Bitcoin lottery platform: cryptocurrency world meets lottery industry

As you perfectly know, our team consists of true, devoted lottery enthusiasts, but that’s only one part of the equation that made GG International so successful. The less known fact is that we’re also a bit nerdish IT geeks. It’s pretty obvious, else we wouldn’t be able to develop a white label lottery ticket messenger service or the first of its kind True Random Number Generator utilizing the power and innovation cryptocurrencies and blockchain (especially the amazing ethereum blockchain) brought us. Let’s take a closer look at the world of lotto and the world of cryptocurrencies to see what comes up when they meet.

White label lottery platform software

You surely know how the biggest lotteries like Powerball or Mega Millions and many national lotteries are popular among millions of players around the world. Let the numbers speak: the lottery industry in the U.S. alone is worth twice as much as the Hollywood movie industry. Our history started with working as freelancers for other companies selling lottery tickets, but as time passed by, we wanted to have a cut of the huge profits lotteries make globally and that’s how we came up with the idea of creating our own lottery turnkey solution.

We started with creating our own lotto ticket messenger service and kept constantly developing it. The team started to grow as we were ambitious and kept adding new features to our platform, both when it comes to front-end and back-end. Finally, we came to the conclusion our system works flawlessly and we can create a great opportunity for others to jump on the train along with us. And that’s how the idea of creating a white label lottery platform solution.

bitcoin lottery platform

Lottery turnkey solution

We’re perfectly aware of the fact that the lottery world is highly profitable, but it’s not that easy to become a part of it. It took us years to gain the required set of skills to get where we are now. That’s why we have created our white label lottery platform as a complete, feature-packed, all-in-one solution, so our partners could start their global business ready to profit from day one. Going for the system we’ve created allows our partners to focus on what they should, their business, so we can create a mutually beneficial partnership.

There are quite a few things that cannot be missed when setting up a white label lottery website, with the design being the first. The website needs to have an attractive look and stand out from the crowd, because even if the lottery tickets market is still a blue ocean in the emerging markets especially, there’s always some competition. Our design team takes care of preparing an attractive design, which works perfectly on every device, whether it’s a PC, a tablet or a smartphone, with the latter being highly important – mobile solutions are accounted for more than 50% of the world traffic. And traffic means sales.

Thanks to our experience and all the effort we’ve put into creating the system, our white label lottery partners receive a set of tools for boosting their sales. There’s a great CRM (Customer Relation Management) providing all the analytical data, marketing tools, or even an affiliate system. One of the best parts of the whole thing is our insurance model – we really want our players to win the highest prizes, because that makes them rich, while making us and our partners famous, but neither us or our partners have to bare the cost of the prize.

Dozens of partners already using our white label lottery platform also appreciate our global approach to the business, because the world of lotteries is borderless. This is why we have translated the whole system to nearly 40 languages. While thinking globally, we have to act locally, and by that we mean the implementation of multiple payment methods to our system, including local ones and what has become the big thing during the last few years: cryptocurrency payments, including bitcoin, ethereum, and numerous other altcoins. The implementation of cryptocurrencies is another step forward for us and a highly interesting subject we’ll get on to now.

Bitcoin, blockchain, lotteries – how do they add up?

Let’s face it, the cryptocurrency revolution and the amazing blockchain technology which stands behind it has put its mark on nearly every industry out there, and lotteries are no exception. It’s quite easy to understand the fact, only the name of bitcoin or ethereum combined with anything gives a significant boost to any business. As with anything new, initially there were quite a lof of scams related to bitcoin lotteries, but these days are mostly over now as the cryptocurrency society is pretty smart and ruled out such games of the equation. Let’s take a look on how bitcoin or blockchain lotteries work nowadays.

bitcoin lottery platform

Bitcoin lottery – how does it work?

As far as blockchain, bitcoin, ethereum and other altcoins are pretty much revolutionary, bitcoin lottery in fact is not that different from the lotteries we’ve known for years now like Powerball in the U.S. or Eurojackpot in Europe. There are some variations, but same as the traditional ones, bitcoin lottery requires you to purchase a ticket with a set of numbers and the player’s task is to pick the ones that come up in the draw. Bitcoin itself, while having a true value, still sounds pretty virtual for most, but the prize is as real as it gets – the only difference is that it’s paid out in bitcoins, ethereum or other tokens specific for the chosen lottery.

The prize is usually a percentage of pool created with the ticket sales. If the total sales sum for a particular draw, for example, equals 100BTC, the jackpot could usually be up to 60%, giving the lucky cryptoenthusiast a win of 60BTC, while the rest gets split among the lower-tier prizes winners. There are some significant advantages of bitcoin lottery if you pick a trustworthy blockchain lottery provider. Usually the stakes required to participate in a bitcoin lottery draw are pretty low, sometimes lower than the ones seen in the traditional lotteries. Some of them are fullly transparent and provably fair, but there’s the other side of the coin, most of bitcoin lottery providers are not regulated.

bitcoin lottery platform

What are the types of bitcoin lotteries?

We have to put an emphasis on the fact bitcoin lottery is a pretty open definition. One thing they have in common is usually the fact that the tickets are bought with bitcoin, bitcoin cash, ethereum or other altcoins and the same rule applies to the prize payouts. Still, there are some that allow to payout the prize in FIAT or serve as an exchange too, while utilizing third-party cryptocurrency payment solution providers.

The first kind of bitcoin lotteries uses bitcoin for payments and traditional lottery draw results. Putting it short, the player picks his numbers as in any traditional lotteries, fills in the ticket on the website, pays with a cryptocurrency of his choise and waits for the draw. The draw results are based on one of the popular lotteries like EuroMillions or Eurojackpot, so the blockchain technology is not actually utilized and cryptocurrencies are just the payment method for the game.

Some players appreciate this approach to bitcoin lottery as they can use their favourite cryptocurrency and remain anonymous (in most cases), but enjoy the highly-regulated environment of the traditional lotteries like the ones mentioned above. Still, there are some who’d rather like to see the bitcoin lottery of their choice to utilize the blockchain to verify the drawing process.

That’s the second kind of bitcoin lottery you can usually find on the web, bitcoin lotteries that are so-called provably fair. What does it mean? Provably fair bitcoin lotteries utilize the blockchain so the drawing process can be verified anytime and the implementation of the rules set by the particular bitcoin lottery may be checked in the bitcoin or ethereum blockchain any time. The first game that used the provably fair technology was Satoshi Dice.

Putting it short, this kind of bitcoin lottery is theoretically absolutely perfect, because the draw process is verifiable and cannot be altered, but there’s one thing that should be kept in mind. Even if the particular bitcoin lottery claims that it uses the provably fair technology, it doesn’t mean it actually does. And here we get to the probably biggest problem that’s been related to cryptocurrencies, whether it’s bitcoin, bitcoin cash, ethereum or any other blockchain-based token – the lack of regulation.

bitcoin lottery platform

Even though strictly scam bitcoin lotteries mostly disappeared nowadays, the players doesn’t have any guarantee the operator won’t just disappear one day. Last, but not least, bitcoin lotteries are mostly way smaller than the ones globally known like Powerball, MegaMillions, Eurojackpot or GG World, so the potential prize cannot match the jackpots from the ones mentioned, while the ticket prize isn’t as attractive. So is there a perfect way to combine the bitcoin with traditional lotteries?

Bitcoin lottery platform – the only reliable solution

We’ve been closely watching the cryptocurrency revolution taking place and the lottery industry reaction. Being a part of it, and as mentioned before, being lottery geeks ourselves, we couldn’t miss it. As you might have heard, we have created the world’s first True Random Number Generator utilizing the ethereum blockchain and quantum physics principles. During those years we’ve seen bitcoin lotteries come and go and wondering what is the best way to combine bitcoin and the cryptocurrencies in general with our beloved world of lotteries to make the most out of both.

bitcoin lottery platform

We were convinced that there’s surely a place for bitcoin in the equation and bitcoin lottery could be the next big thing, but at the same time we were worried about the continuing lack of regulation. After considering all the options we have decided to implement cryptocurrency payments in our white label platform.

At first, we wanted to do that on our own, but in the meantime GG International started its cooperation with one of the most widely known cryptocurrency exchanges out there, BitBay. We were more than happy to hear that they have just the solution we were looking for, BitBayPay.

BitBayPay provides payment processing in more than ten most popular cryptocurrencies in the world: Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Lisk, Ripple – just to name a few. Integrating BitBayPay into our white label system allowed us and all of our white label partners to accept these currencies in a highly-regulated manner, so we can provide the tickets for the world’s biggest lotteries to hundreds of thousands of lottery players from all around the world who’d like to pay with crypto easily and safely.

The cryptocurrency revolution is far from over. The lottery industry also continues to evolve. We’re happy that our white label platform connects bitcoin with lotteries, but at the same time we are perfectly aware it’s not the end of the road. One thing is for sure, we’ll be up for any new challenges and opportunities the cryptocurrency world creates, and we’ll find a way to utilize them for making the lottery business even more exciting and profitable.

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