According to the results of 2020, the total volume of the global gambling market was estimated at 67 billion dollars, the gambling business is growing from year to year, so this segment remains extremely attractive for entrepreneurs. But despite the huge number of online casinos and lotteries, the issue of transparency and fairness of the draws remains open. Now, with the introduction of blockchain-based games, the situation seems to start changing for the better. So, what makes blockchain so interesting for this area, and what opportunities does give to players?
Technology as a guarantee of fair drawing
Let us look at one of the examples of blockchain lotteries and discuss it in detail. It is called Magic Lotto and it is based on the Qchain platform. Visually, it is no different from hundreds of other lotteries that you can easily find on the Internet but in essence, it is a completely different game. Why? Because the blockchain technology (the Magic Lotto is implemented on) is based on an open ledger available to all members of the system, which means that the entire drawing process is fair and transparent. You can immediately estimate your chances of success with extreme precision and develop your own system with statistically predicted benefits and costs. But in the case of a regular online casino or lottery, you can never be 100% sure how fair they are playing. At best, the casino has a license from some decent jurisdiction (say, one of the EU countries) and according to the terms of the license, they adhere to the established rules of the game. But what if they don’t? If a company is registered, say, in some offshore jurisdiction, no one really cares about ensuring a fair game, so there is no guarantee that players won’t be deceived. With blockchain, such a scam is out of the question. All transactions, winnings, and losses are stored in a general register, and any user can calculate the percentage of winnings based on the number of bets and the number of winnings.
In a highly competitive marketplace, the issue of trust and transparency is crucial. And blockchain technology is best suited for this.
The main game on the Magic lotto platform is a popular Lotto 6/49 lottery, the most common example of national lotteries. According to the terms of the game, a person must choose 6 numbers out of 49. If at least two numbers match, a player gets a prize, and if all 6 numbers match, you get a jackpot. If none of the participants won the jackpot, it goes to the next drawing.
Probability of winning
As we’ve said, everything is fair and transparent. You can easily calculate the probability of guessing several numbers and thus develop your own strategy based on statistics. The table below shows the probability of different Lotto 6/49 outcomes.
|Number of guessed figures||Number of combinations||Chance of winning|
|7||1||1 : 1 000 000|
|6||63||1 : 158 758|
|5||1701||1 : 5 878|
|4||25515||1 : 391|
|3||229635||1 : 43|
|2||1240029||1 : 8|
In addition, a multi-level referral program will be a pleasant bonus for players. The user receives a bonus from the winnings of invited people, up to the third level. Thus, you can increase your chances of winning by several times or even create a source of passive income.
Benefits of Magic Lotto
In addition to the already mentioned advantages such as honesty and transparency of the drawing, the Magic lotto from Qchain has a number of other benefits for the player:
Anonymity. Users can see transactions and winnings, but not the names of the winners.
You can buy tickets in cryptocurrency, in this case in QDT tokens.
Automatic accrual of winnings, no additional action is required.
Instant withdrawal of the money you’ve won under a smart contract.
No hidden fees when withdrawing funds.
You can create your own network of players and receive rewards for their purchases and winnings, thus you get a potential source of passive income.
And although Lotto 6/49 has started holding draws only recently, one of the players from Vietnam has already managed to win the jackpot (2.5 million QDT tokens, or $87,500 at the current exchange rate), moreover, according to the referral program, the user who invited the winner to the Magik Lotto also received a bonus (150,000 QDTs).
The history of gambling goes back several thousand years. They have always been popular, but their basic principle has not changed much during this time. And now, with the introduction of solutions based on blockchain technology, gambling seems to be reaching a new level, becoming completely honest and open.