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What Makes Bitcoin Lotteries So Attractive to Online GamblersWith local lotteries closing and the increasing interest in cryptocurrencies, the Bitcoin lottery market is seeing a marked rise. Join us as we investigate what the industry has to offer online gamblers and crypto-fans.
Whenever there is something of value humanity will find a way to gamble to obtain it, and cryptocurrency is no different. While we are familiar with online casinos, poker sites and even sportsbooks transacting in Bitcoin and other digital currencies the idea of a Bitcoin lottery is a little more alien.
The reason for this is that while the idea of staking and winning in Bitcoin is not unfathomable to anyone in the online gambling space most local lotteries are owned and operated by the government, and most governments are not comfortable enough with Bitcoin to offer it as a transacting method.
Global Crypto Lotteries
Billed as the internet’s largest crypto lotto site, Crypto Millions has stepped up to fill the gap left in the lotto space by the local lotteries who are too timid to offer Bitcoin tickets.
Sulim Malook, founder and CEO of Crypto Millions explains what they offer:
“We allow people to play the numbers of eight of the world’s biggest lotteries on our website. Although they choose the numbers on our site, they’re actually betting on the numbers of a state lottery, so numbers are drawn by each of the underlying lotteries. That way we remain completely independent. Payment of winnings is made within minutes of the lottery ending.”
The process is a simple one, participants create an account at the Curaçao licensed lotto portal and purchase lottery tickets using Bitcoin rather than their local currencies.
As when playing in Dollars or Euros the number of entries you purchase will dictate the cost of your tickets. When we tested the service playing a single-card with seven numbers for a €28 million jackpot cost us 0.0001 BTC which is the equivalent of €3.20.
In addition to being able to play 100 lines at the time, we also had the option to choose from among eight international lotteries with prize pools ranging from €9 million up to €68 million.
What is the Attraction?
There are many reasons for online gamblers and lottery fans alike to entertain the idea of testing the waters with cryptocurrency lottery sites, including:
- A low-cost way to get into the Bitcoin market and learn the ropes of cryptocurrency
- The option to play international lotteries without foreign exchange and control restrictions
- The chance to win jackpots that far exceed the value of most state-run lotteries
- The fact that Bitcoin wins are paid out in full within minutes of the draw being finalised
- The fact that Bitcoin wins can be stored offshore in your crypto wallet without incurring exorbitant local taxes
Malook extolled these and the many other benefits of transacting in Bitcoin saying:
“… we haven’t adopted bitcoin just because it’s a digital currency. We’ve done it because it’s the best currency for the job.”
As with many other online gambling websites, crypto lottery sites also offer their customers access to casino games which include an array of video slots, scratch cards and table games where stakes begin as low as 0.000001 BTC per game.
So not only do these sites offer punters the chance to win lottery payouts but also to play online casino games using Bitcoin where there is a chance to win a sizable in-game jackpot depending on the game in question.
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