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Author Topic: Bit-Syndicate - A Bitcoin Lottery Syndicate [Restarted!!!!!]  (Read 3872 times)
-FaerO-
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August 11, 2011, 07:52:01 PM
 #41

Just took another 10. So im 20 in now. Soon as you get lotto up I'll take 20 of those too Smiley

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Noviz
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August 12, 2011, 09:44:22 PM
 #42

Just processed the first batch of tickets... totally to 27 pooled tickets!

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August 12, 2011, 11:22:57 PM
 #43

Bitcoin main draw syndicate is now open!

http://bitcoinsreview.com/bit-syndicate/syn_bitlotto.php

Please make sure you read the 'Important, Please Read' on the page as this will explain the 'shares' process for this draw.

Quote
Because of the more expensive ticket rate, compared to BitLotto Jr, syndicate members can also purchase a 'share' of a ticket.

Tickets are split into shares. Each share is 1/10th of a ticket (so there are 10 shares per ticket). This allows members to share a whole ticket with other members... meaning more people can join in and reap the benefits of playing lotteries in syndicates.

If you have any questions, ask here or via the other contact methods on the site.

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August 12, 2011, 11:53:07 PM
 #44

Because of the more expensive ticket rate, compared to BitLotto Jr, syndicate members can also purchase a 'share' of a ticket.

Tickets are split into shares. Each share is 1/10th of a ticket (so there are 10 shares per ticket). This allows members to share a whole ticket with other members... meaning more people can join in and reap the benefits of playing lotteries in syndicates.

If you have any questions, ask here or via the other contact methods on the site.
[/quote]

I have a question. What will you do about leftover partial shares. For example. 29 partial shares are purchased. That is 2 tickets & 9/10ths of 1. What will be done about the additional share? Will you just cover the cost of it & enter into the drawing and take the equivalent of the remaining shares. Or will you just return the shares to those who submitted them? Either way great stuff Smiley

 

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August 13, 2011, 12:06:50 AM
 #45

Because of the more expensive ticket rate, compared to BitLotto Jr, syndicate members can also purchase a 'share' of a ticket.

Tickets are split into shares. Each share is 1/10th of a ticket (so there are 10 shares per ticket). This allows members to share a whole ticket with other members... meaning more people can join in and reap the benefits of playing lotteries in syndicates.

If you have any questions, ask here or via the other contact methods on the site.

I have a question. What will you do about leftover partial shares. For example. 29 partial shares are purchased. That is 2 tickets & 9/10ths of 1. What will be done about the additional share? Will you just cover the cost of it & enter into the drawing and take the equivalent of the remaining shares. Or will you just return the shares to those who submitted them? Either way great stuff Smiley

 
[/quote]

Oh bum! I knew i forgot to mention something lol.
Basically i'll make up the difference. I usually enter myself. So what will happen is I will wait to enter until the syndicate closes then make up the shares needed for a full ticket.

Of course that may change if it turns out I can't afford it... but for now ill buy the remaining shares.

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August 13, 2011, 01:23:03 AM
 #46

If any of you have noticed this: https://bitcointalk.org/index.php?topic=36777.0
The BitLotto organiser has had to go on a short notice trip to see his family.
This will not affect our syndicate as the draws are still going to take place... it just means that he will not be able to send winning payments out until he gets back at the end of the month.

So as I said, all syndicates are still operational, but please don't worry if there is a delay in payment if we win.
As I always say, feel free to contact me on here or via the other options on the bit-syndicate website.

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August 13, 2011, 12:46:53 PM
 #47

I have a question...

What is the purpose of joining with you for Bitlotto Jr? I looked at your site, and it costs .06 BTC for one share through you. And on the Bitlotto site it costs only .05 BTC for one entry, and I would win way more that way instead of dividing it up.

There is probably something I'm not thinking about because there's a lot of people buying from you Smiley
At the end we all share the pot I put in .06 and got out .20 something I believe (around there)
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August 13, 2011, 12:51:58 PM
 #48

I have a question...

What is the purpose of joining with you for Bitlotto Jr? I looked at your site, and it costs .06 BTC for one share through you. And on the Bitlotto site it costs only .05 BTC for one entry, and I would win way more that way instead of dividing it up.

There is probably something I'm not thinking about because there's a lot of people buying from you Smiley

For BitLotto Jr it is 0.05 per ticket + a 0.01 processing fee... only the main BitLotto syndicate uses the shares system so people who can't normally afford to play it can do so by sharing a ticket with others.

Yes, you are correct if you won on your own you would win more money...
However with a syndicate you might win numerous times, while you may only ever win once or never at all without one.

------------------------------

Lets look at this scenario:

40 tickets purchased in the Jr Lottery.

If you bought one ticket on your own, without a syndicate, you would have a 1/40 chance of winning.

However if you joined a syndicate with 9 other tickets it would increase your chances of winning to 1/4.

As you can see the chances of winning is greatly increased although obviously you would have to share the prize.

Currently, in this weeks Jr draw, we have around a 1/1.5 chance of winning.

------------------------------

Syndicates aren't for everyone... not everyone likes to join them. Some would rather try to win the prize on their own at the cost of a higher chance of winning. But others like to have an increased chance of winning at the cost of big prize funds... and for them it is more fun because you might win a numerous times rather than once. On top of this you get the fun of playing with other people.

I hope that answers your concerns. As I said, its a matter of taste.

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August 14, 2011, 10:58:33 PM
 #49

Just an update on what tickets we have pooled:

27 for BitLotto Jr.
0 for BitLotto main.

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August 15, 2011, 10:39:47 PM
 #50

As usual the Jr syndicate is now closed as it is 24 hours before the draw.
Thanks to everyone that took part!

As the BitLotto organiser is away we may not recieve winnings (if we do win) for a few weeks; so please be patient for your winnings (again if we do win).

The main BitLotto syndicate is still open as usual.

I'll be opening the next Jr syndicate up the day after this weeks draw.

Thanks.

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August 16, 2011, 10:40:16 AM
 #51

Really like that Noviz went with the share system. I just bought 30 shares for the main draw.

Just one thing, I think its false if you say that if you buy less than 10 shares you "share a ticket with someone" as EVERY share always shares all tickets with everybody in the syndicate. So no matter if you have 1 share or 30, you have the same chance of winning, its just that the guy with the 30 shares will win 30 times as much as you do!

Really like the syndicate as it does open up the main lottery draw to a wider audience. Thanks to the syndicate you can have a go at the main jackpot with as little as 0.026 BTC.
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August 16, 2011, 12:01:25 PM
 #52

Really like that Noviz went with the share system. I just bought 30 shares for the main draw.

Just one thing, I think its false if you say that if you buy less than 10 shares you "share a ticket with someone" as EVERY share always shares all tickets with everybody in the syndicate. So no matter if you have 1 share or 30, you have the same chance of winning, its just that the guy with the 30 shares will win 30 times as much as you do!

Really like the syndicate as it does open up the main lottery draw to a wider audience. Thanks to the syndicate you can have a go at the main jackpot with as little as 0.026 BTC.

Ah I see what you mean; and yes you are correct. What I meant to say was 10 shares equals one ticket, therefore you technically own a ticket... but yes you are still sharing with the other people. I'll change the wording asap.

Also thanks for buying in Smiley A few other people said they were going to join the main syndicate but seem to have dissapeared; lets hope they come back lol Tongue If you know of anyone that would be interested in joining it would be great if you could send them to the site.

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August 16, 2011, 04:53:11 PM
 #53

I just got 7 tix in the standard BitLotto draw... I hope we win Jr. today Smiley

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August 17, 2011, 01:04:45 PM
 #54

I just got 7 tix in the standard BitLotto draw... I hope we win Jr. today Smiley

Thanks for joining in on the main draw:)

As you may have seen there was a request by the BitLotto organiser for people to work out the results while he is gone. I have just finished working it out... and as far as I can tell it is correct. The good news is, from my calculations, the syndicate has won BitLotto Jr for the second time in a row! Don't get too excited because I may be wrong but I'm 99% sure I'm not.

The prize pool was, afaik, 2.90 BTC. We had 27 tickets pooled. Therefore each ticket has a winning value of 0.1074.

If in fact we have won, please be patient when waiting for your winnings as we will have to wait till the BitLotto organiser comes back at the end of the month.

I'll be opening the next BitLotto Jr syndicate shortly.

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August 17, 2011, 03:32:43 PM
 #55

I just got 7 tix in the standard BitLotto draw... I hope we win Jr. today Smiley

Thanks for joining in on the main draw:)

As you may have seen there was a request by the BitLotto organiser for people to work out the results while he is gone. I have just finished working it out... and as far as I can tell it is correct. The good news is, from my calculations, the syndicate has won BitLotto Jr for the second time in a row! Don't get too excited because I may be wrong but I'm 99% sure I'm not.

The prize pool was, afaik, 2.90 BTC. We had 27 tickets pooled. Therefore each ticket has a winning value of 0.1074.

If in fact we have won, please be patient when waiting for your winnings as we will have to wait till the BitLotto organiser comes back at the end of the month.

I'll be opening the next BitLotto Jr syndicate shortly.

If your calculations are correct then I won a little over 1BTC. I hope you are right Smiley

A little bit over 1BTC, on top of what I invested that is Cheesy

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August 17, 2011, 05:04:16 PM
 #56

I just got 7 tix in the standard BitLotto draw... I hope we win Jr. today Smiley

Thanks for joining in on the main draw:)

As you may have seen there was a request by the BitLotto organiser for people to work out the results while he is gone. I have just finished working it out... and as far as I can tell it is correct. The good news is, from my calculations, the syndicate has won BitLotto Jr for the second time in a row! Don't get too excited because I may be wrong but I'm 99% sure I'm not.

The prize pool was, afaik, 2.90 BTC. We had 27 tickets pooled. Therefore each ticket has a winning value of 0.1074.

If in fact we have won, please be patient when waiting for your winnings as we will have to wait till the BitLotto organiser comes back at the end of the month.

I'll be opening the next BitLotto Jr syndicate shortly.

If your calculations are correct then I won a little over 1BTC. I hope you are right Smiley

Yeah I hope my workings were correct also... I was abit reluctant to say whether or not we had won incase I was wrong but I'm sure we did do Tongue

Just to let everyone know, the BitLotto Jr syndicate for next weeks draw is now open Smiley
And we also have pooled 100 shares equivalent to 10 tickets for the main BitLotto draw.

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August 19, 2011, 08:00:58 PM
 #57

Just an update:

We have 100 shares pooled for the main BitLotto draw
and 0 for the BitLotto Jr draw.

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August 22, 2011, 05:15:12 PM
 #58

Last 12 hours to buy BitLotto Jr tickets for this weeks draw!
See the website for details Smiley

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August 23, 2011, 01:18:54 AM
 #59

Ok as per usual I've stopped taking syndicate tickets for the BitLotto Jr draw 24 hours before it.
Sadly no one seemed to enter with the syndicate so we have no tickets to enter.
Hopefully next week will be more successful!

Just to note, we still have 100 shares (10 tickets) for the main draw.... still plenty of time to join in!

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August 26, 2011, 12:57:36 AM
 #60

Starting to buy the BitLotto tickets.
We have 10 in total at the moment meaning we have around a 1/8.7 chance of winning Smiley
If anyone wants to join in there is still time! See the website for details Smiley

I'll be opening up the BitLotto Jr syndicate tomorrow... lets hope we get some tickets this time! Last week we had 0 meaning we couldn't win it for a 3RD TIME IN A ROW!

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