Lottoland launches new Bitcoin lottery

Top Irish lottery operator Lottoland has announced a new Bitcoin-based lottery that allows punters to bet in fiat currencies for lottery prizes that could run into millions of dollars, bearing in mind Bitcoin’s phenomenal recent rise in value – by some reports around $15,000 per Bitcoin.

The current jackpot stands at 1,025 BTC, but as with all lotteries the odds of hitting the really big money are astronomical (but still don’t deter punters from having a go)..

“The world is going Bitcoin bonkers and so are we!” marketing hype from the lottery operator declares, advising that daily draws, held at 8:30pm GMT Monday to Saturday, have a 1,000+ BTC jackpot up for grabs.

Players must match all six numbers on their card to scoop the USD $18 million (depending on the price of BTC) bonanza, although smaller pay-outs can also be won. One in seven bets will win a prize of some kind.

Players lucky enough to win can accept their prize in fiat currency or have the sum sent as cryptocurrency directly to a bitcoin wallet.

It’s probably a safe enough bet – Lottoland has reported annual revenue of $355 million and serves 6 million registered punters around the world; it’s a brand that has become prominent in the global lottery business through bold moves and energetic marketing.

Given the growing use and influence of cyber currencies in the world of online gambling, it’s likely that Lottoland will get a good response to the lottery. The draw is based on the result of the Spanish ‘Bonoloto’ lottery, and there are five prize tiers, meaning punters can score from just two numbers.

In related (Bitcoin) news this week, it appears that cyber currency exchange Coinbase has temporarily frozen trading to carry out an internal investigation concerning allegations of insider trading.

The reports indicate that the exchange took its clients by surprise Tuesday when it added Bitcoin Cash to its range of products…the problem is that just prior to the announcement prices in Bitcoin Cash in other market began to inexplicably soar.

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