Pick your luck with crypto lottery betting
The concept of lotteries dates far back into our history with lottery-like games being played in China as far back as early as the Han Dynasty that reigned in China from 200 BCE. This same form of gambling was used in medieval Europe to raise cash for the construction of churches and to help fund public works. Things have come a long way and today you can do it all digitally through online crypto lottery betting.
The basic concept of a lottery is that you get to pick a bunch of numbers and then buy a ticket showing the numbers that you have picked. There is a random draw that then takes place and if you have the correct numbers as per the draw then you win a prize. These days the prizes are usually sums of cash, but there are some lotteries that award other prizes such as cars, holiday packages, and so on.
When crypto betting on lottery numbers the odds of winning the main prize or jackpot is determined by the number of tickets sold and the number of prize-winning combinations.
In recent years, some lotteries have even started accepting cryptocurrency as a form of payment. There are many platforms online like Coinplay, which allow you to purchase lottery tickets from the comfort of your own home and use your favorite crypto to do so. But before you start crypto betting on lottery games there are a few steps to take.
Steps to playing the lottery online with crypto
While the steps for playing the lottery online might differ slightly from one to another gambling website, the general process looks as follows:
- Sign up for an account: The first step is to create an account. So once you have found the platform that you want to use for lottery betting online you need to head over to their sign-up section and create a new account.
- Add funds: Once your account is set up you are well on your way. Now you will need to add some funds to your account with which you will purchase the lottery tickets. While this can typically be done using credit/debit cards or e-wallets, sites like Coinplay offer their users the ability to use cryptocurrency to fund their accounts.
- Choose a lottery: Next, you will need to choose from one of the many lotteries that might be available. It should be noted that lotteries vary in terms of the type of game, exactly how the game works, the odds of winning, and the prize amounts, so make sure that you find one that you believe will give you the best crypto bet on lottery odds.
- Purchase tickets and pick your numbers: Once you have selected a lottery, you will need to pay a certain fee for each entry. This fee will vary depending on the lottery you have chosen and how it is set up. You will also have to choose some numbers if the lottery relies on numbers.
After following these 4 steps that show you how to bet crypto on lottery online, you just need to sit back and wait for the draw. Draws can take place daily, once a week, or even monthly, so make sure you check the draw date when you enter the lottery.
Once the draw takes place, compare your numbers to the winning numbers to see if you have won. Remember, even if you only have some correct numbers, you might still be eligible for some smaller prizes.
Then comes the collection of your winnings, but typically the platform that you played on will let you know if you are a winner and the winnings will be credited to your account. Any winnings that you make can then be withdrawn.
It's important to mention that lottery betting via gambling websites is not legal in some countries, so make sure that you check the regulations in the country that you live in.
Crypto lottery betting FAQs
Can I choose my own numbers for a crypto lottery bet?
It depends on the specific lottery and the platform. For the most part, you will be able to choose your own numbers on sites like Coinplay, while others may use randomly generated numbers that you have no control over. This is why it is good to make sure that you know exactly how the lottery works before you start crypto betting on lottery games.
Are the odds the same for cryptocurrency lottery betting as they are for traditional lotteries?
The odds vary depending on the specific lottery and the type of lottery games being played. For example, if the lottery requires you to select 6 numbers for a winning bet then your odds will be lower than a lottery that only requires 4 numbers.
Can I bet on multiple lotteries at once?
When betting on lottery online you certainly can. There are many different lotteries that are all running at the same time and to improve your odds you can enter several or even enter the same one several times if it is allowed.
How do I collect my winnings from a lottery bet in crypto?
It depends on the platform you are using. Most good and reliable platforms will automatically transfer your winnings to your account, while others may require you to manually claim your winnings. Some sites might also send the winning directly to your crypto wallet, so it is important that you make sure of this before entering any lottery as it can be the difference between winning a lot of money, forgetting about it, or thinking that you have been scammed when really the money was sent directly to your wallet.
Can I bet on the lottery online on Coinplay with Bitcoin?
You can buy tickets on Coinplay with Bitcoin, as the platform accepts Bitcoin, Ethereum, and over 30 other popular cryptos. It is recommended that you do some research on lotteries and maybe find some crypto lottery betting tips online or from a friend before you get started on playing the lottery using crypto.
