With the creation of cryptocurrencies, online casinos have introduced a completely new type of lotteries that is the BTC lottery and the latter has a lot of advantages. Bitcoin Lottery is a game like any other lottery but is carried out with the participation of a digital Bitcoin coin.
In Bitcoin lotteries, the distribution of wins and losses depends on a random choice, a number related to a ticket or ID (identification number) of the user who purchased the tickets of a particular lottery. In the field case, the chance of winning or losing refers to ID.
Regardless of the currency, some of the money contributed by the players goes to the organizers of the lottery, some is distributed to win or several wins, depending on the conditions of the lottery.
BTC lottery is not a new thing and is gradually establishing itself in the online casino industry. It should be noted that a lot of people play it. Reasons for playing the cryptocurrency lottery vary from winning an incredible amount of money, which in some cases could equal even $1 million, to trying out your luck. Basically as has been mentioned above the concept of the letter is very simple. You need to purchase a ticket with Bitcoin and wait for the lottery.
Organizers of this lottery invest a lot of energy to do everything perfectly. It is an excellent game for crypto, as chances for you to make a fortune with lottery are higher than in other casino games like slots, poker, blackjack, or baccarat.
There are several types of online lotteries. Here you can see 3 most popular ones:
Check out our ultimate list of the best BTC casinos offering different types of lotteries. Get more information about these websites and features by clicking Read More.
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Generally, it depends on what the casino is doing. Different casinos have a different approach to Bitcoin lottery when it comes to a maximum amount of winnings. There are mainly two options:
In the first case, everything is very simple. Imagine a national lottery that is held by a state. You are purchasing tickets and the lottery is held. Online casinos use the national lottery, but they take money from their own funds.
There is also another popular way of holding a lottery. Casinos make their own lotteries – each player purchases a ticket via Bitcoin and they held their own broadcasts. Usually, broadcasts are held on the Internet.
Here is the list of most anticipated lottery wins per type. As the list shows they are very different from each other:
|Type||Ticket Price||Average Payout||Duration|
|Powerball||$2||$141 million||1 week|
|Lotto||$1.1||$2.5 million||Every 2 Days|
|Raffles||$1||$70 million||1 week|
Online casino games, crypto lottery and risk management are concepts that are very closely tied to each other. The key concept when we talk about risks is volatility. Volatility, in common parlance known as variance in relation to casinos, is a risk associated with playing a certain game. When it comes to slots, for example, volatility refers to the frequency of payouts and the amount that players expect to win after betting on a particular slot. It is almost the same for BTC lotteries and other games as well.
A high-volatility game will reward a player with a higher amount, but the payouts are not regular. High volatility lotteries are for people who like risk.
It should be noted that casinos pay huge attention to this criterion. At the same time, we should also mention the volatility of Bitcoin, which essentially means that the latter’s price changes frequently. If it is $1000 in one day it can become $900, which affects the Bitcoin lottery online as well. So casinos are very alert in their risk management and sometimes payout can increase/decrease.
It should be said that Bitcoin lotteries work almost the same way as their normal counterparts. The only thing is that here you win cryptocurrency. A player from his own Bitcoin wallet should spend some coins to purchase a ticket, which later will be used for the live lottery. Based on the results of the lottery a player will get his prize. Nothing is too complex and if you compare it to regular lotteries the concept barely changes.
In almost every lottery you will encounter the following. You should understand how they operate:
After you purchase a ticket the first thing that you should do is choosing numbers. You should select 6 numbers from 1 to 49 before the Bitcoin lottery game itself. Of course, they should be different. Some lotteries also have random generators that choose the numbers for you. Everything is random so they are not connected to the overall results. In fact, it makes things easier for you.
After you have completed choosing the numbers then the scheduled event takes place. Numbers are randomly drawn so there is no system that will give an advantage to a particular player. In short, it uses Provably Fair technology. After the numbers are drawn the winners are declared.
If you guess 6 numbers then you can earn 1,000 Bitcoins and more. However, the odds of winning, in this case, is 1 in 13,983,816. For 5 numbers – 1 in 55,492, for 4 – 1 in 1,033, for 3 – 1 in 56,7 and for 2 1 in 7.6. Of course, in the online Bitcoin lottery, as the amount of guessed numbers decreases the payout falls alongside as well. It is extremely difficult to have 6 correct numbers.
The essence of Provably Fair is that players can check the randomness of each round and even participate in the formation of the result. If in ordinary games you need to fully trust the developer and auditors, then here everything is different. The player can make sure that he is not deceived at any time.
This system has a lot of terms. Secrets, hash, algorithms, signatures. Even before you start the game, the server generates random sequences that determine the outcome of the future game. If players were provided with the result of the future game in its original form, the players would be able to read it and find out what will happen in the next round. This system is embedded in the Bitcoin lottery casino as well.
A random number is added to the code, which is called “secret.” This secret will prevent players from reading the result. The result and the secret are encrypted and offered to the player in this form.
By this point, your luck is already predetermined and everything is encrypted in this sequence. You just have to press the start button to see what will happen. After the round is played, an additional line appears. In it, you get an already coded sequence that determined the result of the round.
It should be noted that the concept of Provably Fair is strictly followed in Bitcoin lotteries and other games as well. It is done, to make sure everything is fair and random.
Playing cryptocurrency lotteries may seem complex at first glance but everything is simpler than it seems. Here is a step by step guide for you to follow, before you play the lottery for Bitcoins:
Of course, you cannot start playing crypto lotteries if you do not select a proper site. Sometimes it is the most difficult step because the industry is still fresh and there are not a lot of operators. Choose a website that enjoys the highest support from users, as well as, has a good reputation. There are a lot of fraudulent websites that sell lottery tickets, but then they vanish without a trace. So choose the website wisely. Pay attention to its license, period of existence before registration. At the same time, the variety of games is also essential.
Then you should select a lottery. Above, we have mentioned 3 types of lotteries that enjoy the highest support from customers. They also differ in average payouts and duration. It is up to you which lottery BTC to choose. As soon as you select one of them you should purchase a ticket for playing, which does not cost a lot of money. Sometimes you can get this ticket as a prize, for example, if you achieve a feat, or a casino just decides to give away a bonus.
You cannot play if you do not go through the registration process. Most of the time this is the same for every casino. You should create a username, which should be unique, provide your, country of residence, age, e-mail. Keep in mind that a working BTC address is also necessary. You should comply with terms and conditions that are present on a casino’s website.
Keep in mind that in some casinos you might have your account locked if you do not use it for a particular period of time.
The most important thing is the Bitcoin lottery ticket. You cannot play a lottery if you do not have one. There are several ways that you can follow to buy tickets.
Some casinos are very generous and rarely give away free tickets. This is similar to the no deposit bonus. Sometimes there is a task for you to accomplish and only after that you are granted the ticket.
Usually, you can buy the lottery ticket directly from the lottery page on a casino’s website. The price is different for every casino. It starts at 1$ and could be $10 even. There are no limitations on how many tickets you can buy to play the lottery.
We have come to the main question of our guide – why should you go for BTC lotteries? Of course, everything has its pros and cons. The same we can say about the lottery.
BTC lottery is a perfect choice for players to make more money. Because of its low cost (the price of a ticket rarely exceeds $3), you can purchase a lot of them and increase your chances of winning. So the cost is a determining factor for choosing the BTC lottery.
The payout compared to other games is really high. It could hit even a million dollars. There are jackpots in other games but rarely do they come closer to the ones offered by the lottery.
The sessions are rapid. You do not have to wait for a lot of time for the lottery to be finished. You will be informed whether you are a winner or not quickly.
As for disadvantages we should not that chances for you to win are low. The payout is high but it is not easy to win money. You need a piece of luck to become the winner of the cryptocurrency lottery.
Also, there are not many variations of lotteries. We have mentioned above 3 of them that are prominent. As for other ones, they do not have a lot of popularity.
|Low Cost||Low Chance|
|High Payout||Low Variety|
|Fast Sessions||Few Coins|