- What Is a Crypto Lottery?
- Working of Crypto Lottery
- Popular Cryptos Accepted by Crypto Lottery Sites
- Pros and Cons
- Why Should People Choose Crypto Lotteries?
- How to Choose a Good Crypto Lottery Site?
- How to Start Playing Crypto Lottery?
- Types of Lottery to Play at a Crypto Lottery Site
- Cashing Out From a Crypto Lottery Site
What Is a Crypto Lottery?
As the name suggests, the crypto lottery is the digitized version of the traditional lottery system which comes hand in hand with the online casino experience from various platforms for betting, wagering, and playing lottery games. When it comes to the crypto lottery strictly, these are the lottery games where the players use cryptocurrencies to wager or put money in the prize pool and try their luck out. Crypto lotteries have various advantages and disadvantages over the conventional lottery systems and nowadays, they are based on the smart contract of each of the crypto chains and the policies of the online platform.
Online games of the lottery have invested crypto millions in the total industry, consisting of the players who wish to get one of the winning numbers. The greater the number of individuals who play games, the higher the enticing prize pool to win big. Multiple entries have been a piece of common investment advice for increasing the odds although this isn’t recommended in most cases.
Some of the online platforms provide the option to use other modes of payment like digital currency which can be used to exchange crypto assets directly from the website. There are a wide variety of digital wallets (such as a bitcoin wallet) available that can be used to connect with lottery game websites and transfer money to and fro. Generally, a smart contract is used by some of these sites that are quite immaculate and are seamless in functioning.
How Does Online Crypto Lottery Work?
The crypto lottery games based on crypto work in a similar fashion to traditional lotteries. Each interested player can buy as many tickets to the lottery as they want. Once the tickets are in play, the total amount collected from each of these tickets would form the prize pool (other than the amount charged by the platform) and the ticket numbers would be randomly drawn to determine the winner of the lottery. Bitcoin lotteries were some of the oldest crypto games to offer the lottery due to a head start that the cryptocurrency already had upon its release.
The total pool of the cryptocurrency games can come from any location around the world and it usually does not work with inter-currency pools for wins.
The players can choose from a variety of online lotteries and unlike the traditional lottery, every digital lottery game can be enjoyed any time using any device that is connected to the internet. In order to play crypto games or join a game, the future players shall either already have existing crypto currency or be linked to a digital method to pay which they can then use to get crypto assets from their account with leading and best online bitcoin lottery and Bitcoin online gambling websites with high security that enables them to pay and game using bitcoin or other altcoins.
The smart contract based upon the blockchain brings credibility and a layer of authenticity to the platform although it might discourage non-technical users in the beginning.
Most Popular Cryptocurrency Accepted by Best Crypto Lottery Sites
Crypto lottery sites have diversified their range of accepted currencies and the players can make use of any of the crypto assets that are supported on these websites. In order for one to be the best crypto lottery site, a provision for all or most of the leading cryptocurrencies is crucial and these currencies include BTC, ETH, XRP, LTC, and many others.
Being one of the most popular forms of online casino games that are worth the wait are the lotteries that are based on bitcoin. As bitcoin is among the most popular cryptocurrencies, the options for taking a part in the lottery are as diverse as they are some. While not every lottery site has the option for all the cryptocurrencies, there are dedicated sites as well for the players who want to be a part of the Bitcoin lottery. Leading bitcoin lottery sites or BTC casino that provides the option to own the currency using fiat currencies by acting as a medium for connecting with the cryptocurrency exchange, looking for assets to deposit prior to winning.
Ethereum Lottery is the iteration of an online lottery system where ETH serves as the primary mode of payment and the users have to make their deposit using ETH itself before heading out to wager for the prizes. Before being able to participate, it is good financial advice to buy ETH from the top crypto exchange independently as this can help avoid extra transaction fees that might be charged while buying from another medium or a site. The users stand to lose their money if the wallet address that is entered is incorrect. The tokens can often get lost during such errors.
Ripple is yet another cryptocurrency that is starting to make a name for itself following the bandwagon of bitcoin and many websites have at least one game that can be played using ripple. As a result of the name, the ripple lottery has become a real option for the players who are looking to use a popular crypto asset whose value hasn’t skyrocketed. Ripple lottery is one where the users have higher odds of winning due to the fewer tokens and users in the network without the pools being too small to make it worth the wait. The winners have experienced a good payout rate from the game they have won from.
The Litecoin Lottery game is based on LTC coins and these are the tokens that serve as funds for making a deposit into this lottery to join the pool. LTC tokens are either available from the leading cross-currency exchanges or dedicated exchanges from where the users can buy the asset to play the Litecoin Lottery. Similar to many other platforms for Lottery, Litecoin lottery hosts also have various other betting and gaming options as well where they can be accessed from the deposit.
Litecoin lottery dedicated website is an uncommon experience and it is likely to operate on a small scale due to the limited versatility of the platform. However, a dedicated site would sometimes lead to a more polished experience.
Bitcoin Cash Lottery
Following the suit of Bitcoin itself, the Bitcoin cash lottery is also on the list of most popular forms of online lottery that are powered by crypto. Bitcoin cash has lately been gradually increasing in value across the industry and the newer product of the blockchain technology has the potential for way more tokens in circulation due to its distance from the saturation of the tokens on the chain.
The game of Bitcoin cash lottery is not as common to observe as are some of the other options around the world. Users have been known to confuse Bitcoin with Bitcoin Cash Lottery as the name might provide a false sign, only to then find out the process of finding one was in vain. The tickets of bitcoin cash games do have less variety and some of the largest pools do not come from this lottery version.
Tether is a crypto that is based on Tether tokens, and these tokens are offered by the company behind the asset itself. A tether system is possibly less popular than most of the games on the list. The individuals can pay using the asset which is relatively cheaper than bitcoin and the prizes do not require as high the risk.
The tokens can be used to pay or deposit the desired amount on the online website and wager in the prize pool which appeals the most with their prizes. The winners can then send the winnings in the form of asset tokens to their respective wallet addresses as a step of the withdrawal. The minimum deposit is more common on websites with this game due to the smaller user base they tend to have.
Pros and Cons of Crypto Lottery
Everything has pros and cons, similarly crypto lottery also have it. So further read the below points to know each details of cryptocurrency lottery:-
Advantages of Crypto Lottery
The crypto games based on crypto assets come with a plethora of advantages for the end-users as well as the hosts of these lotteries and the respective websites. Below are the leading benefits that come from crypto-based lotteries:-
Since a connection to the online site is the only practical limitation for this lottery system, users from around the world can take part in them by making a deposit matching the minimum deposit amount or more and start playing. The jackpot too gets bigger with a global user base for the games as the total supply of money from the tickets increases significantly. Although one thing to keep in mind would be that not every site can be accessed from all locations and some countries are restricted from taking a part in the games which is a result of a lack of compliance with the local laws and regulations.
Super-Fast Withdrawal Speed
Most of the online platforms allow their users to get almost instant access to their winnings by allowing instant initiation of the withdrawal transaction. The transaction fees are usually low or even free for some platforms and the money can be deposited within the same day or upto 48 hours in the winner’s wallets. The speed can sometimes be dependent on the traffic that is active on the blockchain and increasing the efficiency of underlying technology can even provide faster access to the funds players do win.
Platforms for such online games and wagers often tend to function sanctioned by a licensing authority and the numbers drawn are random as well. The methods of determining the winner of any lottery game are kept provably fair and this brings in full transparency (technically speaking) from the platform’s side. Transparency is one of the ways a site can get more popular and keep the trust of the users who truly hope to win and desire an ethical platform for lotteries. Some of the platforms are heavily regulated which does limit the capabilities but increases the credibility of their operations.
High Performing Assets
The online lotteries mentioned above and the other options usually use high-performing assets which means the value of the winnings might increase in the future as the value of the tokens in the wallet used goes up as well. Though due to fluctuation, the win can be diminished in the future by the loss of value as well. Bitcoin, ETH, LTC, XRP are all leading crypto coins and their blockchain has improved since their inception. A large number of tokens in circulation for these chains means that these games are not going to go out of market anytime soon.
Generally speaking, most of the platforms for online betting games have high-security standards that are built into their websites. The safety features are deployed to keep the sensitive information private and to maintain a firewall between any mal-intent. The safety measures include 2-factor authentication, SSL encryptions, and other common practices. Users are still advised to be thorough in their understanding of the workings of the entire process before investing their money, looking to win.
Disadvantages of Crypto Lottery
While the advantages are plenty and convenient, there are a few disadvantages that the players have to consider while diving into the lotteries based on cryptocurrency. The disadvantages come from the design and early stages of the games themselves and those would be the following:-
Lack of Options
The options for taking part in lotteries are not as diverse in their range as are some of the other casino games such as Bitcoin video poker, but the jackpot can still grow quite high. Users who are not tech-savvy can still be faced with a limited choice to pick from due to the remainder being either too complicated or being restricted in their geographic regions.
The jackpot has fewer options and iterations in comparison to other casino games where there is a higher chance to win. The smart contract restricts any brand from setting up an account to the game using tickets or bitcoin without proper architecture which is the reason that only leading chains of online crypto casinos have been able to fully explore this domain of online gaming and betting.
As the currency used for the lotteries themselves are volatile and can fluctuate based on the financial market, the value of the win can too change which means the users can either lose the money or get extra. This can be regarded as both an advantage and a disadvantage but the size of the jackpot would remain mostly unaffected with a similar chance to win it for those who wish to play.
The ticket prices too might change in some cases as the value changes but the total number of tickets in the play for any jackpot is still to be decided by the platform.
Why Should People Choose Crypto Lotteries?
Crypto lotteries have a long list of advantages that outnumber the ones which came with conventional lotteries that were either associated with physical travel or fiat currencies.
The ease of access for being able to take part in any jackpot is one of the best reasons for people to choose crypto-based lotteries. No longer do the users need to go to any physical location to buy a ticket as the purchase of the ticket for any jackpot can be done through a computer or a mobile device and introduces utmost comfort for the users who desire to play with ease.
The lack of any requirement for going to a location results in added privacy and anonymity for the players. The users don’t have to enter the personal information till the time of withdrawal which means buying a ticket is an anonymous process and is based on crypto, the transactions are cryptic, and hence, the identity of the players is not revealed to any party that is not the part of the transaction.
As the platforms primarily function online, the fees required in their operations are less than physical lotteries. Due to this, the fees for a ticket or joining the jackpot are low in comparison to their conventional counterparts. Other games like video poker experience a smaller amount of fees because of the same reason. The lower fees also invite more users to the service which enables the jack power to grow further and even offer guaranteed perks.
The online lotteries strive for a good reputation by keeping their operations provably fair and having a good payout rate for any price of the ticket. The good ratio of wins on the decentralized platforms boasts about the ethicacy a platform might deliver through their service to the registered users. Random number generators have also been used for these games in the past which further adds to the enticement of those corresponding websites.
How to Choose a Good Crypto Lottery Site?
Selecting a good crypto site is the first step towards a positive experience. It is of utmost importance to only consider the ones which can be regarded as provably fair crypto sites. These sites often tend to have a reliable and ethical architect for the conducting of the lottery, thereby, actually offering a chance of winning for the players.
Selection of Cryptocurrencies
While most of the sites have different options for cryptocurrencies, it is crucial to make sure that the website is licensed as well as regulated and provides the option to use the currency of choice. The heavily regulated a website is, the more options it can have for both fiat and crypto currencies.
Even for the players who majorly play lotteries, the variety of online casino games is something that too should be considered for keeping the provision open down the road, should one wish to try those options. The lotteries that are powered by a casino that supports crypto deposits would allow the users to play other wagering games such as blackjack, roulette, baccarat, video poker, etc.
These games claim to have a higher chance of winning but the platform and its size of users change the odds. The traditional casino games of blackjack, roulette, baccarat, etc. do not come with a ticket price but the players have to either accept the entry prize of the table or claim the minimum amount that is already set up.
Some games can be played for free and the free version acts as a good measure to showcase the strengths of any game of the bitcoin platform without investing in the tickets or putting money in the account to pay for the deposits while taking part in the said game.
Regulated platforms which have been either licensed or decentralized are the ones that end up having the best reputation. This is a sign of being able to steer the ship in any direction for a better playing experience for the ones who aim to secure a win.
The prize distributed to the players also adds to the trading reputation for a platform and having a bad reputation or being credited to loss of money can seriously affect the platform’s bottom line as gamblers might lose trust. The customer support and faq section form the last line of saving grace for a platform as prompt and responsive support can go a long way for any website or any game based on altcoins like bitcoin.
The options to pay for the registered users who game using bitcoin or other assets on any decentralized platform are not as diverse as secure ones but the registration itself is easier and doesn’t require a lot of sensitive information from the users.
It is highly recommended to check whether the preferred platform has desired modes for making a deposit and has awarded bonuses for the same as well because deposit bonuses and welcome bonuses are commonly offered to the new users who sign up on the platform.
Bonuses and Loyalty Rewards for Bettors & Beginners
Similar to casino games, lottery games have different bonuses and rewards associated with them. These may vary from platform to platform and can be credited on the basis of many factors determined by the platform. The list of bonuses starts with the step of signing up on the platform. Welcome bonus and deposit bonuses are offered by most of the leading sites for lotteries and gambling.
The bonuses can go a long way and extend to other games like blackjack, roulette, baccarat, etc. if they are supported by the respective online website. These can help one win or play without investing amounts that are too high (but wagering requirements for first deposit match bonuses can be quite high for a few of the online casinos).
How to Start Playing Crypto Lottery Online?
In order to start playing the online crypto lotteries, the users need to narrow down their list of preferences and sign up on the site of their liking. This would require entering the basic details on the platform and verifying the email ID to get started. Once the account has been created, the users can make secure deposits on the platform and get money linked into their decentralized account.
Players can choose from the list of cryptocurrencies supported by the site (although in some cases, the choice of currency is to be made at the time of signing up). It is advised to sign up on best crypto gambling sites as they keep the gamblers and their information anonymous.
Some sites have the option for other jackpots which award the prize based on spinning balls or lucky draws. Before starting to play, ensure there are other gaming options like blackjack, roulette, baccarat, slots, etc., as this would mean that the casino or the site would have the liquidity to support the security of the winning.
Which Types of Lottery Can I Play at a Crypto Lottery Site?
Over the years, there have been two primary options for playing the lottery (and the other less significant ones have not stood the test of time). These two options would be the renowned Spinning ball lotteries or the lucky draw lotteries. Spinning ball lotteries have been observed to inculcate fewer users, however, this is no rule to limit the size of pools either of them can have.
As the name suggests, the lucky draw randomly picks or generates a ticket number for the prize can be distributed and the winners can be drawn from the pools. Lucky draws are somewhat more modern in the sense that they use more advanced measures of allotting the prize with the lack of a social element.
Spinning balls lotteries on the other hand have maintained the tradition of deciding the prize winner of funds from the process of drawing one of the balls from the pot which would each have a ticket number. The ball thus drawn would be called the prize ball and the respective ticket number would allot the prizes to the tickets and their beholders.
Cashing Out From a Crypto Lottery Site
Cashing out from the crypto lottery sites is as simple as getting the deposits to the sites. If the players have won any game, the balance would be reflected in their account balance. This balance can be withdrawn in the form of online funds, based on the withdrawal option of the website. The funds can be taken to the account from the pools with an intuitive process that helps even beginners withdraw with ease. Once logged in to the platform (which is mandated to withdraw funds), the users of slots or lotteries can enter their cryptocurrency wallet address on the withdrawal page and enter the funds they wish to cash-out (there might be withdrawal limits on some platforms).
The amount that can be withdrawn in a single transaction or the time frame for cashing out might vary from platform to platform and some websites also charge a withdrawal fee for the same. This wallet is not the exchange wallet but a dedicated digital wallet that is capable of storing the cryptocurrency that it is being used to receive. The transactions can take up to 48 hours to process completely and have the funds reflected in the personal wallet of the gamblers.
The world of bitcoin lotteries or crypto lotteries, in general, has grown significantly and the individuals have a lot to choose from. As the future of industry progresses in the growth of acceptance, the winning numbers would increase and the transaction fees for transferring to any address would also come down. This results in a lottery experience that has negligible limitations with benefits that outweigh them greatly.
Players looking to take part in the jackpots can filter out the sites based on their preferences and start to play without worrying about the safety or the prize pool. Each prize pool has its own benefit and the pools might offer more perks than simply allotting the jackpot to one winner which means, the possibilities to win are many, even though a single domain of bitcoin lotteries or other crypto-based alternatives. No cryptocurrency lottery is fit for every user and players are advised to consider the features as well as working details of a crypto site prior to any financial investment.
Is Crypto Lottery Legal?
Crypto lottery is legal in a lot of geographic regions around the world, especially the nations where crypto and gambling both are accepted. The individuals are advised to check for their individual regions and stay updated with the local laws.
Where Can I Buy LOTTO Crypto?
Interested individuals would require cryptocurrency, which can be bought at any of the cryptocurrency exchanges, to buy a ticket to the lotteries that are backed by crypto assets.
Is It Legit to Buy Lottery Tickets Online?
Buying tickets for lotteries is just as reliable as it used to be in the traditional physical setups. Most platforms provide a receipt of payment and the details of the ticket which can be saved for later use or reference.
Are Online Crypto Lotteries Taxable?
Cryptocurrencies have become taxable in some regions but the anonymity of the financial system makes it harder to track. The winnings of the lotteries might be taxable in some regions and those who win shall do extensive research to understand the workings of the tax structure in their region.