“The act of wagering or betting on a result that depends on chance has been a common means of enjoyment for thousands of years. The internet has extended the availability of this form of entertainment with the advent of online gambling companies who offer the ability to gamble online and place online lottery bets. Online gambling websites are now among the fastest and most profitable businesses in the world (168casionos.com, no date).”
Crypto-powered lottery platform LuckyBlock is a hot coin right now, having just launched the presale for its $LBLOCK token. But what is the LuckyBlock platform and what does the LBLOCK token do?
To put it simply, LuckyBlock is leveraging blockchain technology with the launch of its own cryptocurrency to fix how lotteries are operated. LuckyBlock’s lotteries are easier to win, fully transparent and governed by the users themselves.
In this press release we take a closer look at how LuckyBlock is aiming to execute its lottery revolution and the extent of its disruptive potential.
Why LuckyBlock Claim The Current Lottery System is Flawed
Lotteries are popular with the general public. In the UK alone, more than 70% of Britons have played the country’s national lottery. But the system is flawed, say the creators of LuckyBlock:
“The internet has created a demand for online gambling, with companies offering easily accessible online wagering. So, it’s hardly surprising that these websites are fast-growing and highly profitable. LuckyBlock envisions a worldwide lottery with players using Blockchain Protocols, operating on the Binance Smart Chain. We believe a lottery should not be bound geographically or tied to local financial systems. Instead, our focus is to develop further transparency and fairness in gaming, creating a lottery where every player has better win odds while providing a solid investment strategy for token holders while contributing to the community.”
LuckyBlock is bringing innovation to lotteries as currently designed and operated, aiming to tackle many of the pitfalls commonly associated with traditional products.
These are the 3 main ways in which LuckyBlock will revolutionise lottery operation
Increasing transparency and fairness in gambling using blockchain technology
Scepticism and distrust are often the most commonly expressed sentiments by the public towards gambling operators, largely due to a lack of transparency, misleading advertising and in some cases outright questionable behaviour.
LuckyBlock broadly agrees with these criticisms of centralised lotteries, stating that legacy lotteries “face unique issues which undermine consumer trust, including distribution of funds, security, speed, and liquidity to pay-out players.”
For example, prominent UK lottery operator Camelot has come under scrutiny from the UK’s public spending watchdog the National Audit Office.
Camelot’s profits rose 122% from £39 million to £71 million between 2009-2017, yet over the same period an NAO report in December 2017 found that the amount Camelot gave to good causes rose just 2%.
With LuckyBlock, it’s blockchain technology ensures that all transactions are publicly recorded for anyone to see. This means that anyone can see on the public ledger of the blockchain exactly where their money is being distributed, all the while being enforced by unbreakable and un-hackable smart contracts.
Distributed ledger technology means the operators of lotteries and other gambling products can be held much more accountable for how they distribute their funds, as everything is in the public domain.
Blockchain enables the bridging of the void in trust that currently exists between gambling operators and their customers today.
LuckyBlock lotteries offer players lower odds for a better chance of winning
The high odds associated with large national lotteries have seen them referred to as “a tax on idiots”.
Figures show that you are nearly three times more likely to get struck by lightning (1.2 million-to-1) than you are of having a chance of winning the Powerball draw (292 million-to-1).
LuckyBlock increases the odds of winning for players. The LuckyBlock creators state: “with the smart contract in place – the prize amount per player ratio will be far greater than any lottery we’ve seen before”.
This is partially due to the fact that everyone that holds $LBLOCK tokens, which are used to enter the lottery, is entitled to a share of every single jackpot prize.
LuckyBlock is completely transparent with how it’s jackpots are distributed and thanks to blockchain technology, this will all be completely visible to the public eye.
LuckyBlock increases the odds of winning for players and uses blockchain to demonstrate how greater transparency can be brought to the lottery community as it expands. LuckyBlock creators state that “with the smart contract in place – the prize amount per player ratio will be far greater than any lottery we’ve seen before”.
Everyone that holds LBLOCK tokens, which are used to enter the lottery, is entitled to a share of every single jackpot prize.
This is explained in more detail by Scott Ryder, the CEO of LuckyBlock:
“By investing in LuckyBlock, you essentially own a partnership stake in the lottery. Meaning every time a jackpot is won, a percentage of that jackpot will be returned to the investor – respective of their ownership amount. Therefore, whether you are playing our lottery or not, you are getting paid an ownership stake, hence our tagline: We pay you to play, and we pay you not to play!”
Based on this model, with just half of its community purchasing $5 of tickets a day, LuckyBlock says token holders can expect to earn an annual dividend of around 25%, making it a solid investment strategy for the investor as well as the prize-hungry gambler. This will also see a large amount given to charity, all trackable and identifiable on the blockchain.
How LuckyBlock’s Lottery Works: Introducing the LBLOCK Token
In order to fully grasp how the Lucky Block lottery platform works, it is important to appreciate how the LBLOCK token is designed – LBLOCK is LuckyBlock’s version of the classic lottery ticket.
LBLOCK is LuckyBlock’s native cryptocurrency token that anyone can purchase and use as their lottery entry ‘ticket’.
If you were to participate in a traditional lottery, entering would usually consist of purchasing a ticket online or from a local retailer.
However, with LuckyBlock, instead of having to purchase a ticket, you purchase its native LBLOCK cryptocurrency token, either via the LuckyBlock website or on cryptocurrency exchanges at a later date. LBLOCK tokens can then be used to purchase tickets to enter the lottery.
This is a far more efficient process than traditional lotteries, resulting in lower overheads for LuckyBlock, enabling it to give back far more rewards to its holders and lottery participants than possible with lotteries run in the traditional way.
How to purchase LBLOCK tokens
First of all you must use Binance’s BNB (BEP-20) coin to purchase LBLOCK directly from the LuckyBlock website, or via the PancakeSwap exchange once listed in February 2022. Full current purchase instructions are available at www.LuckyBlock.com.
The LuckyBlock (LBLOCK) token is in presale now.
LuckyBlock Presale Price:
LuckyBlock Launch Price:
Once the lottery launches, token holders can use their LBLOCK tokens to purchase tickets to play the LuckyBlock lottery on the platform. Winners will be instantly paid in LBLOCK, which they can either choose to hold to benefit from the dividends or cash out by swapping back for BNB.
- Every time LBLOCK is sold a 12% transactional tax will be applied to the sale.
- 4% of this transactional tax will be added to the lottery pool available for daily jackpots.
- The remainder of the 12% tax will be distributed to the liquidity pool, token burn and the LuckyBlock NFT fund.
- For every jackpot that is won, LuckyBlock burns 1% of tokens to raise liquidity to further benefit token holders.
Each jackpot will be made up of total ticket purchase revenue, as well as the 4% transactional tax charged every time a transaction of LBLOCK is made in the intervening periods between each jackpot, making successive jackpots even bigger.
*The LBLOCK token presale has now opened on the LuckyBlock.com website, allowing users to acquire tokens at a discounted price before the platform goes live.
LuckyBlock’s jackpot distribution details
LuckyBlock is completely transparent with how it’s jackpots are distributed, and thanks to blockchain technology, this will all be completely visible to the public.
The jackpot distribution is as follows:
- 70% to the winners
- 10% back to $LBLOCK token holders
- 10% to charity
- 10% to LuckyBlock for marketing
Winners will be chosen by RNG (Random Number Generator) and funds will be distributed using the blockchain ledger to ensure fairness and transparency.
Is LuckyBlock a secure and trustworthy platform?
As with any new company utilising blockchain technology, assessing the security and trustworthiness of the team is essential due diligence for those conducting research with a view to committing investment funds.
LuckyBlock has been fully audited and approved by respected German smart contract auditor Solid Proof (https://solidproof.io). Furthermore, details of the team members are prominently displayed on its website with links pointing to the respective LinkedIn profiles.
LuckyBlock’s goal is to revolutionise lotteries – it is well positioned to deliver on that ambition.
LuckyBlock’s presale will be open until 1st February 2022, with a planned lottery launch by Q2 2022.