Lotteries have long been one of the most popular games of luck.  They’ve been around for a few centuries, and the players love them a lot.  A lottery is easy to play and learn, and it can provide huge winnings, even with the small initial bets if you’re lucky enough.

Recently, a new type of lottery has emerged, taking over players and casinos.  Blockchain lotteries have been on the rise for a while now, and players have shown to trust and enjoy these games.  In this article, we’ll discuss what’s caused the popularity of blockchain-based lotteries and how they may develop in the future.

What’s a Lottery Exactly?

A lottery is a type of gambling game in which the players buy tickets for a chance to win a prize.  A random selection of numbers determines the winner.  If the numbers selected by the lottery match the ones the player got on their ticket, the player wins a reward.

The chances of winning a lottery are usually very small, the prize is often huge, and it often grows every time a new set of numbers is drawn.  The players can’t affect the outcome of the game, which makes lottery games of luck.  A random number generator most often selects the numbers.

What’s a Blockchain Lottery?

A blockchain lottery is a game provided by crypto gambling sites based on blockchain technology.  Blockchain lotteries use smart contracts and cryptographic algorithms to ensure fairness and security instead of relying on a centralized authority like a government or organization.

The terms of a lottery are written into the blockchain technology code; therefore, the outcome is fair, and the conditions are transparent to everyone involved.  Lotteries such as these are taking over the players and replacing the traditional ones.

How Do Smart Contracts Work?

Smart contracts offer a unique benefit to gambling games, as they are self-executing.  This means that no authority guarantees that the payments will be made to the players when the terms are met.  Instead, that process is automated.

The funds the player has won from a blockchain lottery are paid off immediately and available to them as soon as the numbers are drawn.  The code that guarantees the payment is open-source, meaning that every player can examine it for themselves as long as they are tech-savvy enough.

Why Are Blockchain Lotteries Popular?

There are many reasons blockchain lotteries are on the rise.  Using this type of technology to guarantee the fairness of lotteries has many advantages for players and the casinos.  It’s also part of a larger trend of incorporating blockchain technologies into gambling, and casinos are always on the cutting edge of technology innovation.

Fairness

The odds of winning a lottery are always small but never impossible.  That’s why the players keep buying the tickets and trying their luck all of these years.  Using blockchain technology allows the players to get exact data on their chances as they will be written into the code itself.

Knowing the exact chances of winning a lottery may also turn some players around and lead them to give up on the gamble.  This openness and control is very important to contemporary lottery players and builds a good relationship with the casino.

A Broader Base of Players

Payments made in cryptocurrency using blockchain technology give access to a larger pool of players.  Some parts of the world don’t allow gambling and restrict payments in foreign currencies.  However, online lotteries and blockchain-based technology open up these markets for interested casinos.

In recent years, there’s a growing middle class in these areas, which is particularly interested in gambling and lotteries.  Blockchain technology and cryptocurrencies allow those players to participate in the game and get large rewards.

Smoother Payments

Making payments with blockchain-based cryptocurrencies is much smoother for the players than any of the alternatives.  The payments are made instantly, and as soon as you win at a blockchain-based lottery, the winnings are available in your crypto wallet.  The player does not need to provide any personal information or their own name to receive these funds.

Using crypto also means that there are no fees involved.  Cryptocurrencies don’t use a centralized structure, so there’s no intermediary to pay the fees to.  This is especially important for those players who win small amounts and feel the fees more heavily.

Mobile Games

Most young players who gamble online are using their mobile devices to do so.  It’s the easiest way to gamble, as it’s convenient, and all the games are at your fingertips at all times.  The same goes for playing lotteries.  Mobile versions of lotteries allow players to conveniently participate in dozens of games simultaneously.

Since crypto wallets are also available on mobile devices, the player can pay for lottery tickets, follow the outcomes, and get their winnings paid out using nothing but a mobile device, such as a phone or a tablet.

Mini Games

Blockchain lotteries are also well-suited to mini-games; many have added them to the gameplay.  These games provide a break for the players and allow them to win some additional funds or bonuses.

These are usually games of skill, but there are some games of luck as well.  They mostly resemble arcade games and mini-games played on phones or console devices.  Young players are used to such games and have come to expect them when gambling as well.

Charitable Causes

Lotteries are often connected with charitable causes.  In some countries, they are allowed only as a part of a charitable cause.  In others, the causes use the vast popularity of lotteries as a way to source funds and get a large base of patrons.

Blockchain lotteries have quickly picked up on this approach to charitable collections and often donate a portion of their profits to important causes.  The players can carefully examine these donations and make sure that the profits are going to a worthy organization.  Using cryptocurrencies allows the player to track their payments and to make sure they are put to good use.

A Broader Trend of Acceptance

The rise of blockchain lotteries is part of a larger trend of crypto acceptance.  More online casinos and gambling sites accept cryptocurrencies than ever before.  The trend goes far wider than that, and many traditional financial institutions are now welcoming cryptocurrencies.

This includes traditional institutions such as banks, pension funds, and stock markets.  The benefits of cryptocurrencies are now widely acknowledged, and some central banks are even announcing the creation of their own coins.  With this come stricter regulations set by the governments that allow the use of crypto.

To Sum Up

 Blockchain-based lotteries work similarly to traditional lotteries.  However, they are fairer and more transparent than the lotteries using fiat currencies.  The players that participate in crypto lotteries also have all the benefits of cryptocurrencies, such as fast payments and low fees, as well as online anonymity.

Players enjoy the honesty and transparency that comes with using blockchain.  That way, they can know the exact chances of winning at such lotteries and be sure they’ll get paid immediately.  This goes for players from countries that otherwise don’t allow lotteries or online gambling in general.