Lottery has always been one of the most popular games of chance. The objective of the game is to hit the jackpot with right number combinations. No skills are needed for the game, therefore, many people list it as one of their favorites. Who doesn’t excited by the idea making a relatively low investment and potentially winning millions of dollars or euro in Bitcoin?
Bitcoins and the Lottery
One thing you should know is that a bitcoin lottery is no different from the regular lottery that we play with our hard earned cash. In fact, the two are very similar. Instead of entering your credit card information, you enter your bitcoin wallet address. In a matter of minutes, you can easily make a Bitcoin deposit, choose your favorite variant, pick a betting option and place a bet.
Furthermore, you play and win with complete anonymity. You sign up with a Bitcoin site without the need to provide any personal or financial data and you make anonymous deposits.
These bitcoin lotto sites usually allow you to purchase a ticket by sending the payment to the Bitcoin wallet address that they provide. Once you receive a confirmation that payment has been made, you can begin to pick your numbers. So in essence, you can begin playing within minutes of visiting the site.
Because you are not signing up for an account with any of these lotto sites, you are playing 100 percent anonymously. While some sites may require some form of identification, bitcoin lotteries don’t require anything other than your wallet address or your username.
All bitcoin transactions, including the purchase of lottery tickets, are completely legal. From beginning to end, the entire process deals with the electronic money and no real money is passed through the banking system. There is no way for governments to trace where bitcoins go and come and there also aren’t any known laws that have been signed to prevent people from playing with bitcoins.
But to be on the safe side, find out about the laws in your country.
Provably fair (PF) Bitcoin gambling is a system that makes it impossible for the player, or the casino to cheat in a game. Proving the results of a game is something that has never been achieved before in brick-and-mortar gambling venues, or traditional online casinos. Now, it is possible to bet online, and confirm that the results were actually calculated fairly. This innovation is one of the many ways that Bitcoin is changing how we use the Internet.
Provably fair systems rely on cryptographic hash functions, which make it possible to turn data into a string, known as a hash. A property of these functions is that it should be very difficult to derive the original data from the hash, or find two data strings with the same hash. It is nearly impossible to crack strong hashes with the technology available today, and evidence of this is in the Bitcoin network. The cryptography behind the network has not been broken, and likely never will be.
Cryptographic hash functions are ideal for Bitcoin gambling. They allow the casino to prove to the player that they did not change their seed throughout a game, without actually showing the seed to the player.
In addition, each Bitcoin Lottery site may have its own method to come up with results. To ensure that you are not being cheated, you should thoroughly research how the results are calculated, and verify the results.
For many Bitcoin Lottery sites are calculated as follows:
- The server creates a secret random seed.
- The server seed is hashed and sent to the player.
- The player provides his own random client seed.
- The two seeds are used to calculate the result of the roll.
- The server seed is revealed, so the player can check that it matches the hash.
Further information to “What does provably fair means:
Types of Bitcoin Lottery Games
A lottery is a form of gambling that involves the drawing of numbers for a winning.
Many recent lotteries allow purchasers to select the numbers on the lottery ticket, resulting in the possibility of multiple winners.
There is a drawing machine which the balls are moved around by means of counter-rotating arms which randomly mix the balls. Individually drop through a hole in the bottom of the mixing drum.
What is a raffle? A Raffle is a means of raising money by selling numbered tickets, one or some of which are subsequently drawn at random, the holder of winning ticket number wins a prize.
In an Bitcoin Raffle, Every user will be buying a token for example 0.00001 BTC and one lucky winner will get the whole amount in Bitcoins as a prize. So, If 500 users bought a token, total prize goes to 0.005 BTC and one lucky winner gets the whole prize.
Once the 500 tickets are sold, the sale is stopped. Every user will be given a unique number (n) which will depend on the number of the entry like if you bought the first Ticket, your Ticket Number will be 1. Similarly, 500 Numbers will be given and a random number will be generated and that number will be the winner of the round.
Keno is a lottery-like gambling game.
A Players wager by choosing numbers ranging from 1 through (usually) 80. After make their wagers, 20 numbers (some variants draw fewer numbers) are drawn at random.
The player is paid based on how many numbers were chosen (either player selection, or the terminal picking the numbers), the number of matches out of those chosen, and the wager.
Bitcoin Lottery Kiosk
Lottery Kiosks are offering a concierge service to buy and pickup State lottery tickets worldwide.
The Winning number will be chosen using the last number of block transaction ID. For example block #361412, https://blockchain.info/block/000000000000000004e0e238d4c49f28c372311b008088537f9e9a93dd223a27. So it would be 9322327 (not 7232239). Block # will be announced before it is available to public on Blockchain.info.
For Pick3 are the winning numbers 327 and for Pick4 it would be 2327 and so on.
To play Keno, you choose a set of numbers between 1 and 80 (you can have a minimum of one number, and a maximum of ten). Each selection is called a 'Spot': if you select ten numbers, you are playing a 10 Spot game.
Simply mark a blank Keno number with your chosen numbers, and click BET. Twenty numbered Keno balls will be drawn, at random, from a barrel containing 80 numbered balls. If enough of your selected numbers are drawn, you've won! You'll find all payouts displayed on the screen.
The amount of money you win is dependent upon the type of ticket you play and the number of 'spots' caught.
FortuneJack proudly offers the lowest House Edge in the crypto-currency gaming industry. In most online casinos, the House Edge is around 30% or more.
FortuneJack's is 15%.
With the Instant Lottery, up to 16 numbers out of 67 can be selected. The prizes will depend on the amount of chosen numbers.
The Instant Lottery is based on the Probably Fair approach and is determined from the SHA256 hash.
There is also a Free Lottery. According to the Faucet model, a player can get 100 satoshi every 5 minutes.
At YABTL you can invest in the bankroll and get 50% of the house edge.
TrueFlip offers two Lotteries.
Flip' Star : guess 5 numbers between 1 and 49 and one between 1 and 26. The system then randomly draws 6 numbered balls.
Rapid to the Moon: A fast numerical game draws take place several times a day and are associated with the speed of generating a new block in the blockchain. The generation time varies between 10 and 30 minutes.
Lottoland is a lotto kiosk on the internet and offer to bet on over 30 different lottery products worldwide like PowerBall, Megamillions Euromillions and Eurojackpot. Now the offering a Bitcoin Lottery based on the lottery numbers drawn on the official Spanish lottery.
10xBTC is a Bitcoin lottery site offers instant draw lots in every five minutes. To start, players must choose any number they desire starting from 00 to 49. After choosing, they need to place their bet amount and wallet address in case their number gets drawn, and wait a short time for the draw to begin.
Three lucky numbers will be drawn every round. If the player’s ticket hits all three winning numbers, their bet will be multiplied by 100. For instances where two out of three winning numbers are in the player’s ticket, their bet will be multiplied by 50. Meanwhile, when the ticket only has one out of the three lucky numbers, the players will receive a prize 10 times higher than their bet amount.
The minimum bet for the ticket is 0.001 BTC and the maximum amount that can be wagered is 1 BTC. Remember that the wager must not be lower than the required minimum bet or higher than the maximum bet amount.
Discard Lottery Projects
Numerous Bitcoin Lotto projects have been discontinued recently. In 2017, the bitcoin price has risen so much that the cost of a Bitcoin payment has become too expensive.
It is expected that in 2018, payment methods such as Bitcoin Cash or Bitcoin Lightning will rapidly reduce the cost of a Bitcoin transfer.
Maybe some of these Bitcoin projects will be reactivated. Or similar projects will be realized.
SatoshiLottery was a bitcoin lottery site that offers three varieties of lotto. The Satoshilotto which was drawn every Wednesday and Saturday, the Megalotto , was drawn every Tuesday and Friday, and lastly is the 1 BTC Ultralotto which was drawn every Sunday.
To join a raffle, you just have to purchase a wallet that is worth 0.01 BTC.
Based on the actually Bitcoin Price is this price unacceptable and therefore is BitcoinRaffle in the category Discard Bitcoin Lotteries.
All the purchased tickets are drawn twice a month with a 15-day interval.
The first-place winner will earn 60% of the prize at stake while the remaining pot will be divided among the 2nd-place winner with 20%, the 3rd-place winner with 18% and 2% for the house edge.