1,000 BTC at Stake as The World’s First Bitcoin Lottery Kicks Off

1,000 BTC at Stake as The World’s First Bitcoin Lottery Kicks Off

Bitcoin is known to be a gold mine of this century, hitting the record of $20,000 a pop this December and increasing by 1,700% in total since January 2017. And despite the fact that currently, it is facing the period of wavering, it remains in the light of fame and in the dreams of those who want to get rich fast.

Anyway, if you have not purchased this digital coin yet and have been gnashing your teeth since, now you have got a chance to make up leeway. You can win around one thousand of bitcoins worth of $12 million. Such a lottery is offered by one of the most known Irish lottery operators. In particular, you have to pick six numbers to receive 1,090 BTC. “What’s more, as well as the jackpot being ten times easier to win than the EuroMillions, there’s an incredible overall 1-in-7 chance of winning a prize,” stated the Lottoland.

Bitcoin Gambling

Being established in 2013, Lottoland is one of the most popular Ireland’s lottery operators. There was controversy over cases when the operator allowed players to bet on lotteries held in other jurisdictions, e.g., America’s Powerball and Europe’s Mega Millions, as Bitcoin.com reports. However, the company managed to acquire new market shares thanks to its tactics. Currently, the company with over 300 employees has the annual revenue of about $355 million.

But now, it seems that Lottoland decided to benefit from the frenzy over cryptocurrencies and bitcoin particularly. “Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved in the big league,” said Graham Ross, who is Lottoland’s Irish country manager.

The draws of the lottery are held every day from Monday to Saturday at half past eight in the evening Z time. What each punter has to do is to match all six numbers on their cards to win $18 million. It is possible to gain smaller amounts as well. Moreover, “there’s an incredible overall 1-in-7 chance of winning a prize,” as it is mentioned on the site.

“Don’t forget, there are plenty of additional prizes too – just match two or more numbers, and you’ll be one of our lucky winners,” also claimed the company.

Fiat or crypto money?

Once a player wins the lottery, he or she will have to make a pretty tough decision: to accept the prize in traditional, fiat money, or to receive it straight to his or her bitcoin wallet. It is not new when online casinos or sportsbooks have offered bitcoin as a deposit or withdrawal option. Also, one of the first apps for spending digital coins was gambling website Satoshidice.

Anyway, one should be courageous enough to accept the prize, if he or she faces a multi-million dollar bonanza, entirely in cryptocurrency. Nevertheless, the attraction of such an offer is quite questionable today as bitcoin started going down in price after December 17, when it entered the trading market via Chicago Mercantile Exchange & Chicago Board of Trade.