This is an interesting project because they are going to try and replace the broken lottery system that exists today. The truth behind the Powerball and MegaMillions- 2 popular lotteries in the U.S.- is that it is incredibly hard to win the lottery and the government makes millions of dollars from the lottery as well regardless of whether someone wins.
Well, GG Global lottery is trying to change that as token holders will receive 1% of whoever wins the lottery. There are 300 million tokens, so anyone who holds onto their tokens will receive their share of 1% of the jackpot of $130 million for example. On their website they have a calculator to show how much money you should expect to receive on a quarterly basis from holding their tokens. Basically, the more tokens that you hold the more dividends you will make on a quarterly basis. Also, the more countries they have expanded to, the larger the dividend payouts. However, I would say that the calculations aren’t incorrect on their website, but they are best case scenario calculations and they may not calculate the gas fees when making payouts.
GG global lottery also claims, that they are “fully licensed and government regulated and rely on Ethereum smart contracts in order to distribute tokens in a fair manner.” On their website they also say that “Our CEO Mark Hutchinson was a member of a founding State of Lotto America, which became Powerball.”
Also, GG Global lottery is working on having the first global lottery TV show where they will announce the winning numbers and make each winner a global celebrity.
U.S. participants and a few other countries are not allowed to participate in the ICO . I’m wondering though what earnings the token holders will receive if no one wins the lottery? Either way this is an interesting project that seems to be improving the current broken lottery system where the government wins 99% of the time. Might want to keep an eye on this project.
The website is down at the moment, but should be back in a few hours: https://ico.gg.international/