A monthly raffle style lottery using Bitcoins *anonymous, transparent, and cheat-proof with a 99% payout of funds.
BitLotto is a new way of playing a raffle style lottery with Bitcoins. Because of the unique way BitLotto operates on top of the Bitcoin Blockchain, neither BitLotto, nor it's players, can cheat. Because it is a raffle style lottery, the odds of winning scale perfectly with the jackpot size compared to ticket price. No matter how small or big the jackpot, the price of each ticket, is a good deal. 99% of ticket sales go to the winner.
No fake! Real winners.
Imagine a lottery where the exact number of tickets are known, as well as what the ticket numbers are, without knowing who actually owns the ticket. Imagine you can also look at every ticket, verify that the correct ticket won, and verify the correct winnings were transferred to the correct owner, all while preserving anonymity. Imagine a system where you can't forge tickets. That is all possible with BitLotto. Unlike other lotto services, BitLotto is anonymous, completely transparent, and impossible to fake. The winning numbers and winners are all independently verifiable. BitLotto is designed in such a way that there is only one winner per drawing, so the odds of each ticket winning, is one out of the total number of tickets sold. Because of how the lottery is run on top of Bitcoin, all the entries and procedures can be monitored, eliminating fraud.
They got the jackpot before.
Our frequency asked questions about Bitlotto.
To play BitLotto you must be paying with a method where you are the owner of the private key used for sending the BTC. Unless you are using a shared (online) wallet this is usually the case. The list of compatible software for playing BitLotto is listed on BitLotto's main page. BitLotto works by sending the winnings to same Bitcoin address that sent the payment. If multiple people are sharing a wallet then the winnings will go to the wrong person. BitLotto has decided to run the lottery in this fashion because it allows for more transparency of the lottery as all purchases are known by everyone and can't be manipulated by anyone. Not even BitLotto can fake who wins or fake a payment. Using the Bitcoin blockchain it can be proven that the correct winner got the winnings sent to them! If you use an online wallet, send some BTC to BitLotto compatible software and then buy the tickets from there. If you win, the BTC will be send there. To play: send BTC to the Bitcoin address used for the desired draw. Each months draw will have a different Bitcoin address. Price per play could change as the value of Bitcoins change. All payments to the BitLotto addresses are non-refundable. Each payment will then have a corresponding transaction hash that is available everywhere in the Bitcoin network as proof of purchase. This hash creates your tickets.
Every one is unique and can't be changed because it's contained in the Bitcoin blockchain and permanently set. Your first ticket will be the transaction hash of the payment to the BitLotto draw address. Each multiple over the ticket price have the original transaction hash with an added number (starting at 1) to the end of the transaction hash and re-hashed to create the other tickets. Example: The second ticket would be SHA256(originalhash1) and the third ticket would be SHA256(originalhash2). Entries have to be received in a Bitcoin block prior to 00:00:00 UTC of the date of the draw. (BitLotto will use the first block with a timestamp after 00:00:00 UTC to set the time limit.) Waiting till just before the time limit increases your chance the entry won't get received on time. Better to be safe than sorry and send it days before the draw. If you have waited till the last minute and still want to enter the draw, just configure your Bitcoin client to pay a small transaction fee. That should make sure it gets in the Bitcoin network as soon as possible. Entries received after Thursday will be returned minus any transactions fees.
After the draw is done the winner's account along with the transaction hash will be announced and posted online. This will allow others to compare their hash with the winner to verify that the person is indeed the winner. After a few days 97,5% of the funds will go to whatever account sent the winning Bitcoin transaction hash. The winner is not required to contact BitLotto. The money will just show up in their account!
We keep 2,5% of the jackpot to cover the costs. Two and half percent is extremely low for lotteries! With many lotteries up to half of the money is put into other projects or donated. BitLotto encourages winners to donate some of the winnings but it is up to the winner to choose what to do with their winnings. The 2,5% margin helps keep BitLotto honest. If someone were to create an alternate lottery with no profit kept it could be conceived that such individual could create the lottery for the sole purpose of becoming popular only to never pay the winnings out one day when the funds get really big and just disappear with the money. Even though 2,5% is low it's in BitLotto's long term interest to develop trust with time and always pay the winner. It would only take one time of not paying before all trust is lost. By building trust and doing as specified it is hoped that BitLotto becomes very popular and by doing that, helps generate some profit from the 2,5% stake. Long term, it's better to follow the rules than one month decide to keep the money. BitLotto will make more money by giving out the winnings consistently every month so the service becomes bigger and bigger. With no 2,5% stake there would be the temptation for someone to keep the funds. With the 2,5% stake it's better to keep awarding the prize to the proper person each month as promised as in the long term BitLotto will be more successful! Because the BitLotto account is known all money involved can be verified and monitored by anyone.