National lotteries are held centrally, which means that it is possible to manipulate their results and no one will even know about it.
How can blockchain lotteries change the situation in the gambling market?
Gambling has always been extremely popular. And now, with the development of information technologies and their widespread usage, the growth of this economic sector has only accelerated. This was also facilitated by the pandemic, which keeps millions of people at home. This refers to a lottery as well. At the moment, the market is dominated by large offline players, for instance, national lotteries, which have been played for over 100 years. However, despite their popularity, they still face problems that remain unresolved:
National lotteries are held centrally, which means that it is possible to manipulate their results and no one will even know about it.
Difficulties with the withdrawal of the funds that have been won. Just because you won the jackpot doesn’t mean that you’ll get this amount of money. As practice shows, taxes, commissions, and other deductions eat up a large share of the winnings. In addition, it will take a long time to withdraw your money until you fill in all the documents.
To buy a ticket, you need to physically go to the store and buy it, which is not very convenient.
But, with the advent of online games, especially blockchain-based lotteries, the situation will change. Let us take a closer look at the possible changes.
What is blockchain and how does it work in games?
Blockchain technology has already been successfully applied in the financial sector as all cryptocurrencies have been created on their basis. But blockchain can be successfully applied in other areas, such as logistics, medicine, copyright protection, and games. A decentralized lottery is a blockchain platform (dApp) based application managed by smart contracts.
As in any other application, all operations in it are recorded in a commonly distributed registry, which means that there are no hidden actions. They are impossible because they will be immediately noticed. All interactions take place automatically and instantly, thanks to smart contracts. But at the same time, as a rule, all bets and winnings are made in local currency — a token. That is, before starting the game, you will need to buy some tokens from exchanges, or on the exchange. However, there should be no problems with this.
Advantages of blockchain lotteries
So, what are the benefits of a player who chooses a decentralized lottery? Let us take a look at the Magic Lotto lottery based on the latest generation of Qchain blockchain.
Completely transparent draw and statistically predictable result, which allows developing a game strategy of your own.
Instant operations in automatic mode. Just buy a ticket and that’s it. If you win, you will receive your prize or a bonus for the winnings of your friend. No need to do anything else.
There are no intermediaries and, accordingly, the commissions are minimal. In the case of Magic Lotto — 1% when withdrawing funds.
A large number of game formats — you can choose what you like best: 6/49, 7 Plus Lotto, Joker Ball, Free Magic Lotto.
Bonuses for the winnings of people invited by you. This enables you to build an effective scheme for obtaining passive income.
Confidentiality and protection. By playing Magic Lotto, you can be sure that your personal data is protected and confidential.
Support system 24/7 for all players from all over the world.
As you can see, a blockchain-based online lottery has a number of advantages over traditional games.
What’s next?
Blockchain lotteries started emerging in the market quite recently, one or two years ago. Therefore, people have not yet had time to appreciate all the benefits they offer. But once they have done that, there will be no turning back. We believe that in the coming years we will see a real decentralization revolution in this market segment.
