Throughout history, lotteries have been perhaps the most popular of all gambling games and have provided players with more incredibly large, life-changing fortunes than any other. As with the vast majority of games, the advent of Bitcoin has changed the face of lotteries for players around the world.
A decent, high-quality Bitcoin lottery has the potential to turn random, lucky players into enormous winners. This is one style of game that nobody would want to miss out on, after all, who doesn’t dream of hitting the big time and instantly withdrawing vast sums of cash?
There is no shortage to the number of ways that bettors can win small increments of Bitcoins online. Slot and bingo players tend to stick to sensible strategies which allow them to earn minimal funds on a regular basis and keep control of their bankroll. However, the latest trend of Bitcoin lotteries is a real game changer as they give gamblers the chance to win jackpots worth hundreds and thousands of BTC with very little effort or skill required.
With all of this in mind, it’s easy to see why lotteries are well on their way to being the next big thing in the world of Bitcoin betting. This style of game can be found at both independent, specific sites and in the games collection of Bitcoin casinos. Keep on reading to find out more details about this innovative new source of gaming entertainment and the best online venues to enjoy Bitcoin lotteries.
Benefits of Bitcoin Lotteries over Traditional Ones
Many avid gamblers might be wondering what the benefit is of playing lotteries with Bitcoin as opposed to traditional cash and fiat funds. Basically, there are many advantages to playing with this online currency that can greatly improve the lottery playing experience and make the whole thing even more exciting, fun and lucrative.
One of the main attractions of Bitcoin for gamblers is the anonymity that it brings. Exchanging personal and financial details over the internet is a downside to online gaming for many people and as there is no sensitive information attached to a Bitcoin wallet, there is no way for any outside party to know how many Bitcoins have been spent and on what. As a result, Bitcoin lottery players have no need to worry about their privacy or security.
All of this super tight security means that Bitcoin is a highly trusted banking method. Wherever a player is in the world they can withdraw the winning funds from their lottery game safely and as close to immediately as is possible. Unlike other methods of banking, these withdrawals come with very low or even zero transaction fees and no tax, owing to the absence of a governing body that regulates Bitcoin.
Low Stakes to Enter
Bitcoin lotteries are known to offer much lower stakes than traditional ones. On a majority of these sites, players get to control their own stakes. This is quite different from traditional sites where the stakes are fixed and normally pretty high.
It is a major advantage as it allows all players to get an opportunity to participate. Furthermore, it provides a safety harness if you are new to the site and want to test it out using small amounts at the onset.
Opportunity to Win Big
One of the biggest weaknesses of traditional lotteries is the prize pool. In spite of the fact that some are quite high, they have limited ceilings. At the same time, most of them only give players around 50% of the prize pool. As such, its operators are in fact the biggest winners.
Admittedly, some amount may be dedicated to noble causes like charities. But this is usually an insignificant amount.
On the other hand, blockchain-based lotteries are often limitless. Additionally, they are usually transparent about the way the prize pool is allocated. In many cases, the participants get 100% of the reward money. These factors translate to opportunities for massive wins.
Can Be Played on the Go (Mobile-Friendly)
Traditional lottery operators have not managed to keep up with the times to the same extent as their blockchain counterparts. Most are still based on brick and mortar outlets. And the ones that operate online may not always give players mobile-friendly apps.
Blockchain-based operators are technology-oriented and are known to keep pace with developments. Given the fact that most gamers enjoy accessing their favorite platforms on the go, a majority of lottery services are optimized for mobile use. Some even have dedicated apps that users can download on their devices. This makes it easy to enjoy gaming on the go from the convenience of a handheld device.
Loads of Choices
Traditional lotteries are often restricted to specific countries. Oftentimes, participants can only buy tickets within their country of residence and at times, in the currency of that country. This limits the choices at players’ disposal.
There are plenty of options to choose from when it comes to Bitcoin lottery operators. They are not limited geographically or in any other way. As such, participants have a whole world of choices on a global scale to pick from.
Among the biggest drawbacks of playing traditional lotteries is the lack of transparency. This is evident from the payout process where players only get a fraction of the prize pool. It is also reflected in the fact that the mechanisms and algorithms used for random number generation can be manipulated. Due to this information asymmetry, some jackpots are not paid out at all while others are not paid in full.
On the other hand, Bitcoin-based operators make use of blockchain technology to ensure transparency. Players have a chance to keep track of payouts thanks to the distributed ledger technology. As such, participants have a higher level of certainty that they will get their winnings as expected.
Crypto-based lotteries often make use of provably fair mechanisms that players can use to check whether the process is free and fair. Provable fairness provides insight about the integrity of the algorithms used and would reveal it if they are manipulated in any way.
Therefore, players can have confidence in these systems as they can test them for fairness rather than having to rely on third-party tests and audits.
One of the biggest drawbacks of Bitcoin lotteries is the fact that most of its operators are not regulated. The cryptocurrency and blockchain industries operate in legal grey areas in most countries. Operators in the space are thus not as strictly regulated as their traditional counterparts.
While this means greater freedom for these providers, it poses a security issue for players. In case an operator fails to live up to their end of the deal, players have no legal recourse.
Potential to Lose as Big
Playing at Bitcoin lotteries is still gambling, and players do not always win. In fact, the potential for losing is just as big as that of winning, if not greater.