Lottoland enters World of Crypto with Bitcoin lottery

Lottoland enters World of Crypto with Bitcoin lottery

Friday, December 22, 2017 Posted by Joseph Streeter
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The game is a standard 6/49 style numeric lottery draw and is based on the official results of Spanish lottery Bonolotto

Online lottery betting operator Lottoland has announced it will be offering what it claims is the world’s first Bitcoin lottery.

The game is a standard 6/49 style numeric lottery draw and is based on the official results of Spanish lottery Bonolotto, yet any one player who manages to correctly match all six numbers will win a jackpot of 1k BTC, worth approximately €14.2m at the time of Lottoland’s decision.

Lottoland CEO Nigel Birrell told “Innovation is what drives everything we do at Lottoland. We are not afraid of experimenting and we never lose sight of what our customers want. Bitcoin Lotto is one of several major innovations that we have introduced in 2017 and that will see us further establish our business as a truly world leading operator in the lotto betting sector.”

Bitcoin Lotto draws will commence on 18 December and will run everyday apart from Sundays; after the first draw, the group will lock in the current value of 1k BTC as listed on Coinbase charts, a value that will eventually be converted back into BTC when the winner officially requests payment via BTC.

Current Bitcoin Lotto ticket prices are €3.50, however given that the transaction fees for Bitcoins are incredibly high, playing this lottery may represent a route into owning Bitcoin without paying astronomical amounts. It’s also of the utmost significance that Lottoland will offer players the opportunity to collect the cash equivalent at the time their numbers come in.

TotallyGaming says: The fact that the chances of winning this lottery are significantly increased from the regular lottery will translate well with lottery players, currently there’s around a one in 14 million chance of winning this lottery, roughly ten times more likely than winning the EuroMillions. Furthermore, this innovative plan can help Lottoland standout in a saturated market of lottery operators.

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