Lottoland Launches World’s First Bitcoin Lottery

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Bitcoin has been drawing an incredible amount of interest during the past months from the general public and companies with little connection to the fintech or financial world. Thus, it was only natural that Bitcoin’s appeal will draw in interest from other more conventional sectors beyond the tech community. The latest to join the Bitcoin camp was Gibraltar-based international lottery operator Lotto Land, which recently became one of many Bitcoin gambling operators with the launch of the world’s first licensed Bitcoin lottery game.

Jackpot of 1,000 BTC

Announcing the new lottery with the words: “The world is going Bitcoin bonkers and so are we!”,  Lottoland launched its “world’s first regulated Bitcoin jackpot” this week. Thus far, there was only one draw on Tuesday but more draws will take place every day apart from Sunday at 9:30 PM, Central European Time.

The new Bitcoin lottery is tied to the Spanish Bonoloto, so players will have to choose the same 6 numbers out of 49 and compare their lotto slips to the same numbers drawn in the Bonolotto. The jackpot for guessing all six numbers in the draw is 1,000 BTC, or over €14 million in Bitcoin’s value at the time of the launch and current prize. But considering the price even touched $20,000 on Sunday, the jackpot may prove even luckier if won during the right time.

The price per one lotto board is only £3 and you can also take part in the lottery through Lottoland’s online website. If you are lucky enough to guess the winning numbers and trigger the jackpot, the value of the prize will be locked in on the value listed on Coinbase charts at the time of winning. The jackpot prize can be collected back in BTC as well as regular fiat money, if requested.

Better Odds and Bigger Prizes

According to Lottoland, the new Bitcoin lottery will be “10 times easier” to win than their Euro Millions jackpot. Namely, the estimated odds of winning any prize through the lottery is 1 in 7 while the odds of winning the main jackpot are 1 in 14 million, or approximately ten times better than the Euro Millions.

There are 5 tiers of prizes in the Bitcoin Lotto, starting with the main 1,000 BTC jackpot for winning 6 numbers and continuing with prizes for 5, 4, 3, and 2 numbers. Guessing 5 numbers will get you a prize of 1 Bitcoin while the lowest you can win is £1.50, or half of what 1 lotto board costs. If you don’t want to pick your own numbers, you can also use a Quick Pick option and have a system randomly pick them for you.

Lottoland is also vowing to offer even bigger prizes in the future as the Bitcoin Lotto picks up pace. According to the game’s announcement, the lottery plans to increase the jackpot from time to time to allow players to bet on “bigger and bolder” jackpots.  It is unknown whether more Bitcoin games will be added in the future from Lottoland but with a high-profile operator like that backing up the cryptocurrency other gambling operators might soon follow suit.