Blockchain lotteries are a fairly new concept that is still vastly unpopular despite the apparent advantages it has over traditional lotteries plagued by lack of transparency, which results in manipulation of draw outcomes, prize pool formation and payouts. Multiple gambling, betting and lottery platforms have attempted to penetrate the market in the last few years. However, while blockchain lacks widespread adoption and remains unfavored by governments and financial institutions such as banks, it is no wonder that these projects did not manage to capture a considerable market share.
Gaining a steady position on the market would definitely speed up the popularity of blockchain across all industries that can see considerable improvements introduced by it. Big companies like IBM and Shell recognized its potential use cases several years ago and have been actively working on blockchain solutions for their respective industries, which to some extent pushes the technology in the spotlight and makes it a hot topic discussed by international tech leaders. However, we still have a long way to go before we see blockchain taking over, and we are still at the point where the trust is being built.
In the particular case of lotteries, blockchain can bring them to a whole new level through the transparency and immutability it offers. Lottery providers will no longer be able to manipulate the RNG mechanisms that define the winning draw, dedicate only a small percentage of the ticket sales to prize pools without people knowing where the rest is going, not paying out jackpots in full to winners, faking jackpot hits and do virtually any other fraudulent behavior that comes at the expense of lottery participants.
One blockchain lottery has recently gathered attention by proposing an innovative solution to both the issue with trust and the difficulty to gain a considerable market share. BitWin24 believes that with their comprehensive solution, blockchain lotteries will…