Bitcoin Lottery Games – Are They Real?
Lottery games are some of the many popular types of gambling in society today. People that play lotteries are searching for the possibility of winning a life-changing prize. At the same time, lotto games generate vast amounts of money for governments and municipalities. The fact that you get a chance at becoming a multi-millionaire overnight is very appealing to many. This is a dream that all of us would want to come true. Even in countries where gambling is forbidden, there are still state-run lottery games.
Bitcoin lottery games are in fact real and they are also not really a new thing. Ever since Bitcoin passed the $2,000 mark they have become more mainstream. There used to be just a handful of Bitcoin lotto websites and now there are over 100 such websites. In most cases, the same rules as regular lotto apply when speaking about Bitcoin lotto games. There may be only a few small differences.
Bitcoin lottery games are only played online, tickets to such lotto games aren't available in any shops.
In the regular lottery, winning numbers are picked by a random number generator or by a number picking machine with round balls. In Bitcoin lotto games the numbers are picking by cryptographic algorithms or by a blockchain hash.
Even though blockchain and cryptographic algorithms are fairly reliable. Also, it is virtually impossible to cheat with such types of systems, some are still skeptical about Bitcoin lotto games. That's because many of the Bitcoin lotteries run by unregulated websites.
Bitcoin lottery games appear every few minutes, due to the technology of the Bitcoin blockchain. Similarly, winnings can be paid out within minutes of winning, online, without having to wait or go out to collect winnings, these are seen as advantages by many avid Bitcoin lottery players.
There is a variety of lottery types that you can find on Bitcoin lottery websites. Some of them even use the results from a different "regular" lottery draw. However, purchasing a ticket and prize winnings are done in Bitcoin. There are also a variety of Bitcoin gambling websites that offer Keno, Bingo and other types of gambling, using Bitcoin instead of fiat currency as a form of payment and prizes.
The USA Powerball and Mega Millions of jackpots regularly soar higher than $500 million. The Oz Lotto jackpot record of 111,972,151 AUD is also very impressive. But a new kind of lottery game has become extremely popular in recent months. Ever since Bitcoin has gone up over $10,000 with its price climbing from $800 all the way to $16,000 in 2017. The Bitcoin lottery game offered by LottoLand has jackpot winning odds of 1 in 13,983,816. That is a lot better (to say the least) than the Mega Millions and US Powerball. The odds are also a lot better than OZ Lotto where winning the jackpot is 1 in 45,379,620 odds.
Starting at a minimum 1,000 Bitcoins the jackpot prize is smaller than the average OZ Lotto jackpot and also minuscule when compared to the US Powerball and Mega Millions of jackpots. Also, the fact that Bitcoin might in the future plunge down someday and maybe even be worth a few pennies per Bitcoin (who knows) is also an Issue. Something of this sorts will probably never happen with the Euro or Dollar. But with Bitcoin, no one can really know. There is always a possibility that it will plunge.
Should You Play Bitcoin Lottery or Oz Lotto?
If you are a regular OZ Lotto player or you play some other type of Australian lottery game. You are trying to decide if playing a Bitcoin lottery game might be a better idea. If you are trying out Bitcoin lottery for the first time – we can tell you without any doubt that in fact there is no real difference between Bitcoin lottery and regular lottery. In any case, it is always advisable to only gamble on a safe and trusted (regulated) lottery website, be it Bitcoin lotto or regular lotto.
What Are The Odds Of Winning Bitcoin Lotto?
If the odds of winning the Bitcoin lotto jackpot are for instance 1 in 10 million. Also if the odds of winning the regular lottery game are also 1 in 10 million then there is no real meaning to moving from regular lotto to Bitcoin lotto, other than the fact that purchasing the ticket and the prize money in case of a win is in Bitcoins. If you are a Bitcoin fan, then sure, try out some of the popular Bitcoin lottery websites out there. But if you don't really know anything about Bitcoin, it's better to just stick to the tried and trusted regular lotto games such as Oz Lotto.
Due to the fact that we can't know if Bitcoin will suddenly plunge in its value, it is safe to say that playing a regular lotto game such as OZ Lotto is the safer way to go. At the same time, with tickets costing only 3.5 Euro per line, why not try your luck at winning 1,000 Bitcoins? Some Australian lotto games such as Saturday Lotto have winning odds which are better than the Bitcoin lotto odds, Saturday Lotto has a 1 in 8,145,060 chance of winning the jackpot, which starts at a minimum of 1,000,000 AUD – which is less than the Bitcoin lottery jackpot (at current Bitcoin price) but still we personally believe that AUD is better than BTC at holding a stable value.