If you missed the bitcoin train and feel like it’s moving too fast these days to keep up, there’s a way to hop right back and pretend you didn’t miss a thing. Last month, Lottoland introduced the world’s first regulated bitcoin lottery with a starting prize of 1,000 BTC.
That’s the real-world equivalent of roughly £11.7 million (or about $16 million) according to current BTC prices. The value of bitcoin fluctuates wildly on a regular basis so your mileage may vary (by a lot), but wild swings in price are part of the fun. Either way, you’ll have more bitcoin than you know what to do with and it’ll be your call whether you sell your BTC for cash or let it ride.
The Bitcoin lottery jackpot has swelled to 1,510 BTC since going live just two weeks back. At current exchange rates, that makes the jackpot worth about £18.1 million as of this writing.
Bitcoin may or may not be in the middle of a bubble, but there is no doubt it has made a lot of people rich in recent times and is worth a good chunk of change today. Now, Lottoland is joining the cryptocurrency craze for better or worse.
Lottoland Bitcoin Lottery Details
The Lottoland Bitcoin lotto plays like any normal lottery other than the fact that it pays prizes in BTC currency rather than fiat currency. This lottery tracks Spain’s Sorteos De Bonoloto and derives all winning numbers from official drawings.
Participating in the Bitcoin lotto does not mean you are actually participating in the Spanish Bonoloto. Instead, Lottoland simply tracks the numbers they draw in Spain and uses those to determine the winners of the BTC lottery online.
The structure of this lottery matches Bonoloto as well. When you enter the Bitcoin lotto, you choose six numbers from the main pot of 1 through 49. If you match all six numbers, you win the top prize and at least 1,000 BTC will be paid straight to the Bitcoin wallet address of your choice.
You also have the option to take the cash equivalent if Bitcoin isn’t your thing. In that case, Lottoland will give you a current market-rate payout based on the price of Bitcoin. You’re welcome to pick your own numbers or use the quick-pick feature to have numbers selected at random on your behalf.
Ticket prices are set at £3, but Lottoland notes the price may vary from draw to draw depending on the value of Bitcoin. There are four additional prize tiers for partial matches and your odds of winning any prize at all are 1 in 7.
Here is the full Bitcoin lottery structure taken straight from the Lottoland website:
|Matched Numbers||Payout||GBP Equivalent|
(subject to fluctuations)
|Match 6 numbers||1,000+ BTC||£10 million||1 in 13,983,816|
|Match 5 numbers||1 BTC||£13,983||1 in 55,492|
|Match 4 numbers||£50||1 in 1,033|
|Match 3 numbers||£5||1 in 56.7|
|Match 2 numbers||£1.50||1 in 7.6|
This looks like a great deal overall, but there is one catch you should note. Lottoland splits top prize winnings equally among all users who match the six numbers and any Bonoloto winners. This means if two Lottoland customers match all six numbers in one drawing and 2 people win the real Bonoloto jackpot in that same drawing, the Lottoland winners would each win 250 BTC. All lower tier prizes are never split.