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It is easy to understand why they have always been popular. Now, with the inception of Bitcoin-based alternatives to the traditional options, it is even more alluring.
You can now play with complete peace of mind, not fearing about losing your winnings to rogue operators.
You can also play from any part of the world and enjoy the opportunity for massive wins. Getting your payout instantly is the icing on the cake.
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Bitcoin Lottery. Benefits of Bitcoin Lotteries over Traditional Ones Many avid gamblers might be wondering what the benefit is of playing lotteries with Bitcoin as opposed to traditional cash and fiat funds.
Pros Low Stakes to Enter Bitcoin lotteries are known to offer much lower stakes than traditional ones. Can Be Played on the Go Mobile-Friendly Traditional lottery operators have not managed to keep up with the times to the same extent as their blockchain counterparts.
Loads of Choices Traditional lotteries are often restricted to specific countries. Transparent Among the biggest drawbacks of playing traditional lotteries is the lack of transparency.
Fair Crypto-based lotteries often make use of provably fair mechanisms that players can use to check whether the process is free and fair.
Cons Typically Unregulated One of the biggest drawbacks of Bitcoin lotteries is the fact that most of its operators are not regulated.
Top 10 Bitcoin Lotteries December, Bitcoin lotteries are taking the world by storm with prize pools reaching well into the millions.
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Casino Rank 8. Casino Rank 9. Casino Rank First Deposit Free entry credited upon first deposit. Best Bitcoin Lotteries With all of the benefits listed above and, of course, the huge prize amounts waiting to be won, many bettors might be keen to jump straight in and start playing at the first platform that catches their eye.
Here are some of the best publicly rated Bitcoin lotteries we could find online: Consider some of the top Bitcoin lotteries in the market at present: TrueFlip Founded in , TrueFlip offers an anonymous lottery based on a decentralized platform with open-source code.
New Bitcoin Lotteries 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.
Odds of Bitcoin Lottery 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: A 6-number match — ,, A 5-number match — , A 4-number match — , A 3-number match — Types of Bitcoin Lottery Available 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: Based on Regular Lottery In its early days, the Bitcoin lottery space featured games drawn from the traditional lottery space.
Pros Highly regulated — More regulation equates to better player security as well as massive prize pools. Daily draws — Players can get a chance to win every day through daily draws.
Pros Transparent — It is possible to confirm all the details of the gaming process as it offers full, blockchain-based transparency.
You can check how much the casino paid out and to whom among other details. No limit to size of jackpot — This type of jackpot typically operates using a pool system.
This means there is no upper ceiling on the amount one can win. Cons Only experienced BTC players may understand how to verify — The provably fair mechanism has a steep learning curve and this may deter crypto newbies.
Draw Takes Place through Third-Party Software Providers Another possible option involves games where balls are drawn using software from third-party providers.
Independently tested and audited — The games offered by these third-party services are regularly audited and are therefore likely to be fair.
Players can choose stakes — Players get the chance to set their own stakes since the reward is calculated using a multiplier, rather than as a percentage of the ticket sales.
Cons BTC jackpot prizes tend to be smaller — The prizes here are typically smaller because they are calculated using a multiplier, not from ticket sales.
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The difference is that you can choose to have your jackpot paid out in Bitcoins instead of cash. If you believe that cryptocurrency prices will continue to rise, then hitting a Bitcoin jackpot can be even more valuable than receiving the same dollar amount in cash.
To play, you pay 3. You then pick six different numbers between 1 and 49 or use the Quick Pick option to have the numbers chosen randomly for you.
Lottoland doesn't draw winners, but rather uses the numbers drawn from Spain's Bonolotto, which reduces the chances of impropriety with the winner selection process.
Prizes are awarded as follows:. As with most lotteries, prizes are split among all of the tickets with the correct numbers.
If you're wondering whether Lottoland is a scam, the prizes are awarded regularly though of course, the odds of winning are long.
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. Follow our simple step-by-step guide below to find out how to register and deposit funds at a Bitcoin lottery platform!
Your first port of call is going to be to choose a platform that hosts a Bitcoin lottery game. In some cases, these will be dedicated platforms that specialize exclusively in Bitcoin lottery games.
In other cases, platforms will be a fully-fledged Bitcoin casinos that hosts a range of Bitcoin lotteries alongside more traditional games likes like blackjack, roulette, and slots.
Before choosing a platform, you also need to assess what type of Bitcoin lottery game that you want to play. As we discussed earlier, this will dictate how the balls are drawn.
For example, while some players prefer balls that are generated via Provably Fair, others prefer Keno-style games that are backed by regulated software providers.
Once you have chosen your preferred Bitcoin lottery platform, you will now need to go and open an account.
A pop-up box will then appear asking you to choose a username. Although you have just created an account by simply choosing a username, you should now go into your settings page and add a layer of security.
This can either be via two-factor authentication or email notifications. Once you opened your account and added a layer of security, you now need to deposit some funds so that you can enter a Bitcoin lottery game.
You will then be shown your Bitcoin deposit address. This wallet address is unique to you and your Bitcoin lottery account, so make sure you keep it safe.
Copy the address to your clipboard, and then head over to your external Bitcoin wallets. Finally, once you transfer the funds to your deposit address, the Bitcoin lottery platform should credit the funds within 1 blockchain confirmation.
As soon as your account has been funded, you can then proceed to start buying some Bitcoin lottery tickets. As you will see from the image below, the cost of one lottery ticket is 0.
Next, you then need to decide how many tickets you want to purchase for that particular game. Once you enter the number of tickets in, the total cost box will automatically update.
Finally, you then need to decide whether you want your ticket numbers generated randomly, or if you want to choose them yourself. This is very similar to the real-world version of the game, where you can choose your favorite numbers or get the machine to automatically generate them for you.
If you are fortunate enough to win a game of Bitcoin lottery, you will then need to withdraw your winnings back out.
Next, you need to enter your external Bitcoin wallet address. For ease, this can be the same address that you used to deposit the funds.
As soon as you request the withdrawal, you should see the funds back in your external Bitcoin wallet within 10 minutes. The Provably Fair protocol is backed fully by the art of cryptography, meaning that the outcome cannot be manipulated or pre-defined by the platform.