Bitcoin Lotto is an innovative game that offers bitcoins as prizes for matching five or six numbers from a choice of 49. Bitcoin is a digital currency that has hit the headlines recently after its value rocketed. It is known as a cryptocurrency and is not controlled by any bank or government.
You can exchange regular money for bitcoins, accept them as payment for goods and services, Ďmineí your own using your computer, and now Bitcoin Lotto gives you the chance to win them.
How to Play Bitcoin Lotto
Players pay £3 per line and choose six numbers from a pool of 49, with the gameís results based on the Spanish lottery, Bonoloto. Draws take place at 9:30pm Central European Time on Monday, Tuesday, Wednesday, Thursday, Friday and Saturday.
There are prizes for matching two, three and four numbers that are paid in regular currency, but what marks Bitcoin Lotto out as different is the Match 5 prize of 1 BTC and the jackpot of at least 1,000 BTC, won by matching all six balls.
Players have the option to accept the bitcoin prizes in sterling or Euros if they wish, with the exchange rate calculated at 9:30pm Central European Time on the night of the draw. At the time of writing this review (3rd January 2018), you can pick up 1 BTC for £10,138, making the minimum 1,000 BTC jackpot worth £10.1 million.
Bitcoin Lotto Prizes and Odds of Winning
Organisers of this bitcoin lottery can opt to raise the jackpot level at any time, and it has reached an incredible 1,400 BTC before now. The other prize levels are fixed and this table shows you what you can win and the odds of winning:
|Number Match||Odds of Winning||Prize|
|6 Numbers||1 in 13,983,816||Minimum of 1000 BTC (or cash equivalent)|
|5 Numbers||1 in 55,492||1 BTC (or cash equivalent)|
|4 Numbers||1 in 1,033||£50|
|3 Numbers||1 in 56.7||£5|
|2 Numbers||1 in 7.6||£1.50|
Although the non-jackpot prizes are fixed, meaning you will always receive the stated payout, the jackpot is shared if there is more than one winner. In addition, the number of Bonoloto jackpot winners is also taken into account when calculating your prize.
For example, if one player wins the 1,000 BTC Bitcoin Lotto jackpot and three players share the Bonoloto jackpot, the Bitcoin Lotto player receives 250 BTC. If two players win the Bitcoin Lotto jackpot and there are no Bonoloto top prize winners, the Bitcoin Lotto ticket holders claim 500 BTC each. You win the full 1,000 BTC prize if you are the only Bitcoin Lotto jackpot winner and no one wins the grand Bonoloto award.
How Bitcoin Lotto Works
Having latched itself on to a relatively new, widely hyped innovation such as bitcoin, some people might be wary about the legitimacy of such a lottery. However, Bitcoin Lotto is run by a fully regulated firm that guarantees to pay out prizes. Lower-tier awards are covered by entry fees from players, whilst the larger sums are underwritten by insurance policies taken out by the organiser.
How to Claim Bitcoin Lotto Prizes
Prizes are paid into the account you set up to play Bitcoin Lotto and, if you have verified your identity, you can withdraw the money straight away. To verify your account, you must provide a form of ID and something that proves your address.
To claim bitcoins, you must set up a bitcoin wallet and you can find out more information on how to do that by visiting Bitcoins.net.
Bitcoin Lotto Conclusion
Itís easy to see a bitcoin lottery as a bit of a gimmick, riding on the widespread publicity about the currency, but it is an interesting proposition. If you canít afford to buy into the craze, it offers an opportunity to own bitcoins of your own. Of course, itís not guaranteed that you will win (with odds of 1 in 55,492 for winning the Match 5 prize and 1 in 13.9 million for the jackpot), but playing lotteries is all about dreaming big.
Some players will be put off by the fact that your jackpot could be reduced depending on the outcome of a Spanish lottery, but there are still some great prizes to win at very reasonable odds.