make this possible, the mechanism creates a seed when the balls are drawn. Next, the platform gets a second random seed from the player.
When the two seeds get hashed, the balls are generated. If you match a specified number of balls, you win a prize. Another possible option involves games where balls are drawn using software from third-party providers.
These are providers like Net Ent and Evolution among others which are best known for their casino games. The best part about these providers is that they adhere to industry regulations as per full license requirements.
Since they undergo regular audits, they have to make sure they meet the set standards. They are known to offer fixed odds, rather than basing the prize money on the number of tickets that players buy.
Instead of calculating the prize based on a percentage, the prize is calculated using a multiplier. This means players get the opportunity to set their own stakes.
Despite all of the modern advances in the game, the basic concept of a lottery remains the same and most of the age-old rules have been kept intact.
Just like buying a tangible ticket from a store, Bitcoin lottery players purchase one or many online tickets from the site of their choosing and hope that they hold the winning combination of numbers.
The whole concept of a lottery relies on it being totally random, which makes it a game of luck rather than skill. However, there are a few strategic techniques that can be used to give smart Bitcoin bettors a slight edge over their fellow players.
These include purchasing many tickets, finding the ideal Bitcoin lottery platform and picking a good mix of numbers ranging from low to high.
It is also beneficial to join online lottery forums to get updates and tips about the different available games and read suggestions from seasoned expert players.
Getting started with Bitcoin lotteries is pretty simple. Here is what you need to do:. Step 2: Select a suitable Bitcoin lottery site and sign up then purchase a ticket.
Step 3: Next, you need to choose 6 numbers between 1 and You can either do this manually or use the Quickpick option that automates the process.
Step 5: The amount you win will depend on the number of matching digits you get. Based on the type of lottery you play, this could be a percentage of the prize pool or based on a multiplier.
All you have to do at this point is to withdraw your winnings! Unlike casino games, lotteries offer an opportunity to win without requiring any skills whatsoever.
It is easy to understand why they have always been popular. You can easily contact us from the phone, address, e-mail and contact form field below.
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A Satoshi, named after the purported creator of Bitcoins, is worth a hundred millionth of a single Bitcoin. Obviously, that's not much, but it costs you nothing but time.
By using The Balance Everyday, you accept our. The Balance Everyday Contests. Full Bio Follow Twitter. She has been working in the contest industry since Although prizes are much smaller, matching 6 numbers will award you a prize of 1, mBTC, which is great.
In terms of the fundamentals, all Bitcoin lotto games facilitated via the 8bet platform are backed by Provably Fair. Visit 8bet. In its most basic form, a Bitcoin lottery is not too dissimilar to a real-world lottery.
Although there is now a range of variations to the game, Bitcoin lottery games essentially require you to purchase a ticket, which then comes with a set of numbers.
Once the game starts, a certain amount of numbers will be randomly drawn. The overarching aim is to then match as many of these randomly drawn numbers against the numbers displayed on your ticket.
In doing so, you stand to win a real-world prize — all of which is paid in Bitcoin. The pool is made up by the number of tickets that were sold.
By this, we mean that there are different variations to the game. Irrespective of what version you go with, both ticket sales and prizes are usually paid in Bitcoin.
However, some platforms do allow you to collect your prize in fiat currency, if this is something that you would prefer.
One of the first-ever Bitcoin lottery games to reach the market was that of Lotto Land. In a nutshell, this particular branch of the Bitcoin lotteries space draws its numbers from real-world lottery games.
As such, there is no technology required, as the numbers you will be attempting to match are the same numbers drawn in the respective national game.
On the one hand, some players prefer this, as there is no input required from the platform in question. Players know that the offline lottery space operates in a heavily regulated environment, which in itself acts a safeguard against fraud and manipulation.
However, some players prefer to stay away from this branch of the Bitcoin lottery space, not least because they would rather opt for a ball-drawing process that allows them to verify the authenticity of the game.
At the other end of the Bitcoin lotteries spectrum, a whole new version of the game exists — Provably Fair. For those of you unaware, Provably Fair was fist created by the founder of SatoshiDice — a Bitcoin dice game created in Not only this, but it is also possible to independently verify how the Provably Fair mechanism generated its outcome — as all of the data is available in the public domain.
In the case of Bitcoin lotteries, Provably Fair is absolutely ideal. One of the best things about Provably Fair Bitcoin lotteries is that the entire end-to-end process can be verified at any given time.
This includes the exact amount of tickets that were sold, how much was paid, which addresses held a winning ticket, and most importantly — how the winning balls were randomly selected.
The third option that you have at your disposal is to use a Bitcoin lottery website that utilizes a third-party software provider to draw its balls.
Keno is very similar to a lottery game, however, winnings are not based on the number of tickets sold. Instead, winnings are based on fixed-odds.
The numbers run from Prizes and paid when you match at least 3 balls from your ticket. As such, you can effectively set your own stakes. The second — and perhaps the most important aspect that sets this particular Bitcoin lottery game apart is the process used to draw the balls.
In the vast majority of cases, platforms will partner with third-party software developers such as Microgaming, NenEnt, and Evolution.
These software developers are not only required to hold full gaming licenses, but they regularly have their gaming data audited. On the other hand — unlike Provably Fair, the gaming data cannot be verified by the public, meaning that the ball-drawing process is kept behind closed doors.
Before you begin playing a Bitcoin lottery game, it is well worth making some considerations regarding your chances of winning.
First and foremost, your specific odds will depend on a number of key factors. Notably, this includes the number of balls in the draw, the number of balls that will be drawn randomly, and the number of balls on your ticket.
However, in order to give you an idea of the underlying odds, we have taken the industry average — which is a 49 ball game with 6 numbers drawn.
As you can see from the above examples from a typical 49 ball game, the odds are heavily stacked against you once you get past the 3 number requirement.
As such, it is crucial to assess how much each corresponding win is going to pay. Probably not. So now that you know the ins and outs of how Bitcoin lotteries work, we are now going to show you how you can get started.