It’s no secret that public tokensales are on the decline. The trend, which has been accelerating all year, has seen the bulk of the action transition to private and pre-sale rounds, leaving the public to fight over the scraps. To compound the woes of retail investors, gamification has made entry into the most coveted ICOs a lottery in which the odds of admittance are low, and the odds of profiting lower still.
https://news.bitcoin.com/gaining-admission-to-icos-is-literally-a-lottery/