Lottos make up 29% of the gambling market cap. With the average lotto ticket costing about $2, the low price of lottos often entice gamers to buy multiple ones. Yet despite frequent play, the current lotto market is due for innovation. Online lottos have captured a significant part of the market. Blockchain based lotteries are still nascent in the industry.
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Up until recently, lottos featured diminishing purchase value. Taxes and withholdings of up to 60% marr the profitability of large and small gains of the winner. More flaws with the common physical lotto is the regional restriction of playing, payout time, and fraud.
In order to interrupt the traditional lotto model, Fire Lotto is adopting blockchain technology on the Ethereum network to implement new lotto gaming structure. Fire Lotto will reward a record of 70% of the ticket sales to cash prize to its winners.
Fire Lotto’s prize pool could easily enter in the tens of millions of dollars as the lotto is without border constriction. With its rewarding currency being ETH, Fire Lotto’s payouts will come out to at least 1 million U.S.D. If no one wins the first drawing, the prize winnings increase until someone draws. Even more, all activity regarding transactions is transparent under smart contracts.
The lotto works by use of tokens in smart contracts. The cost of which will be determined by the market. The minimum price to enter the drawing will be $2 with nearly an unlimited ticket buying potential. As mentioned prior, the details of the smart contract will be available to the public. There will be multiple games to play, including Roger’s Wheel and 4/20, 5/36, and 6/45 lottos.
In Roger’s Wheel the player spins a wheel which may multiply the amount of tokens he spent for the spin or take the tokens away entirely. Randomness is provided by the RNG of Ethereum’s blockchain. In the lotto, the winner must have at least two matching numbers in order to win. In the 4/20 lotto for instance the winner picks four out of twenty numbers. Randomness in the lotto will be ensured by choosing numbers from the most current Bitcoin block mined.
Tokens to purchase tickets are going for fifty cents USD in the ICO. Participants in the bonus may get up to forty cents USD. And in the Pre-ICO, tokens will go for thirty five cents USD. Original investors may retain up to 77% of the 100,000,000 available tokens.
Fire Lotto is backed by a team of experts in their respective fields. The team includes a CEO, CMO, CTO, and CFO that are all experienced in their fields. Like the TrueFlip tokens, Fire Lotto Tokens are likely to go up to one dollar in pricing.
To learn more about the token sale go to firelotto.io. The beta for the lottery has already started.