Bitcoin really took the world by storm in 2017. In the space of 12 months, it soared from $800 to a record $19,000. It was during that historic December that Bitcoin’s first-ever lottery competition was launched. The competition was organized by Lottoland, an Irish betting company.
The jackpot prize for the Lottoland Bitcoin Lotto was set at 1,000 BTC, equivalent to $14 million at the time. Similar to other jackpots, the Bitcoin Lotto grand prize would continually increase until a winner is found. The odds for winning this unique competition stand at 1 in 14 million, meaning that its considerably easier to win than other lotteries such as Euromillions and Powerball.
At its launch, the Bitcoin Lotto sought to capitalize on the craze around digital currencies, particularly Bitcoin. The lottery certainly increased the popularity of the Lottoland website, which is known for allowing users to play overseas lottery competitions such as Mega Millions and Powerball.
How to Play Bitcoin Lotto
The Bitcoin Lotto draw is conducted every day of the week except Sundays. It takes place at 8.30 p.m. UK time and its results are based on Spain’s Bonoloto lottery. To bet, players have to select 6 random numbers between 1 and 49. Out of these, at least two must match the draw result for the player to win. The higher the number of matches, the higher the prize. If a player’s six selections match the draw results, they take home the 1,000 BTC jackpot. Players who are in a hurry can opt for the ‘quick pick,’ where a computer does the selection on their behalf.
Each bet costs £3 per line. As stated earlier, the jackpot begins at 1,000 BTC and will roll over and keep rising until a winner is found. The value of the jackpot is also dependent on the prevailing exchange rates of Bitcoin against the Pound Sterling.
Winnings can be received in two formats, according to the player’s preference. For instance, a winner can opt to receive their prize in fiat currency. There is also a provision for receiving payouts in cryptocurrency, as long as the winner has a functional Bitcoin wallet. If the winner prefers the second option but lacks a digital wallet, Lottoland will create it for them.
Bitcoin and Gambling
The launch of the world’s first Bitcoin lottery coincided with the increased use of cryptocurrencies in the gambling industry. In recent years, Bitcoin has been used to enhance transparency and anonymity in online casinos, moreover, many betting platforms have added support for Bitcoin deposits and withdrawals.
The concern, however, is the trustworthiness of lotteries and casinos that promise to payout prizes in Bitcoin. With Bitcoin Lotto, players don’t have to worry because Lottoland is officially licensed to make such payments.
Given the shaky performance of Bitcoin over the past year, it might be a good time to invest in cryptocurrency and take the chance that it will surge again in future. After all, the prospect of becoming a millionaire from as little as £3 is certainly exciting, regardless of how much of a long shot it seems.