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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.
However, in order to give you an idea of the underlying odds, we have taken the industry average — which is a 49 ball game with 6 numbers drawn.
As you can see from the above examples from a typical 49 ball game, the odds are heavily stacked against you once you get past the 3 number requirement.
As such, it is crucial to assess how much each corresponding win is going to pay. Probably not. So now that you know the ins and outs of how Bitcoin lotteries work, we are now going to show you how you can get started.
Follow our simple step-by-step guide below to find out how to register and deposit funds at a Bitcoin lottery platform! Your first port of call is going to be to choose a platform that hosts a Bitcoin lottery game.
In some cases, these will be dedicated platforms that specialize exclusively in Bitcoin lottery games. In other cases, platforms will be a fully-fledged Bitcoin casinos that hosts a range of Bitcoin lotteries alongside more traditional games likes like blackjack, roulette, and slots.
Before choosing a platform, you also need to assess what type of Bitcoin lottery game that you want to play.
As we discussed earlier, this will dictate how the balls are drawn. For example, while some players prefer balls that are generated via Provably Fair, others prefer Keno-style games that are backed by regulated software providers.
Once you have chosen your preferred Bitcoin lottery platform, you will now need to go and open an account. A pop-up box will then appear asking you to choose a username.
Although you have just created an account by simply choosing a username, you should now go into your settings page and add a layer of security.
This can either be via two-factor authentication or email notifications. Once you opened your account and added a layer of security, you now need to deposit some funds so that you can enter a Bitcoin lottery game.
You will then be shown your Bitcoin deposit address. This wallet address is unique to you and your Bitcoin lottery account, so make sure you keep it safe.
Copy the address to your clipboard, and then head over to your external Bitcoin wallets. Finally, once you transfer the funds to your deposit address, the Bitcoin lottery platform should credit the funds within 1 blockchain confirmation.
As soon as your account has been funded, you can then proceed to start buying some Bitcoin lottery tickets. As you will see from the image below, the cost of one lottery ticket is 0.
Next, you then need to decide how many tickets you want to purchase for that particular game. Once you enter the number of tickets in, the total cost box will automatically update.
Finally, you then need to decide whether you want your ticket numbers generated randomly, or if you want to choose them yourself.
This is very similar to the real-world version of the game, where you can choose your favorite numbers or get the machine to automatically generate them for you.
If you are fortunate enough to win a game of Bitcoin lottery, you will then need to withdraw your winnings back out. Next, you need to enter your external Bitcoin wallet address.
For ease, this can be the same address that you used to deposit the funds. As soon as you request the withdrawal, you should see the funds back in your external Bitcoin wallet within 10 minutes.
The Provably Fair protocol is backed fully by the art of cryptography, meaning that the outcome cannot be manipulated or pre-defined by the platform.
If the Bitcoin lottery platform doesn't use Provably Fair, this isn't necessarily an issue. Some Bitcoin lottery websites will instead get their winning numbers from real-world lottery games like the EuroMillions or MegaMillions.
Other platforms such as FortuneJack utilize third-party software developers who are regulated in the real-world, so this is also an option for you.
This all depends on the prize pool for the specific game you are playing. In most cases, all ticket sales will be pooled together, and then distributed to the winning players.
A higher percentage of the pool is given to players that land the biggest wins, such as matching 5 or 6 numbers.
As is typically the case across the entire Bitcoin casino spectrum, there are usually no minimum deposit amounts to worry about. Fiat casinos usually stipulate a minimum deposit because they get charged by financial institutions when facilitating debit or credit card payments.
However, as you are depositing funds externally from your Bitcoin wallet, you can deposit as much or little as you like.
Much in the same way as any other Bitcoin casino game, your winnings will be transferred directly into your private Bitcoin wallet.
You will need to execute a withdrawal request from within your Bitcoin lotto account, and in most cases, the platform will then release the funds automatically.
This means that you should receive your winnings within about 10 minutes of making the request. Bitcoin Keno is a type of lottery game that uses a fixed-odds system instead of pooling player tickets together.
In fact, as you are playing against the underlying software algorithm, it's essentially you against the casino. The amount that you can win depends on the number of balls that you match, and the amount that you decide to stake on each game.
Ultimately, Bitcoin Keno appeals to those that want to control their own stakes, and play at their own pace.
Nica is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.
Your email address will not be published. Skip to content. Home bitcoin lottery. Read our guide below to know the best bitcoin lottery sites you can check out today.
Note: Although Bitcoin lottery games are typically guaranteed for their fairness, you still need to ensure that the underlying platform is safe and secure.
The main point of consideration is that Bitcoin lotteries are usually offered by regulated entities, so do bear this in mind. FortuneJack - Best platform for Keno-style Bitcoin lottery games.
LottoLand - Best if you want the balls drawn in the real-world. Pros and cons of Bitcoin lotteries. The Pros Chance to win big prizes Low stakes required to enter No experience needed Can be played by anyone, anywhere Heaps of Bitcoin lottery providers Play from home or via your mobile phone Fully transparent Guaranteed to be true and fair.
The Cons Providers are typically unregulated You could lose money. Pros and cons of using balls from national lottery games. The Pros National lottery games are heavily regulated No dispute as to how the numbers were drawn Easy to verify the winning numbers Games operate at least once per week Prizes are usually large.
The Cons Unable to independently verify the authenticity of the drawn balls Prizes could be bigger by buying a ticket in the real-world. This should once again be a reminder that you should always do your homework prior to joining a new lottery site.
Pros and cons of Provably Fair Bitcoin lotteries. The Cons You still need to understand how Provably Fair works to check the authenticity of the game.
Pros and cons of Bitcoin lotteries backed by regulated software. The Pros Software providers are regulated Lottery data is audited by gaming regulators Games must be independently tested for fairness before being launched Play games whenever you want as prizes are fixed-odds Choose your own stakes Play at your own speed.
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