Bitcoin lottery is one of the most popular games for crypto lovers that want to play online. The lottery is among the oldest gambling games in the world and it is now adapting to new times by letting users play with Bitcoin.
There are a large number of game types and formats. Each of them would offer different opportunities to Bitcoin and crypto users. One thing is clear: lotteries are now one of the many games that users can play using digital currencies.
Let’s not forget that the entire cryptocurrency market has a valuation of over $2 trillion, which shows that virtual currencies cannot be ignored anymore. This is something that online gambling sites know and that want to offer to users.
You would be able to find a large number of online casinos supporting Bitcoin and other virtual currencies. Lotteries are just some of the games that BTC players can currently enjoy, but there are many others, including Crash, Plinko, or Dice, among others.
In the next sections, we focus on Bitcoin lotteries and all the things you should know about them. Additionally, we will tell you how to start playing and why BTC lotteries are provably fair.
📢 What are Bitcoin Lotteries?
Lotteries are one of the most popular types of gambling in the world. They involve the drawing of different random numbers that would reward individuals that correctly predict the outcome of the numbers.
Although the essence of BTC lotteries is quite similar to normal games there are some things to take into consideration. Firstly, lotteries can now be played at online crypto gambling sites rather than at physical locations compared to traditional lotteries. Hence, you will find a large number of lotteries in different online cryptocurrency casinos.
Secondly, these lotteries are played using Bitcoin or other virtual currencies. They would not only be crypto-themed but they will also be designed for users that want to bet with Bitcoin and other digital assets. Rather than using USD, EUR, or any other fiat currency, you would use Bitcoin (BTC), Dogecoin (DOGE), or any other virtual currency supported by the casino.
Last but not least, the lotteries that you can play with Bitcoin are also provably fair. This is a very important thing for crypto gamblers, as users would be able to confirm the results shared by the lottery. Provably fair games are the best option for users that want to make sure that the casino is not influencing the results of the game. We will get into the details of provably fair gaming in the next section of this post.
Depending on the crypto casino that you select to play a lottery, you would have different versions and formats. This would give you additional options to test your strategies, test your luck and try other virtual currencies.
Bitcoin lotteries would then be a great option for users that want to play other types of Bitcoin games. If you have been playing Plinko or Dice, then you will be able to test a new BTC-focused game. Furthermore, Bitcoin lovers that were playing traditional lotteries would now be able to use their BTC and try their luck at online gambling sites.
✔️ Why are crypto Lotteries provably fair?
Provably fair games are one of the most important things for cryptocurrency gamblers. This is one of the latest technologies that let players verify the fairness of the games they play. If you have used traditional gambling sites, then you would not be able to check the results. You would only have to trust the casino game provider that they are offering fair results.
With the expansion of virtual currencies and decentralization, things are now different. Users have the possibility to verify the results of provably fair games. In this way, they do not need to trust the casino sharing the results that it shares with users.
Provably fair is basically an algorithm that is added to the game that users play and that lets them check whether the results have been fairly produced. In order for provably fair games to work, the casino would provide very important information for every single game the user plays. This information includes a server seed, a client seed, and a cryptographic nonce.
Although this might sound difficult for individuals that are new to crypto terminology, it should be relatively easy for cryptocurrency players that have already played provably fair games in the past. Before any number is randomly selected, the casino operator will share with you a hash. This hash is very important as you would need it to check whether the results were fair.
When you start playing, your browser creates a random seed that would then be used by the game in order to provide a result. Once the numbers have been generated, you would be able to check the results. The game itself would share with you a game ID with all the information you need to verify the results.
Moreover, you can check whether the results were fairly provided to users. Nowadays, it is possible to use different provably fair verifiers online that would give you all the necessary instructions on how to check the results that you received from the casino. Everything would depend on the game you are playing and the game provider you use.
The verification process could be difficult to be processed manually, especially for users that do not have cryptographic knowledge. This is where a provably fair verifier would be very useful.
In some cases, online crypto casinos prefer to use random number generators to select the winners. The results of a random number generator cannot be predicted (they are random) and would not give any special advantage to the casino or the users, it is simple provably fair.
🎟️ How do I play Bitcoin Lotteries?
To start playing lotteries you have to make a Bitcoin deposit. This is one of the most important parts as it would let you play BTC lotteries and many other games. To deposit funds on a gambling site, you would have to go to the “deposit” section of the casino and select the Bitcoin deposit option. If you want to bet with other virtual currencies, then you should select the digital currency that you want to deposit. Sending another virtual currency to a Bitcoin address would result in your funds getting lost forever.
You will have to copy and paste the wallet address shared by the exchange on your crypto wallet or exchange. This would be the easiest way for you to send funds to the gambling site. The transfer might take just a few minutes to be processed and you would be ready to start betting. You will receive a notification as soon as the deposit gets credited to your account.
Once your funds are ready to use, you will be able to buy a lottery ticket with BTC and wait for the results. On the casino site, you have to search for the relevant section and you would be able to select from a wide variety of lotteries available to play with Bitcoin. This would highly depend on the casino that you are playing as not every single casino would have many offers.
After purchasing the lottery tickets with your Bitcoin funds, you have to wait until the numbers are drawn. This can take a few hours or even days. Usually, if you play tickets that give prizes every hour, your earnings would be lower but also your chances of winning. Instead, if you play lotteries with higher prizes, it would be more difficult for you to win.
If you have won a Bitcoin lottery, then you can withdraw your funds. The withdrawal process works in the same way as the deposit process, however, it would be the opposite way. Rather than depositing funds to the casino site, you would have to withdraw the BTC to your wallet or exchange.
This is something that you can do in just a few simple steps. Make sure that you have properly copy-pasted your wallet address and that this is a BTC wallet. Controlling your wallet address takes just some extra seconds that are worth taking to avoid possible problems with your coins.
🎲 What are the chances to win at Bitcoin Lotteries?
If you have purchased a lottery ticket with Bitcoin you now want to know what the chances are of winning a game. This would depend on many different factors. You should take into consideration that each of the lotteries that you play is different. Each of them would have different rules, a larger or smaller number of participants, and possible additional conditions.
Thus, the chances of winning a lottery vary depending on the game type. Some lotteries would let you select only four different numbers and win a prize already with two numbers while others would let you choose as many as six numbers but would not let you win with less than four numbers guessed.
The larger the number of participants the larger the chances are that your numbers would also be shared by other participants. That means that your reward would have to be divided among all the winners. Furthermore, the larger the number of participants, the larger the rewards that would go to the winner.
BTC lotteries would make it very easy for you to buy a ticket and wait for the results after some time. If you want to make sure that the casino is being fair with you, you can also verify the results. This is because some online gambling sites are already offering provably fair games.
Provably fair means that you do not have to trust the casino site when they share with you the lottery results. By giving you all the information about the betting process you would be able to check whether the results were provably fair or not. In addition to it, you would be able to make sure that the casino is not modifying the results when you play at online gambling sites.
🔘 Types of Bitcoin Lotteries
As you might already know, there are different types of lotteries that would let you try your luck with BTC. In this section, we would not talk about specific lottery names but we would just focus on the logic behind each of these variants.
Large jackpot Lotteries
Large jackpot lotteries make reference to games that have a large jackpot if you are able to guess the six numbers drawn by the casino. The possibilities of winning are very low, which means that the jackpot could continue growing over time.
These types of crypto lotteries would select a winner every few days rather than on a daily basis. Nevertheless, this highly depends on the casino platform and the number of participants.
Take into consideration that these tickets could also be more expensive. Thus, you should analyze whether it is worth it for you to take this risk.
Regular Lotteries
Regular cryptocurrency lotteries let you play and select fewer numbers and the results are shared every few hours. Rather than waiting for several days to get a result, the results would be shared after some hours.
These lotteries are easier to win as there will be fewer participants, the jackpot is much lower and tickets tend to be cheaper. Moreover, you can also select and start winning prizes with as low as two numbers predicted.
Regular lotteries can be found on different crypto casinos and also in decentralized exchanges or platforms. It is up to you to decide whether to play or not on these types of lotteries using Bitcoin or other virtual currencies.
Other types of Lotteries
There might also be some other types of lotteries. For example, players could select to pay with Bitcoin and play local and international lotteries. Although this might be more difficult, it could be a possibility for users to play on these types of games if the casino offers other lottery variants.
👉 How to choose the best Lottery website?
If you are determined to buy tickets, then you should choose a website that would let you participate in some of the most profitable lotteries. But how to choose the best Bitcoin lottery site?
There are some things that you should take into consideration if you want to play at online casinos. This is a list of things you could analyze before deciding to deposit funds.
Check the casino’s reputation
Checking the casino’s reputation is something that you should always do. It might require you to spend time analyzing the websites and reviews, but it would save you a lot of time if you then have problems with a crypto gambling site.
You must make sure that the casino did not have problems with withdrawals. This could create problems in the future. If you deposit funds on a site, you should make sure that you would be able to withdraw your winnings at any moment.
Reading the terms and conditions is also something that you should do as it would help you understand whether something is forbidden or not. You don’t want your account to get banned.
Analyse whether withdrawals are free of charge
Withdrawal fee is another thing that you should check before depositing BTC to a crypto gambling platform. In some situations, casinos would add a withdrawal fee that they claim would be used to pay Bitcoin network fees.
However, the fee that they take from you is usually higher than the Bitcoin network fee that is actually taken from you. Thus, you want to make sure that the withdrawals are free of charge.
Make sure they offer the Lotteries you want to play
As we mentioned before, there are different types of lotteries available. If you want to have a unique experience while playing online crypto games, then you should make sure that the gambling site offers the lotteries that you want to play.
💭 Final words about Bitcoin Lotteries
There is a large number of crypto lotteries available right now. You can now find lotteries in many countries, but playing with Bitcoin would give you another experience that you don’t have with traditional games. Online gambling sites are offering different welcome bonuses if you deposit BTC and buy lottery tickets. It is up to you to decide which gambling site you choose to play casino games online.
In this guide, we did a summary of all the things you should know about playing lotteries and using BTC as a means of payment. Using Bitcoin to play lotteries has many advantages, but you should make sure that you know how to properly handle your virtual currencies.