By Andrew Young-
Online lottery betting company, Lottoland this week launched its first Bitcoin Lotto Jackpot which may potentially rival Camelot.
The global lotto leader whose game can be played in many countries is spreading wide, with many now gambling online for a chance to win 1,000 units of the cryptocurrency in the first officially-licensed lottery of its kind.
The odds of winning a prize is more than the national lottery played in the UK, but generally costs £3 a line to play, with a realistic chance of winning at least 1,000BTC. The choice of 6 numbers from 49 allow punters to win up to £50 for matching just 3 numbers, making it a more realistic goal for gambling lovers. Confidence in the national lottery in the UK appears to have dropped ever since the price of a lottery ticket went from £ 1 to £2, and the number of balls increased by ten from 49 to 59. The Lottoland Bitcoin lottery offers alternative many punters might well prefer to the national lottery in the UK.
The appetite for the U.S lottery doesn’t seem to have weakened because of the phenomenal prizes offered for winners
Lottoland CEO Nigel Birrel said in a press release:
“We’re pleased to be able to announce the launch of this world exclusive Bitcoin Jackpot. Today, 1,000 bitcoins are worth over $20 million and might be worth even more by tomorrow. Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved,” Lottoland CEO Nigel Birrell explained in a December 18 press release.
The bitcoin lottery draw will be performed from Monday through Saturday. A successful gamble will see big winners choose six numbers correctly in what is known as a “6/49” competition to win the jackpot. In this format, which is a worldwide lotto standard, winners select six out of 49 possible numbered balls. The odds for this cryptocurrency jackpot are 14 million to one. These odds are ten times better than other popular lotteries such as EuroMillions.The jackpot is 1,000 Bitcoins worth approximately £12 million, but who knows what they’ll be worth in a year’s time! Today’s draw will take place at 8.30pm.
Founded in 2013, Lottoland is based in Gibraltar- a British territory near Spain, also used as a hub for online gambling companies. It has about seven million customers and is licensed by the UK Gambling Commission. Strangely, the game does not use shops or tickets in its operations but allows online users to bet on sponsored government programmes. It offers punters jackpots every day every day, based on lotteries like WorldMillions, EuroMillions and the ‘El Gordo’ of Spain.
The U.S.’s PowerBall and MegaMillions lotteries are also included, though Americans are not allowed to participate in Lottoland or enter its website. Lottoland players have won over $1.25 billion online. One reason its games are popular is that winnings are awarded in one lump sum.
Whole and Partial Winners
While Lottoland users are not pooled in with physical lottery players, their winnings are reduced if a paper-ticket holder wins. For example, the company site says, “If there are two Lottoland winners of the Bitcoin Lotto and two winners of the BonoLoto jackpot, the two Lottoland winners would each win 250 BTC,” or a quarter of the initial jackpot offered.
Players can win plenty of money with a partial match, even if they don’t win the full jackpot of virtual currency, as in many lotteries. Matching five numbers will earn players one bitcoin, and they will get $58.23 for four, $5.82 for three, and $1.75 for two, Casino.org reports.
The gambling industry news site also explained that Lottoland is sometimes criticized for taking lotto-based funding away from the governments and