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Crypto Lottery, whether it’s the UK’s National Lottery or the US’ Mega Millions – lottery games give you the opportunity to win big while keeping stake sizes to an absolute minimum. With that being said, it was only a matter of time before lottery games reached the crypto and blockchain technology arena.
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Such games allow you to buy an entry ticket via popular crypto coins like Bitcoin and Ethereum, and the ball-drawing process itself is typically more transparent that what you’ll find in the offline segment. Moreover, winnings are distributed to successfully ticked holders instantly, so there’s no need to visit your local kiosk to collect your prize.
If this sounds like something you’d like to explore further – be sure to read our guide on The Best Crypto Lottery of 2023. Within it, we’ll explain the ins and outs of what crypto lottery is, how it works, and which platforms you should consider using in 2023 and beyond.
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What is Crypto Lottery?
In a nutshell, crypto lottery operates largely the same as any other lottery game (such as the UK’s national lottery). The overarching concept is that you buy a ticket, and in return, your ticket will contain a selection of random numbers. When the lottery game starts, the aim is to match as many numbers from your ticket with that of the randomly drawn balls.
The more numbers you match, the more you stand to win. In this sense, there is very little difference between crypto lottery with that of its traditional counterpart. However – and as the name suggests, crypto lottery tickets and winning are fueled by digital currencies, as opposed to fiat currencies like GBP. As is the case with any sector that refrains from engaging with fiat currency, crypto lottery sites are often free from regulatory strongholds.
Among a number of other benefits, crypto lottery games typically distribute a much larger proportion of the prize fund to winning players. In fact, the best crypto lottery platforms will distribute 100% of the prize pool to winning tickets. This is in stark contrast to the UK’s National Lottery – which often gives less than 50% of total ticket proceeds to winning players.
What are the Pros and Cons of Crypto Lottery?
The Pros The Cons
How Does Crypto Lottery Work?
If you’ve never played the crypto lottery before, we are now going to give you a step-by-step breakdown of how the process typically works.
🥇 Step 1: Choose a Crypto Lottery Site
First and foremost, you will need to choose a crypto lottery site that meets your needs. While some platforms are good for offering daily lotto games, others excel in the jackpot department. Either way, you need to assess what you are looking for in a crypto lottery site before opening a new account.
To help you along the way, we’ve listed some of the main factors that you need to look out for prior to choosing a crypto lottery site further down in our guide. Alternatively, we’ve also listed our top three crypto lottery sites of 2023 if you don’t have the time to perform your own research.
🥇 Step 2: Open an Account
Once you have chosen your preferred crypto lottery site, you’ll then need to open an account. Unlike a traditional gambling website – which is fraught with regulatory red-tape, crypto lottery sites often require just an email address from you.
Other than that, choose a username and a strong password to complete the account opening process.
🥇 Step 3: Deposit Funds
Unless you are using a free crypto lottery site – which are few and far between these days, you will need to deposit some funds. This is so you are able to purchase a crypto lottery ticket. As you are using a crypto-centric platform, you will need to deposit a digital currency.
In most cases, you’ll be able to deposit funds with one of the following cryptocurrencies:
- Bitcoin
- Ethereum
- Ripple
- Bitcoin Cash
With that said, some crypto lottery sites accept less popular coins, so be sure to check this out before signing up. You’ll then need to obtain your unique deposit address for the coin that you wish to fund your account with. Finally, paste the deposit address into your private crypto wallet, transfer the funds, and your account should be credited within 10 minutes.
🥇 Step 4: Buy a Crypto Lotto Ticket
If you are using a specialist crypto lottery site, you’ll likely have a range of games to choose from. This might cover a weekly jackpot game or a daily game with lower prizes. Either way, you will need to purchase a ticket to enter the game.
Some lotto games allow you to enter from the crypto-equivalent of just £0.50, and you can buy as many tickets as you wish. For each ticket that you purchase, you will be assigned a fixed amount of random numbers.
🥇 Step 5: Check if you Hold a Winning Ticket
Once your respective crypto lottery game starts, the platform will randomly draw the winning numbers. In most cases, you will win a prize by matching at least 3 numbers. The more numbers you manage to match, the more you will win. If you match all of the numbers on a single ticket, you’ll likely win the jackpot.
If you do hold a winning ticket, the funds will be distributed to your account instantly. You can then use the funds to buy more crypto lottery tickets, or withdraw them back to your private wallet.
How are Crypto Lottery Balls Generated?
So now that you know how crypto lottery sites work, we are now going to explore how platforms generate winning numbers. After all, you need to understand the underlying ball-drawing process to ensure the game is 100% true and fair.
In most cases, the balls are drawn in one of two ways – which we’ve discussed in more detail below.
Provably Fair Crypto Lottery Games
In-line with the decentralized nature of digital currencies like Bitcoin and Ethereum – the best crypto lottery sites utilize Provably Fair when generating winning numbers. For those unaware, Provably Fair is widely used in the crypto casino space – and its overarching purpose is to ensure that gaming outcomes are 100% fair.
Not only this, but Provably Fair is based on the blockchain protocol, so each and every outcome can be independently verified by anyone that wishes to do so.
The outcome cannot be manipulated by either the player or the crypto lottery site – so it guarantees a fair and level playing field for all parties involved. Ultimately, by using a crypto lottery site that generates its balls via Provably Fair, there is never any doubt on the legitimacy of the results.
Crypto Lottery Games That Mirror Offline Results
Some platforms have opted against the Provably Fair ball-generation option, and instead, obtain their winning balls from traditional offline games. For example, a crypto lottery game might mirror the winning results from the UK’s National Lottery or the US’ Mega Millions. In doing so, the platform has no input on the winning results.
Crypto Lotto Games: Stakes, Odds and Prizes
The specific stakes, odds, and prizes of crypto lottery games will vary from provider-to-provider, as well as from game-to-game. In terms of the odds of you winning, this will typically depend on the total number of balls in the draw, as well as the number of numbers on each ticket.
With that being said, we can give you an idea of what your chances of winning are by taking the industry average – which is 49 balls in the draw, and 6 numbers per ticket.
Odds of Winning in a 49-Ball Game
🥇 Matching All 6 Numbers: 13,983,816/1
🥇 Matching 5 Numbers: 55,492/1
🥇Matching 4 Numbers: 1,033/1
🥇Matching 3 Numbers: 57/1
As you can see from the above example, the chances of matching all six numbers from a single ticket are super-low. However, that’s just the nature of a lottery game – as you stand the chance of winning a life-changing amount of money from stakes as low at £0.50.
It is also important to note that the specific odds of winning will not match the respective payout. For example, although your chances of matching 3 numbers are 57/1, you will likely receive much less than this on a winning ticket. This is especially the case if heaps of other players also match 3 numbers, with prizes being shared equally.
Crypto Lottery Payouts
When it comes to lotto game payouts, this will once again vary from game-to-game. However, to give you an idea of how the prize distribution process works, check out the following example.
- You are playing a crypto lotto game with a total of 50 balls, and 5 numbers on each ticket.
- The game pays out on tickets that match 3, 4, or 5 numbers.
- The prize distribution model is 20%, 30%, and 50% – respectively
- In total, the game has sold £10,000 worth of tickets.
- This means that the prize for 3, 4, or 5 numbers is £2,000, £3,000, £5,000.
As per the above example, if you managed to match all 5 numbers, you would stand the chance of winning £5,000. We say “chance”, because you could win less than this, even though you matched all 5 numbers. This is because crypto lotto games use a “pool” system, meaning that should more than one player win a certain prize, the winnings must be shared equally.
For example, if you and another player both matched all 5 numbers, then the £5,000 prize would be split both ways. This means you would win £2,500, which is 50% of the allocation.
Stake Sizes
Stake sizes will also vary from game-to-game. As crypto lottery games only deal in digital currencies, you might be required to calculate the real-world stake before purchasing a ticket. For example, instead of advertising a ticket sale price of £1, the platform would display it as “0.00011 BTC”.
How do I Choose a Crypto Lottery Site?
So now that you have a firm understanding of what crypto lottery is, how it works, and how the ball-generation process functions – you now need to find a platform that meets your needs. To help you along the way, we are now going to discuss the factors that you need to look out for prior to joining a crypto lottery site for the first time.
🥇 Reputation
First and foremost, you need to do some digging on the reputation of the crypto lottery site in question. Why? Well, most crypto lotto platforms operate in an unregulated manner. This means that there is always an element of risk in parting with your money, so do bear this in mind.
With that said, we would suggest sticking with crypto lottery sites that have a track record that spans at least a few years, as well as an excellent reputation in the public domain. It might be worth perusing through forums like Reddit to see how other players rate the site.
🥇 Support Coins
While most crypto lottery platforms will support popular coins like Bitcoin and Ethereum, there might come a time where you wish to deposit funds with an alternative digital currency. As such, explore what cryptocurrencies the platform accepts prior to opening an account.
🥇 Prize Distribution Percentage
As we briefly noted earlier, offline lottery games like the UK’s National Lottery often distribute less than 50% of ticket proceeds to winning players. The vast majority of the balance is distributed to charity, with some going to the government in the form of taxation. Whether or not you agree with that is your prerogative.
However, if you prefer playing lottery games with a much larger prize pot, crypto lotto sites often distribute 100% of ticket proceeds to winning players. As such, explore the prize distribution percentage prior to signing up with the crypto lotto site.
🥇 Withdrawals
When it comes to winning tickets, the proceeds will always be sent to your account balance as soon as the game concludes. However, you also need to assess what the withdrawal process is like. We prefer crypto lotto sites that process withdrawal requests autonomously.
This means that the funds will be transferred to your private crypto wallet as soon as the withdrawal request is made, meaning you’ll likely receive the winnings in less than 10 minutes.
🥇 Ball-Drawing Process
Crypto lottery sites will draw their balls in one of two ways. If you want to engage in crypto lotto games in its purest form, then it might be best to use a site that utilizes Provably Fair. This will allow you to verify the authenticity of the winning balls whenever you see fit.
Alternatively, some platforms will mirror the winning balls of offline lottery games like the UK’s National Lottery. If you’d prefer to watch the winning balls in action from the comfort of your own home, then this might be the best option for you.
Best Crypto Lottery Sites 2023
Don’t have the time to find your own crypto lotto site through enhanced due diligence? If so, below we’ve listed our top three crypto lotto platforms of 2023.
Conclusion
In summary, although crypto lotto games share some similarities with their real-world counterparts, the former offers a number of benefits. For example, you’ll be able to deposit and withdraw funds instantly, and in most cases, you can open an account anonymously. This means that you will not be required to upload any ID documents. Moreover, a number of platforms utilize Provably Fair technology – meaning that the fairness of each game can be independently verified.
With that being said, you still need to tread carefully when playing crypto lottery. Crucially, most platforms operate in an unregulated manner, meaning that your money is never 100% safe. Ultimately, we would suggest performing enhanced research on your chosen crypto lotto site prior to depositing any funds. In doing so, you’ll give yourself the best chance possible of avoiding an unsavoury platform.
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