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What is a Bitcoin Lottery?
There’s a way to win the lottery without having to purchase a physical ticket. Bitcoin lotto sites continue to increase in popularity and in sizes thanks to Bitcoin casinos adding them to their repertoire of gambling products.
Some of the jackpots are ridiculously massive. One we know of regularly has a 1000 BTC jackpot, which is worth in the region of $10,000,000! Imagine winning $10 million for a couple of clicks of your mouse. Now stop daydreaming and make it happen because someone has to win the jackpot, it may as well be you!
How Do You Play a Bitcoin Lottery?
The simplicity of lotteries is one of the main reasons for their popularity. After purchasing your ticket with Bitcoin or Bitcoin Cash, the following steps are nearly identical to any traditional lottery. Almost all lotteries run the same way in that you make several selections from a group of numbers. For example, you may need to choose six numbers from 1-50. The lottery operator then randomly selects six numbers from the same 1-50, also known as the draw, and you win of your chosen numbers match those drawn.
You need to match all your selections to win the Bitcoin Jackpot. The odds are certainly against you, but people win the jackpot all the time and those jackpots are nothing short of incredible.
There are usually prizes offered for matching less than six numbers. These prizes obviously decrease in value as your number of matched numbers decrease.
Each lottery, including Bitcoin lotteries, have their own payout structure and their own rules when it comes the amount of numbers you need to choose, so ensure you check the small print before purchasing your Bitcoin lottery ticket.
What Is Meant By a Provably Fair BTC Lottery Game?
Anyone with a little technical ability can create a lottery, which makes it extremely important to choose your Bitcoin lottery provider with care. Provably fair lotteries make it possible to verify each and every result to check you’re not being cheated. Some Bitcoin lotto operators use the same blockchain technology used to mine Bitcoins to randomly select the winning lottery numbers.
Provably fair ensures the numbers selected are as random as possible in a mathematical sense. It also ensures they are practically impossible to tamper with, meaning every result is fair and nobody is cheating.
Look for a provider who promises this because it ensures your game is as close to 100% fair as it can be. If your Bitcoin lottery operator doesn’t have the ability to be provably fair, the next best thing is they have their results independently verified by a third party.
Choose a online lottery provider via our website and you won’t go far wrong.
Are Bitcoin Lotteries Legal?
It’s a bit of a sweeping statement but you’re good to play Bitcoin lotteries if you’re of legal gambling age. This changes depending on where in the world you are. Some places allow you to play the lottery when you’re 16-years-old, others require you to be 18-years-old, with some U.S. states making you wait until you’re 21-years-old. Always check your local government rules on gambling and the rules of the Bitcoin lottery site.
It’s worthwhile entering a Bitcoin jackpot, lottery, or purchasing scratch cards from an operator that is both licensed and regulated by a governing body. Strict rules, particularly on fairness and player protection, must be adhered to for a company to obtain a license. It also gives you some protection if something goes wrong or you have a dispute. These are extremely rare, but it’s good to know a governing body has your back.
We only advertise Bitcoin lottery operators who pass stringent tests and sites where we’re happy to part with our money or Bitcoin in this case. However there are other traditional lottery options that might suit your needs better, and our recommended sites also offer these lotto games as well.
Can You Play a Bitcoin Lottery For Free?
While it is possible to get your hands on a free Bitcoin lotto ticket, it is quite rare. Lottery operators don’t run these games out of the goodness of their hearts, they’re in the business of making money. They need to sell a large number of tickets in order to make running the lottery worth their time because their margins are much smaller than other gambling games.
These low margins are great for you because it means more money goes into the prize pool. Most Bitcoin lottery operators take a fee of around 1% of the prize pool, which is tiny compared to other Bitcoin gambling products.
There are sometimes special offers from Bitcoin lottery sites. On rare occasions they may do a buy one get one free offer, giving you two shots at the jackpot for the price of one. More commonly, the operators add money to the jackpot or make the lesser prizes worth more than they would ordinarily be, which is essentially free money to the lucky punters who have their numbers matched.
Make sure you sign up to any newsletter your Bitcoin lottery provider sends because these often have limited time offers for you to take advantage of.
Popular Lotto Games Worldwide
- Mega Millions
- UK Lottery
- Euro Millions
Frequently Asked Questions
Can You Guarantee a Bitcoin Lottery Win?
Unfortunately, there is no way to guarantee a Bitcoin lotto win, although we wish there were! You simply take a chance by purchasing a ticket then it is down to Lady Luck whether you win or not. The more tickets you buy, the more chances you have of winning a prize, however.
How Do I Know My Bitcoin Lotto Ticket Is Fair?
Read the operator’s website and see if there’s any mention of its lottery being provably fair or that it has its results verified by a third-part. Also, look to see if the Bitcoin lottery operator is licenced and regulated by a governing body.
How To Buy Bitcoins to Play a Bitcoin Lottery
Buying Bitcoin may seem daunting to someone new to the world of cryptocurrency, but it need not be scary. We have a guide for buying Bitcoin, which walks you through purchasing cryptocurrency, the different types of wallets available today, and how exchanges work.