Having invested in Bitcoin back in the early days could be considered a lottery win at today’s prices, however, the Gibraltar based Lottoland company has now introduced a 1,000 BTC Jackpot for their latest Lotto venture in Ireland.
With Bitcoin making the headlines throughout the year with its tremendous growth, it comes as no real surprise to learn that the Lottoland company will be conducting a lottery in Ireland with Bitcoin as it’s Jackpot. Cryptocurrency has already been welcomed into the gambling sector in the past, but the Lottoland Irish Bitcoin draw would appear to be the most high profile usage of Bitcoin so far seen.
In It To Win It
Lottoland announced that draws will take place every day except on a Sunday, with the Jackpot being 1,000 bitcoins, worth approximately €14.2 million, the format of the lottery draw will be familiar to those in Ireland as its conducted in a similar format to the already existing Irish lottery. In order to win, lottery players simply choose six numbers from 1 to 49, making the odds of winning 14 million to 1.
Lottoland manager Graham Ross said:
Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved in the big league.
Bitcoin – A Gamble All on its Own
Buying €3.50 worth of bitcoin a week would probably be more profitable than spending €3.50 doing a 14 million to 1 lottery every week!
— Clueless Irishman (@ReallyIrishGuy) December 18, 2017
Gibraltar-based online lottery company Lottoland entered the Irish market in March of this year, now seizing upon what could easily be described as Bitcoin mania to help promote their new draw. With Bitcoin hovering near its all-time high of $20,000, investors are sure to be wondering too how much more the blockchain based technology can grow in value, and with warnings of bubbles and fraud, just owning Bitcoin is a high-risk gamble all of its own.
The first draw will take place at 8.30pm on Sunday night and consumers will need to pay €3.50 to enter.
Do you play the lottery? Will you be taking part in Sunday’s draw? Is this new application of cryptocurrency in mainstream gambling a sign of things to come? Let us know what you think in the comments below.
Images courtesy of Pixabay, Shutterstock
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