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But how do you know that the game is true and fair? As such, Bitcoin lotteries are now a thing, with heaps of platforms offering the chance to win big in a fully transparent manner.
We cover everything from what Bitcoin lotteries are, how they work, whether they are safe, and how much you can win or lose.
FortuneJack is one of the main players in the Bitcoin casino and sportsbook space. Launched way back in , the platform lists thousands of games, which covers both software games and live dealers.
In its most basic form, Keno is a form of lottery that uses fixed-odds, as opposed to a progressive pool that bases its wins on the number of tickets sold.
This appeals to a lot of players because you have the chance to set your own stakes. Moreover, as you are competing against a pre-defined algorithm, you can play as many games as you want, whenever you want.
However, unlike Bitcoin lottery platforms like DuckDice, FortuneJack generates its lottery balls via regulated third-party software providers.
Although this might make you uncomfortable, these software providers must go through a highly stringent regulatory process before they are able to launch their games to the online space.
As such, you can be sure that the balls are drawn in a true and fair manner. Visit FortuneJack Now. Its online casino platform is easy to use and provides all the information that players want to access regularly.
Some of the lottery games you can play on BitcoinCasino. Aside from the huge variety of casino games on BitcoinCasino.
They can easily deposit and withdraw their earnings because the casino website supports cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
New players also have the chance to get deposit bonuses of up to 5 BTC. Also, free spins will be automatically added to their accounts. It will only take you a minute or two to create an account so check the site now and start playing!
Visit BitcoinCasino. LottoLand is completely different from the two Bitcoin lottery sites we have discussed thus far, not least because it gets its results from the traditional offline space.
In other words, the platform uses the actual results from well-known national lottery games such as the Mega Millions in the US and the EuroMillions.
The key difference is that you have the option of purchasing your ticket in Bitcoin. Nevertheless, it is important to note that the prize system differs from the game it is copying its numbers from.
What we also like about LottoLand is that the platform is regulated by the Gibraltar Gambling Commission. This acts as an extra safeguard, not least because most Bitcoin lottery websites operate in an unregulated manner.
Visit LottoLand Now. As the name suggests, DuckDice is a platform that mainly specializes in Bitcoin dice. The platform hosts one game of Bitcoin lottery every 24 hours UTC , which is great because it allows enough time for the prize pot to build up.
While we are on the discussion of prizes, DuckDice uses the pool system, meaning that the specific prizes are based on the number of tickets sold in that respective 24 hour period.
If two or more people win the same prize, then the pool will be distributed evenly. Most importantly, DuckDice utilizes the benefits of Provably Fair.
You also have the option of verifying this yourself by checking the lottery seed. Visit DuckDice Now. Although Crypto-Games. In fact, the platform hosts just 8 games within its gaming suite.
On top of Bitcoin lotto, this also includes blackjack, roulette, video poker, Plinko, dice, slots, and minesweeper. In terms of its Bitcoin lottery offering, the platform uses a pool system, meaning that there is virtually no limit to the amount that can be won.
Most importantly, Crypto-Games uses a random picker protocol that is backed fully by Provably Fair technology.
This ensures that the outcome of the game is always true and fair, and that the winning numbers can be verified for their validity.
Visit Crypto-Games Now. Although 8bet is a relatively new entrant to the Bitcoin lottery space, its platform is well worth a look. Other than a couple of slot games and scratch cards, the entire platform is dedicated exclusively to Bitcoin lotteries.
It costs just 0. Prizes start by matching just two numbers, with the main bitcoin jackpot requiring players to match all 6 numbers.
The best thing about this particular Bitcoin lotto game is that the bitcoin jackpot rolls over until it is won. At the time of writing, this stands at 4, mBtc!
On top of its main jackpot game, 8bet also runs a free crypto lotto game. Although prizes are much smaller, matching 6 numbers will award you a prize of 1, mBTC, which is great.
In terms of the fundamentals, all Bitcoin lotto games facilitated via the 8bet platform are backed by Provably Fair. Visit 8bet. In its most basic form, a Bitcoin lottery is not too dissimilar to a real-world lottery.
Although there is now a range of variations to the game, Bitcoin lottery games essentially require you to purchase a ticket, which then comes with a set of numbers.
Once the game starts, a certain amount of numbers will be randomly drawn. The overarching aim is to then match as many of these randomly drawn numbers against the numbers displayed on your ticket.
In doing so, you stand to win a real-world prize — all of which is paid in Bitcoin. The pool is made up by the number of tickets that were sold.
By this, we mean that there are different variations to the game. Irrespective of what version you go with, both ticket sales and prizes are usually paid in Bitcoin.
However, some platforms do allow you to collect your prize in fiat currency, if this is something that you would prefer. One of the first-ever Bitcoin lottery games to reach the market was that of Lotto Land.
In a nutshell, this particular branch of the Bitcoin lotteries space draws its numbers from real-world lottery games. As such, there is no technology required, as the numbers you will be attempting to match are the same numbers drawn in the respective national game.
On the one hand, some players prefer this, as there is no input required from the platform in question. Players know that the offline lottery space operates in a heavily regulated environment, which in itself acts a safeguard against fraud and manipulation.
However, some players prefer to stay away from this branch of the Bitcoin lottery space, not least because they would rather opt for a ball-drawing process that allows them to verify the authenticity of the game.
At the other end of the Bitcoin lotteries spectrum, a whole new version of the game exists — Provably Fair. For those of you unaware, Provably Fair was fist created by the founder of SatoshiDice — a Bitcoin dice game created in Not only this, but it is also possible to independently verify how the Provably Fair mechanism generated its outcome — as all of the data is available in the public domain.
In the case of Bitcoin lotteries, Provably Fair is absolutely ideal. One of the best things about Provably Fair Bitcoin lotteries is that the entire end-to-end process can be verified at any given time.
This includes the exact amount of tickets that were sold, how much was paid, which addresses held a winning ticket, and most importantly — how the winning balls were randomly selected.
The third option that you have at your disposal is to use a Bitcoin lottery website that utilizes a third-party software provider to draw its balls.
Keno is very similar to a lottery game, however, winnings are not based on the number of tickets sold. Instead, winnings are based on fixed-odds.
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.
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