The BitMillions Lottery

[marcotheminer]

As per my idea from a few days ago:

Welcome to The BitMillions Lottery!

No Fees | Ever Increasing Massive Jackpots | Effortless Entry


How to Play

Much like other lotteries, you are to to pick 5 respectively different numbers (between 1 and 50) and 2 respectively different star numbers (between 1 and 11). Each week on Friday, a number draw takes place (Every Friday, results will be taken from the reputable fiat based euro-millions lottery found on http://www.euro-millions.com/results) and winners will be rewarded their prize if any of the prize tiers are met.

Send 0.003BTC per ticket (5 different numbers (1-50) and 2 different star numbers (1-11)) to

Code:

 1M5cncUiH2QXG5Y2KAv5oLSMRMe84gqq7z

along with your selected numbers as an embedded blockchain message.

More than one ticket can be purchased per transaction, ensure the correct amount is sent along with the correct number of tickets (5 different numbers (1-50) and 2 different star numbers (1-11)).

All winning prizes and/or invalid transactions (such as incorrect number selection or those sent after close) will be resent to the originating address, please do not use an exchange to send funds (or they will be lost).

No more tickets will be accepted once the timer on the euro-millions site (http://www.euro-millions.com/results) reaches under 12 hours.


Prize Tiers

A prize is won when a ticket has a match of the following:





Prizes

Every week, these prizes will increase if there are no jackpot winners!

Match 5 and 2 Lucky Stars	3BTC
Match 5 and 1 Lucky Star	0.50BTC
Match 5	0.40BTC
Match 4 and 2 Lucky Stars	0.35BTC
Match 4 and 1 Lucky Star	0.25BTC
Match 4	0.20BTC
Match 3 and 2 Lucky Stars	0.15BTC
Match 2 and 2 Lucky Stars	0.10BTC
Match 3 and 1 Lucky Star	0.08BTC
Match 3	0.06BTC
Match 1 and 2 Lucky Stars	0.04BTC
Match 2 and 1 Lucky Star	0.03BTC
Match 2	0.02BTC

Prizes for matching 3 and 1 Lucky Star, and all prizes above, are shared evenly in the case of multiple winners.

Prizes for matching 3, and all prizes below, are individual, meaning each winner receives the same prize regardless of how many winners there are.

Prizes are funded by myself from my personal funds along with ticket sales if needed.


For a random quick pick lottery ticket use: http://www.random.org/quick-pick/?tickets=1&lottery=5x50.2x11

[marcotheminer]

Code:

Address: 12hYBWiPqfwdveGzpbRdGxeqnoMcNvGNSq

Message: marcotheminer is in control of 1M5cncUiH2QXG5Y2KAv5oLSMRMe84gqq7z for The BitMillions Lottery!

Signature: G2tXPH5ErHWdU/Ovjm+7Ozk7RhbIrJ3Zix0M9d8af2klD+m7XRBcIHeQgEA7k/p4B6Z9PAjqZ4ussH8qmSkoVtY=

Please let me know if there are any questions since this is a relatively new idea

[RCHumphrey]

For people to make a (more) informed decision about this they might want to look at the odds here http://www.euro-millions.com/odds-of-winning

As I stated in the other thread I don't think this will work unless the profits are used for the Bitcoin community. The reason is that at the lowest odds of 1/23 for 2 numbers a 4x return doesn't seem reasonable, while at the higher end if someone had made the same bet on the actual EuroMillions if they match all their numbers, they don't get the benefit of the huge jackpot of tens of millins of Euros (but instead 3 BTC).

Good luck with your venture nonetheless!

[pureelite]

so to win the prize we just need to hit all 5 numbers?
like in normal lottery right?

if there is no winner the prize will stack up?

[uki]

Shouldn't the prizes be a bit bigger as in the real EuroMillions lottery?
The relation of ticket price to the main price is much worse here.

[Sumerian]

Shouldn't the prizes be a bit bigger as in the real EuroMillions lottery?
The relation of ticket price to the main price is much worse here.

Or OP should decrease the amount of numbers to be chosen. 45 numbers for example will make it impossible to win.

A small suggestion but isn't it nice to do a small giveaway so people can try it out?

[sobitcoin]

I really like this idea, always been a firm believer there should be a lottery for bitcoin.  I like the suggestion above that puts some of the money back into the Bitcoin economy somehow.  Could maybe .05% or something be added to Bitcoin marketing in the way that you could sponsor Bitcoin ads or marketing with Bitcoin lottery branding or something?

Either way, i hope this works out, i will defiantly buy entry when I have spare change! Good luck and if you are ever looking for marketing help let me know!

[cryptocoiner]

As per my idea from a few days ago:

Welcome to The BitMillions Lottery!

No Fees | Ever Increasing Massive Jackpots | Effortless Entry

And how do you profit from this?

[sobitcoin]

As per my idea from a few days ago:

Welcome to The BitMillions Lottery!

No Fees | Ever Increasing Massive Jackpots | Effortless Entry

And how do you profit from this?

LMFAO No fees, didn't notice that before.   

[MadZ]

As per my idea from a few days ago:

Welcome to The BitMillions Lottery!

No Fees | Ever Increasing Massive Jackpots | Effortless Entry

And how do you profit from this?

Using the odds from this website, we can calculate his expected profit per ticket bought

The math works out to .005 - (1/116531800*3 + 1/6473989*.5 + 1/3236995*.4 + 1/517920*.35 + 1/28774*.25 + 1/14487*.2 + 1/11771*.15 + 1/882*.1 + 1/654*.08 + 1/327*.06 + 1/157*.04 + 1/46*.03 + 1/23*.02) = .002776 per ticket profit. Not sure what "no fees" means, I guess you don't have to pay taxes on this like real lotto winnings.

[bitkilo]

This sounds a bit like https://bitcointalk.org/index.php?topic=900415.msg9912597#msg9912597
A couple of quesions,
Will/could a email or PM be sent to entrants confirming payment and chosen numbers?
Will Escrow be used? Although i would be happy to trust marco some members may want it.
The odds do seems a very long shot for the amount of winnings.

[marcotheminer]

Thanks for all the interest. The reason for the relatively low jackpot is due to the lack of funding, as time goes on, it will increase.

If needed an escrow can be used (not sure it is needed, but nonetheless I can deal with an escrow if asked for).

I will see what I can do in order to make odds better.

[bitcoinmining]

Now your ticket price is really high for a lottery; ticket price should be BTC0.001, if want to attract more people. Good luck on your new project @marcotheminer

[MadZ]

Now your ticket price is really high for a lottery; ticket price should be BTC0.001, if want to attract more people. Good luck on your new project @marcotheminer

That will not happen, since he is only expected to make a profit at the moment if he sells tickets for more than .0022 btc.

[bitcoinmining]

Now your ticket price is really high for a lottery; ticket price should be BTC0.001, if want to attract more people. Good luck on your new project @marcotheminer

That will not happen, since he is only expected to make a profit at the moment if he sells tickets for more than .0022 btc.

If he want to make a profit, he can try 'gain from demand' strategy. As I know he is a trustworthy member of this forum, if he set prices to BTC0.001, lots of people like me will join this lottery.

[Clint]

the jackpot is only 600x the price of 1 ticket.  can you pls lower the ticket amount?

[MadZ]

Now your ticket price is really high for a lottery; ticket price should be BTC0.001, if want to attract more people. Good luck on your new project @marcotheminer

That will not happen, since he is only expected to make a profit at the moment if he sells tickets for more than .0022 btc.

If he want to make a profit, he can try 'gain from demand' strategy. As I know he is a trustworthy member of this forum, if he set prices to BTC0.001, lots of people like me will join this lottery.

I don't think you seem to understand, given the current payout structure, the expected return from buying 1 ticket is .0022 btc, so he must sell tickets for more than this to make a profit. There is literally no reason to sell tickets for .001, since his most profitable option at that point would be to sell 0 tickets.

[marcotheminer]

As I stated in the other thread I don't think this will work unless the profits are used for the Bitcoin community.

How can I ensure a jackpot (currently from my personal funds) if profits aren't used for the lottery?

As per my idea from a few days ago:

Welcome to The BitMillions Lottery!

No Fees | Ever Increasing Massive Jackpots | Effortless Entry

And how do you profit from this?

Using the odds from this website, we can calculate his expected profit per ticket bought

The math works out to .005 - (1/116531800*3 + 1/6473989*.5 + 1/3236995*.4 + 1/517920*.35 + 1/28774*.25 + 1/14487*.2 + 1/11771*.15 + 1/882*.1 + 1/654*.08 + 1/327*.06 + 1/157*.04 + 1/46*.03 + 1/23*.02) = .002776 per ticket profit. Not sure what "no fees" means, I guess you don't have to pay taxes on this like real lotto winnings.

No fees means I don't take a cut of winnings/ticket prices. Some other raffles/lotteries have a draw of say 1btc whenever 1.1 btc worth of tickets are sold. This is not the case here.

[Omikifuse]

I agree that ticket is too expensive.

Maybe change reward structure so cheaper tickets would still give profit?

[dumbdragon]

As RCHumpey said the charitable causes are what make lotteries slightly more ethical and appealing in my opinion. They do a lot of good for the community. The fact is its very unlikely someone's going to win the jackpot as he points out. I Really like the idea of a certain % of tickets going to charity per week.