Bitcoin Lottery Guide

Lotteries are the bread-and-butter of gambling. They’ve been around for many years; in fact, they can be traced as far back as the 15th century. Plus, they are also legal in many places, even in countries where other types of online and offline gambling are banned or heavily restricted. Cambodia, the UAE, Singapore, Lebanon, and North Korea are just a few examples. These countries prohibit or heavily limit gambling yet regularly hold legal lottery draws.

As a keen lottery player, I’ve enjoyed the thrill of entering many a traditional lottery myself. National, transnational, regional, you name it. I’ve played almost all of them to stand a chance to win a cool million or more. Unfortunately, I haven’t won the big jackpot yet. But not to try is tantamount to never winning, so I’ll keep on making sure to purchase my regular lottery tickets. And at just a few bucks per ticket, lotteries aren’t too heavy on my wallet either.

My excitement about and enjoyment of lottery games aren’t unique, though. Many people love to play lotto all over the globe. That’s why I’m so excited to write about the newest kid on the lottery block – Bitcoin lotteries. If you’ve heard of these before, then you probably know why they’re so enticing. If not, then you’re about to find out. That’s because I’m going to spill my can of Bitcoin lottery beans right here.

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bitcoin lottery sites

Best Bitcoin Lottery Sites

If you know all about BTC lotteries and you’re just here for my list of the best BTC lottery game sites, then you can find all of my top sites right here. Simply pick one with which to play lotto to get started. Plus, you can rest assured that you’re buying a ticket for the best seats in the house. That’s because I’ve selected these sites with specific criteria in mind:

  • A lucrative Bitcoin jackpot
  • Provably fair lotto results
  • Low house edge
  • A regulated and safe site
  • Jackpots paid out in Bitcoins

How does Bitcoin Lottery Work?

Purportedly, the first Bitcoin lottery got held at the end of 2017. And as surprising as it is that the number one cryptocurrency hasn’t had its own Bitcoin Lottery for longer, its a fact that these types of lottos are a very new concept. But you’ll be pleased to know that the way they work isn’t new at all. In actual fact, it’s quite simple to wrap your head around the BTC lotto and how it works. That’s because Bitcoin lotteries operate almost exactly the same as regular lotteries. Except that the currency that a BTC lotto prize gets paid out in and the way that the numbers get drawn is different from traditional lottos.

How are Bitcoin Lotteries Paid Out?

Bitcoin lottery prizes are displayed and paid out in Bitcoin – BTC instead of other cryptocurrencies or FIAT currencies. If you are not familiar, they are regular currencies like USD, GBP, and EUR. In some cases, lower prizes may get paid out in FIAT. But that doesn’t mean that Bitcoin lottery game tickets always get sold in BTC. They are actually available for sale in both FIAT currencies and BTC cryptocurrencies. The currency available to pay for your ticket will depend on which Bitcoin lottery sites at which you choose to buy it.

How Are Bitcoin Lotto Numbers Drawn?

The other difference between traditional lotteries and BTC lottos is the way the lotto numbers get drawn. For example, one well-known lottery ticket site employs a very fair way to draw the numbers for their Bitcoin lotteries. Their winning lotto numbers are the same numbers drawn from Spain’s official lottery – the Bonoloto. So, all you have to do to enter a BTC lottery with them is to create an online lottery site account and select your six numbers. Then wait and see if you’ve matched numbers with the Bonoloto draw and therefore won a prize or the jackpot for their Bitcoin lotto. In the case of their BTC lotteries, multiple prize tiers also correspond to the Bonoloto tiers. However, the lowest of these tiers gets paid out in FIAT currency.

Other Ways to Play Bitcoin Lotteries

But that’s not necessarily the case for all lottos. This is just one example of how one Bitcoin lottery works. The way that the factors and other details of a lottery play out may vary depending on which Bitcoin lotto site you choose. Some may have prizes for lower number combination tiers in smaller denominations of Bitcoin’s, others may pay these out in FIAT currencies like the site above, and other sites may operate entirely differently. So, make sure to read the rules and regulations for each type of lotto prior to playing as they can be as varied as traditional lotteries.

Plus, there are other ways to play using Bitcoin. Perhaps you just want to pay with BTC for your regular lottery ticket? This is entirely possible; some sites offer this currently. And others are gearing up to take BTC as a payment method as we speak. Some of these sites may even call themselves Bitcoin lotto sites despite the fact that their jackpots don’t get paid out in Bitcoin.

Free Bitcoin Lottery

Perhaps you’re new to this type of lottery, and you want to play free lottery Bitcoin games? This is possible too. There are some sites where you can play for free. And if you like the free game, then you can opt to play with real Bitcoin lottos. You can do this without spending a cent, possessing a crypto wallet, or signing up for an account with a Bitcoin lottery site. Some sites even offer free tickets for real money lotteries. If you want to find a site at which to play for free or get free tickets, simple browser searches like “lottery Bitcoin free” or “free ticket Bitcoin lotto” will bring up a few options. Just make sure to choose a provably fair lottery game, no matter whether you’re playing for free or for real money.

Bitcoin Lottery Mining

So, Bitcoin lotteries are relatively new, but did you know that lotteries aren’t new to the blockchain? Bitcoin lottery mining is the concept on which the blockchain operates. But please don’t confuse this with Bitcoin lotteries. Bitcoin lottery mining has more to do with the way Bitcoin and the blockchain operate than the Bitcoin lotteries I have already discussed. The word “lottery” gets used because the blockchain utilizes a lottery-based rewards system to create and award Bitcoins to miners. But, if you’re not here to understand the intricacies of Bitcoin mining, then don’t worry. I won’t go into too much detail about this topic. Suffice it to say that Bitcoin Lottery Mining and Bitcoin lotteries are very different pursuits.

Why is Mining Bitcoin Less Lucrative Than Playing Bitcoin Lotteries?

So, if you’ve heard of mining, it may sound easy and cheap, right? Well, it may be simple to let your hardware do the work. But it’s definitely not cheap to buy your hardware and mine. That’s because the computing power and electricity required is expensive. The cost of mining one single Bitcoin is estimated at anywhere from a few hundred US dollars up to tens of thousands. This variance in number is in part due to the different electricity costs all over the world. Considering that one Bitcoin is currently valued at just under $10,000 (and its value has fluctuated wildly over the years), mining is still a lucrative procedure. But it’s by no means the safest investment nor the cheapest venture.

That’s why your best chance of getting ahold of some Bitcoin is to enter a Bitcoin lottery. There are a number of lotteries available from which to choose. And most of them offer a jackpot prize that is much more lucrative than Bitcoin mining. Plus, with mining prospects as they are at present, perhaps you’ll have more of a chance of winning a Bitcoin lottery than you will of mining a Bitcoin.

How to Gamble with Bitcoin?

Now that you know a little about Bitcoin mining and it’s lottery-based rewards system let’s go back to Bitcoin lotteries. I’m sure it’s pretty obvious right now how participating in one of these lotteries is one of the best ways to get your hands on Bitcoins. So, perhaps you want to buy a Bitcoin lotto ticket now? Well, the good news is that it’s much easier to enter a lotto draw at Bitcoin lottery sites than learn how the blockchain works. In fact, if you’ve ever played the lotto before, you’ll recognize the steps involved in this procedure. Here’s my simple guide on how to get started:

  1. Create an account with one of my best Bitcoin lottery sites.
  2. Deposit money into your account if necessary.
  3. Select your crypto lottery.
  4. Choose your lottery numbers.
  5. Take a look at the prize for each matching number combination.
  6. Wait for the draw to see if you win with your chosen number set.
  7. If you win, claim your prize.

See? It is a piece of cake for everybody to participate in a bitcoin lottery process.

Bitcoin Casinos

There are many ways to gamble with Bitcoin other than participating in a Bitcoin Lottery. You can also gamble at online Bitcoin casinos. Or sign up for a sports betting account and make a Bitcoin bet, or even play at a land-based Bitcoin casino. Just bear in mind that offline Bitcoin gambling is very limited. Though who knows, this may change in the future, especially with Bitcoin machine manufacturers currently in the process of designing and testing unique Bitcoin gambling machines.

Anyway, case in point, there are many ways to gamble with Bitcoin. And lotteries and online casinos are among the most popular of these. Luckily there are many casino sites, and it’s very easy to create an account with them. Just make sure that you select websites that offer provably fair casino games. This is a new method of checking if a Bitcoin game is fair. Much like you can check how fair a slot game is by looking at its RTP.

Safety & Privacy at Bitcoin Lottery Sites

Bitcoin has gained traction as a payment method, not least because of its security, speed, and pseudonymity. It’s also gained popularity for its value as an investment. But perhaps its also gained ground within the gambling industry because it’s not nearly as regulated as FIAT currencies. Plus, all transactions are pseudonymous in nature; they utilize a random string of numbers. So, you aren’t required to share much personal info with the gambling site or to open your crypto wallet. Add to that that the laws regarding gambling with it are a bit spotty in certain countries, and you have a recipe for a lot more freedom. At least for now.

Regardless of this seedier side of the cryptocurrency, these factors also offer plenty of protection to those who are just looking for a bit of lottery or gambling fun. But bear in mind that these transactions are pseudonymous, not anonymous. This means that your transaction information is visible on the blockchain platform. It’s just under your pseudonymous blockchain address. So, with this in mind, here are the best and worst safety & privacy features of Bitcoin lottery sites.

Pros:

  • All transactions are pseudonymous.
  • Provably fair games are guaranteed to pay out fairly.
  • It’s decentralized, so your winnings are more difficult to seize.
  • Limited personal or financial data required for you to open a wallet and make transactions.
  • There’s no need to have a bank account to use your cryptocurrency.
  • This cryptocurrency has a good chance of rising in value.

Cons:

  • Limited crypto sites and lotteries available.
  • The value of this cryptocurrency isn’t as stable as many FIAT currencies.
  • Blockchain transactions aren’t anonymous.
  • This cryptocurrency has a chance of falling in value.

Conclusion

Playing a Bitcoin lottery game is a new concept, but luckily the way these types of crypto lotteries work isn’t that complicated. And if you choose a provably fair lottery, you can trust that the lotto results are fair. And the best part is that you don’t really need to know much about mining or buying cryptocurrencies to buy a lottery ticket and win Bitcoins.

References

  1. https://www.gamblingcommission.gov.uk/for-the-public/Fundraising-and-promotions/Fundraising/Private-companies-fundraising-through-lotteries.aspx
  2. https://www.researchgate.net/publication/346577747_Gambling_as_Interaction
  3. https://www.bankofcanada.ca/wp-content/uploads/2014/08/wp2014-33.pdf

FAQ

  • Can I pay for regular lottery tickets using Bitcoin?

    Yes, many sites offer traditional lotto ticket payments in Bitcoins and other cryptocurrencies. But these lottery tickets differ from a Bitcoin lottery because you won't win Bitcoin's. You may have the option to withdraw in Bitcoin, though, but this depends on the site from whom you buy your tickets.

  • What is the average Bitcoin lottery jackpot payout?

    The top prize for matching all numbers in most Bitcoin lottos is around ₿1,000. But, this is just a general figure, and it varies depending on the lottery and site.

  • Should I sell my Bitcoin lottery winnings for Fiat cash?

    That depends on you; you can opt to keep your ₿'s or sell them for cash. But, holding on to them until their value rises could get you a tidy profit. That's because the value of Bitcoins has gone up and down over the years.