POWERBALL ON BITCOIN - Uses Real Powerball Drawings, 100% Verifiable

[stomachgrowls]

With just having this kind of statement this do already prove that this is already shady website because they can assure payments if someone do hits up the jackpot on a short time.Accumulating 750 wouldnt be a joke and it do needs time or even not achievable even up to number of years due to the thing that lottery doesnt have any strong demand.
You already admitted about sites balance this do already proves everything. So Beware

In regards to the $5,000,000 USD (750 BTC) Jackpot, the 1PWRBALL address currently holds all of the funds, to be honest we only have the 0.03076 BTC ($250 roughly). This is currently enough to cover the most common winnings (everything below the $500 Prize). If someone were to hit any prize higher then what is currently in the address, they would be put on a payment plan (weekly) until there prize is paid in full.

But statistically, by the time somebody wins, there should be enough to cover any prize including the Jackpot.

[1714837228]

1714837228

[CryptoGamblingSites]

The idea is just to create an International Powerball System that runs solely on the Bitcoin Blockchain with minimal points of failure, no critical website, minimal user input, just kind of a "Set it and Forget it" type thing.

It currently has one pretty obvious point of failure - you do not have the funds to pay out to anybody who wins. Given that that is the entire point of a lottery, I'd say that's a pretty big failure.

There will be an ICO if there are any winners, then people can invest in the lottery that everyone will play. EZ Money.

Tokens start at 1BTC and only 800 spots will be available to invest

[1PWRBALL]

in reply to veleten:
The site itself took around a day but the system behind it all took much longer, probably a couple months since we went through various changes in the game until we landed on the current system. Its currently at around 1400 lines of PHP. This is everything from Getting the Transactions, Processing each Transaction and putting them in a DB, Generating the ticket/ or tickets for each transaction and Finally processing the Payouts.


in reply to CryptoGamblingSites:
This is and never will be part of an ICO, were not trying to create a Lotto coin or something. It is meant to operate solely on Bitcoin for now. We may expand it in the future to work on other coins such as Ethereum, Bitcoin Cash, Litecoin etc.. but for now it only uses Bitcoin.


We think it may help if we explain a little more how our exact payment system works. Each Ticket has a percentage of it alotted to each prize lvl. To get the total money alotted to a prize lvl, just take the total money in the Address multiplied by the Percentage for that prize lvl.

If there happens to be more winners then prize money available for that lvl, they will be paid out evenly over multiple drawings, so the first payout to each winner = Alotted Prize lvl funds / Winners(including past winners not yet paid in full). Then every drawing after, that same formula is used until each winner is paid in full.


Explanation of below information:
prize lvl, PB + Num of WB's , Odds to win , Prize in USD  ,  Prize in BTC , How much of each ticket is alotted to this Prize LVL

Code:

Prize	       PB+WB's	        Odds	        Prize           Prize in BTC	      Percent of ticket price
1	       1 + 0	        26.0000		5.0000		0.00075000	      0.0980
2	       1 + 1	        91.9800		10.0000		0.00150000	      0.0550
3	       1 + 2	        701.3300        40.0000	        0.00600000            0.0290
4	       0 + 3	        579.7600        40.0000         0.00600000            0.0350
5	       1 + 3	        14494.1100	500.0000        0.07500000            0.0180
6	       0 + 4	        36525.1700	1000.000	0.15000000            0.0140
7	       1 + 4	        913129.1800     200000.0000     30.00000000	      0.1100
8	       0 + 5	        11688053.5200	2000000.0000    300.00000000	      0.0860
9	       1 + 5	        292201338.0000  Jackpot         750 Minimum	      0.0550
							                        TOTAL 0.5000

The Last 45% is retained for future drawings.
Finally 5% is the amount we retain

The reason the percentage to the jackpot is so low is simply due to the fact it is so extremely rare. By the time someone wins, their is almost guaranteedto be enough to pay the jackpot winner out the 750 BTC, and in the event someone wins before that, It is statistically pretty much guaranteed we could pay out a substantial amount of BTC as a 1st payment.


OR


What would you guys think about us changing the Payouts. Below is our current idea for payouts where we currently hold enough USD to pay every single payout up to the Jackpot. If we decide to go ahead with these changes, we will transfer to the Lotto Address and provide a signed message proving we own it and have the funds.

Keep in mind the Jackpot will still be variable, just the minimum will now be $5000. If we eventually gain enough users to support a higher minimum, we then change it at that time.

Code:

Prize	       PB+WB's	        Odds	        Prize           Prize in BTC	      Percent of ticket price
1	       1 + 0	        26.0000		5.0000		0.00075000	      0.1100
2	       1 + 1	        91.9800		10.0000		0.00150000	      0.0700
3	       1 + 2	        701.3300        40.0000	        0.00600000            0.0400
4	       0 + 3	        579.7600        40.0000         0.00600000            0.0500
5	       1 + 3	        14494.1100	500.0000        0.07500000            0.0400
6	       0 + 4	        36525.1700	1000.000	0.15000000            0.0400
7	       1 + 4	        913129.1800	Jackpot		$5000 Minimum	      0.1500
							                        TOTAL 0.5000

So we hope this helps and are looking forward to input on these proposed changes or if we should keep it the way it is.

[o_e_l_e_o]

-snip-

You are completely missing the point here. The issue isn't how your prizes are structured, the issue is you can't afford to pay any winners. As soon as someone does win, you admit that you are relying on using future investors' funds to pay them off. That's pretty much a Ponzi scheme.

[veleten]

-snip-

You are completely missing the point here. The issue isn't how your prizes are structured, the issue is you can't afford to pay any winners. As soon as someone does win, you admit that you are relying on using future investors' funds to pay them off. That's pretty much a Ponzi scheme.

exactly,you seriously consider anyone will play a game that is relying on the jackpot to never hit?
your payment structure doesn't matter as soon as you cannot cover the top prize
if your payment structure was like 1$ for 2 numbers ....  250$ jackpot (the money you say you currently have)
this is the right way to run such a lottery,but of course,you think that "win 100000 bitcoins" is too good a marketing slogan
and people will que to buy your tickets,take your time and scroll down the pages in gambling,projects sections
there are dozens of failed lotteries like this,please do not create yet another one-not going to work

[stomachgrowls]

-snip-

You are completely missing the point here. The issue isn't how your prizes are structured, the issue is you can't afford to pay any winners. As soon as someone does win, you admit that you are relying on using future investors' funds to pay them off. That's pretty much a Ponzi scheme.

exactly,you seriously consider anyone will play a game that is relying on the jackpot to never hit?
your payment structure doesn't matter as soon as you cannot cover the top prize
if your payment structure was like 1$ for 2 numbers ....  250$ jackpot (the money you say you currently have)
this is the right way to run such a lottery,but of course,you think that "win 100000 bitcoins" is too good a marketing slogan
and people will que to buy your tickets,take your time and scroll down the pages in gambling,projects sections
there are dozens of failed lotteries like this,please do not create yet another one-not going to work

I wasnt expecting that op do still trying to say up such things which is not relevant on what we are asking.I had said by insights already but im still surprised that he didnt even bother to answer on where most people do concern about this one. He do run a lottery game and putting up very huge jackpots but only a presumption because he didnt even have the sufficient bankroll to pay-up people. He do expect that no one would ever win until he accumulate such amount but what if theres someone do hit up the spot? what would be the excuse they would say?

[1PWRBALL]

So we have decided we are changing our payouts so that we can payout every single prize lvl now.

Here is the new Prizes:
Our New Jackpot will be $2000 or 0.3BTC, the jackpot is still Variable, so if there is more then 0.3BTC for the Jackpot, then that is the new Jackpot Amount.

Code:

Prize	       PB+WB's	        Odds	        Prize           Prize in BTC
1	       1 + 0	        26.0000		5.0000		0.00075000	      
2	       1 + 1	        91.9800		10.0000		0.00150000	     
3	       1 + 2	        701.3300        20.0000	        0.00300000           
4	       0 + 3	        579.7600        20.0000         0.00300000           
5	       1 + 3	        14494.1100	100.0000        0.01500000          
6	       0 + 4	        36525.1700	250.000	        0.0375000000          
7	       1 + 4	        913129.1800	Jackpot		0.3BTC Minimum ($2000)    
							                       

We will be altering all our payout information soon on the website and other sources. These new payouts take effect this Sunday after Saturdays drawing which uses the old payout structure.

We also will be moving funds to our address to cover the new payouts.

[veleten]

So we have decided we are changing our payouts so that we can payout every single prize lvl now.

Here is the new Prizes:
Our New Jackpot will be $2000 or 0.3BTC, the jackpot is still Variable, so if there is more then 0.3BTC for the Jackpot, then that is the new Jackpot Amount.

Code:

Prize	       PB+WB's	        Odds	        Prize           Prize in BTC
1	       1 + 0	        26.0000		5.0000		0.00075000	      
2	       1 + 1	        91.9800		10.0000		0.00150000	     
3	       1 + 2	        701.3300        20.0000	        0.00300000           
4	       0 + 3	        579.7600        20.0000         0.00300000           
5	       1 + 3	        14494.1100	100.0000        0.01500000          
6	       0 + 4	        36525.1700	250.000	        0.0375000000          
7	       1 + 4	        913129.1800	Jackpot		0.3BTC Minimum ($2000)    
							                       

We will be altering all our payout information soon on the website and other sources. These new payouts take effect this Sunday after Saturdays drawing which uses the old payout structure.

We also will be moving funds to our address to cover the new payouts.

well,this is the right way to do it
there are questions still as to how are you planning to pay the jackpot if it hits
but at least this lottery makes sense now
doesn't mean that it is going to be any popular,though,do not get me wrong-
you have to be a real marketing genius to make it work

[BTCevo]

In regards to the $5,000,000 USD (750 BTC) Jackpot, the 1PWRBALL address currently holds all of the funds, to be honest we only have the 0.03076 BTC ($250 roughly). This is currently enough to cover the most common winnings (everything below the $500 Prize). If someone were to hit any prize higher then what is currently in the address, they would be put on a payment plan (weekly) until there prize is paid in full.

But statistically, by the time somebody wins, there should be enough to cover any prize including the Jackpot.

Quoted for references and archived
Obviously owner is only waiting for ticket buyers to get the funds in case there is a big win. In other words, there will be no payments once someone big and there is not enough people interested to buy the lottery tickets.

I agree with that, most of the lottery system will do this way just to get enough balance to start giving the payout as well. Lottery site is really easy to build because you just need a good marketing to have more players without having any real money on it. You just wait until people losing and claim their money to give others payout. And when suddenly big winners coming they will delay their payout until they can't afford it and scam it anyway

[docthusinh]

Hi,

I have to register to reply to this, been watching so long. Why don't you just use traditional payout system like the power ball do like below table (A), and to make sure there are winners for top prizes, just down escalating like in table (B). You ensure your house edge, and players wins are also ensured.