Most of you are probably aware of how a lottery works: players purchase tickets by picking a few numbers from a set range and are rewarded based on how many of the numbers they get right.
CryptoMillionsLotto is no different.
This article is going to give you a better idea as to our business proposition, i.e. just how our platform is supposed to work.
We have decided to base the outcome of CryptoMillionsLotto on the twice-weekly German National Lottery, where players select 6 numbers from 1-49 along with bonus number between 0-9. It should go without saying that there is no possibility of manipulating the results.
Players who guess right on 2, 3, 4, 5 or 6 of the winning numbers are awarded prizes. The jackpot is awarded to the player(s) that pick all 6 winning numbers AND the bonus number.
Sounds simple enough. But how quickly are winnings paid out?
This is where our platform REALLY shines- players' winnings are paid out instantly to their cryptocurrency wallets. No more hanging onto a crumpled ticket, no more worrying about whether or not it got lost in the wash. Just pick the numbers, sit back, and let the technology do its work.
The exception here is if a player wins the jackpot. Because these prizes are insured, they require verification from the Insurer before they are distributed. But aside from that, all prizes will be paid out automatically without any third-parties becoming involved.
Perhaps even more comforting is the fact that all prize payments will be shown in the open blockchain ledger. The benefit here is obvious: players and affiliates alike can be sure that payments have been made. There is no chance of the "check getting lost in the mail," so to speak.
Our prizes are insured by Lloyd's of London, a fact that will likely give confidence to lotto players that there is no chance that their prizes will not be paid out. Lloyd's of London is the world's leading insurance market, providing specialist insurance services to businesses in over 200 countries and territories. You can view their website here: https://www.lloyds.com/
Why do lotto jackpots need to be insured, you ask?
Simple: because the payout of jackpots should not depend on the number of tickets sold for that particular drawing.
For a business to hold millions in cash for the sole purpose of paying out a potential jackpot is impractical to say the least. Lloyd's alleviates this problem by insuring that if a player wins a ten million dollar jackpot, for example, that our company does not need to go through the hassle of transferring that money to the player. Everything is handled by Lloyd's.
In addition to our traditional lottery, our CryptoMillionsLotto platform will also have a number of additional fun, instant-win games for users to play while they wait for the main lotto which only occurs twice a week.
In summary, our platform is very similar to our other company, AfroMillionsLotto, with the core difference being that CML takes advantage of blockchain technology to solve many of the problems inherent in the lotto industry. We've said it before and we'll say it again - we know how to run a lottery company, and we anticipate that adding cryptocurrency to the mix will only make things better.
For more information on our Security Token Offering, please head over to our website at https://cryptomillionslotto.io/