Online lottery betting company Lottoland launched its first Bitcoin Lotto Jackpot in December 2017. Citizens of Ireland, Canada, and several other countries are now gambling online for a chance to win 1,000 units of the cryptocurrency in the first officially-licensed lottery of its kind.
14 Million to One Odds for Bitcoin Jackpot
“We’re pleased to be able to announce the launch of this world exclusive Bitcoin Jackpot. Today, 1,000 bitcoins are worth over $20 million and might be worth even more by tomorrow. Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved,” Lottoland CEO Nigel Birrell explained in a December 18 press release.
No winner was pulled on the first drawing conducted shortly after the CEO’s announcement. The lottery drawings for bitcoin, which has seen a more than 2,000 percent rise in value in 2017, will be performed Monday through Saturday.
A better must succeed in choosing six numbers correctly in what is known as a “6/49” competition to win the jackpot. In this format, which is a worldwide lotto standard, winners select six out of 49 possible numbered balls. The odds for this cryptocurrency jackpot are 14 million to one. These odds are ten times better than other popular lotteries such as EuroMillions.
Lottoland was founded in 2013 and is based in Gibraltar, a British territory near Spain that is also a hub for online gambling companies. It has about seven million customers and is licensed by the UK Gambling Commission.
It has no tickets or shops but allows online users to bet on government-sponsored games; the Bitcoin Lotto is based on the results of the Spanish Bonoloto. It offers jackpots every day, based on lotteries like WorldMillions, EuroMillions and the ‘El Gordo’ of Spain.
The U.S.’s PowerBall and MegaMillions lotteries are also included, though Americans are not allowed to participate in Lottoland or enter its website. Lottoland players have won over $1.25 billion online. One reason its games are popular is that winnings are awarded in one lump sum.
Whole and Partial Winners
While Lottoland users are not pooled in with physical lottery players, their winnings are reduced if a paper-ticket holder wins. For example, the company site says, “If there are two Lottoland winners of the Bitcoin Lotto and two winners of the BonoLoto jackpot, the two Lottoland winners would each win 250 BTC,” or a quarter of the initial jackpot offered.
Even if a player does not win the full jackpot of virtual currency, as in many lotteries, they can be triumphant with a partial match. Matching five numbers will earn players one bitcoin, and they will get $58.23 for four, $5.82 for three, and $1.75 for two, Casino.org reports.
The gambling industry news site also explained that Lottoland is sometimes criticized for taking lotto-based funding away from the governments and nonprofits that typically benefit from them.