The Bitcoin Lottery

[tito13kfm]

@lemonginger:

Of course you are right. I just thought it was a nice display. Its based on the number of games played without a jackpot. But it's silly and I will remove it.


@tito13kfm:

I don't understand what you mean. sorry what is EV?

Expected value of each .1BTC bet.  Basically it's a way for degenerate gamblers like myself to evaluate if the risk vs reward is currently worth playing.

Edit: Updated my back of the napkin calcs in my previous replies.

[1714138281]

1714138281

[1714138281]

1714138281

[1714138281]

1714138281

[DaMan]

For your interest:

Regarding the last night with three jackpot wins in short time, we had to increase the rolling range to 200 to give the jackpot a better chance to grow.

Anyway there is always a chance to win the jackpot two times one after another, but we would like to keep the jackpot wins rare. So it can rise to a really interesting value. I think the rolling range to 200 is still to low, but we'll give it a try.

After two weeks of watching and testing the beta period should be over. It seems the system works nice and there are no errors.

So this is the final setup:

********************************

UPDATE -> 22. Jun. 2011 21:44 h (CET)

Bet minimum: 0.1 BTC
Bet maximum 1.0 BTC

Win Class: Roll 100 - 200 = 150% payout
Jackpot Class: Jackpot Roll 200 = + 90% jackpot payout[/b]

-> See details on website. http://bitcoin.dyndns.info/bt/

<- Update end

********************************

If there will be a surplus revenue, the revenue will be transfered to the jackpot account.

And btw: If you like to test the lottery, you can send a low bet from 0.01 to 0.09 btc. Some people requested that. If you play in minimum bet mode there will be no chance to win the jackpot, because the minimum bet system rolls only from 1 to 199. Everything else works like the regular gameplay.

Kind regards!

[DaMan]

Jackpot Update: 6.2767 BTC

[tito13kfm]

We're playing with house money right now.  Even accounting for fees and 90% of jackpot you're looking at about 100% payback rate over time.

Good time to play!

[DaMan]

Thats right!

Raised to 8.2871 Bictoins.

So gogogo: http://bitcoin.dyndns.info/bt/

[DaMan]

Congratulations to Billybob, who won the Jackpot with 10.63 Bitcoins!


I had hoped the jackpot would go higher, but with a rolling range of 1-200 it seems it isn't possible.

Now I have a question:

A. Would you like a small jackpot like that one (about 10 btc) win more often?

B. Or should we increase the rolling range and offer a much bigger jackpot, which is really interesting?


For comparison, the winning chance of a real lottery house like real lotto is far higher and about 1:14.000.000.

We have 1:200 right now. Should we leave it like that? Or should we raise it at 1:500 or 1:1000?

What do you think?

Kind regards!

[bitlotto]

We have 1:200 right now. Should we leave it like that? Or should we raise it at 1:500 or 1:1000?

What do you think?

I kind of like it how it is. Sure the jackpots won't get really big but it does allow more people to win! It's still a pretty decent amount!

[DaMan]

Player Feedback: »Why don't use even/odd number to identify the winner?

top or flop?