It won’t come as a complete surprise that, while the business world is catching up with the blockchain revolution, the lottery fraternity is looking to jump on the bandwagon with the launch of Fire Lotto.
When considering the fact that Lotteries account for just shy of 30% of the gambling industry, that’s a sizeable market to tap into and the breakdown of borders and reaching out to parts of the world where heavy restrictions prevent lotto growth is an enticing prospect. The anonymity element of playing on Fire Lotto means that players are not caught out by regulatory bodies in their home countries.
For the winners, the added incentive to purchase lottery tickets through Fire Lotto is taxation. In many tax jurisdictions, lottery winners face heavy taxes and withholdings that take the shine off winning the jackpot
The lottery platform is 100% decentralized and built on Ethereum (ETH) smart contracts, with a focus being on transparency. 70% of ticket sales goes to the jackpot and winners are paid immediately after the draw to the winners’ ETH wallets. Winners won’t face delays or the possibility of being paid out over a number of years or even face the fear being defrauded, with payments being fully secure and made at a click of a button.
Of the remaining 30% of ticket proceeds, 12% goes towards advertising, 10% as commission to token holders, 5% to cover technical costs and 3% to cover ongoing legal costs.
Fire Lotto successfully launched the first lottery on January 1st. There are four different lottery formats to cater to the needs of its clients. The lottos will be 4/20, 5/36 and 6/45 and there will also be Roger’s Wheel, with tickets starting at 0.007 ETH, approximately US2.
Depending upon demand, Fire Lotto will be free to deliver more popular lottery games to draw in an even greater number of players, who can access Fire Lotto from any device without an app. Currently, any investor can join the business through investing in the company token sale or as a participant in a lottery.
For investors, the 10% commission that is paid to FLOT token holders delivers investors with an endless source of crypto-income, with the prize pool capable of growing into the millions and millions of Dollars and, there’s no government capable of shutting down the operation.
The private token pre-sale is already live and will end on 15th January 2018, with the crowdsale running from 15th March 2018 to 15th April 2018.
77% of tokens will be distributed to investors, 20% to the Fire Lotto team, with the remaining 3% held as bounty.
A total of 100,000,000 tokens will be issued, with an initial price of US$0.5, while investors participating in the bonus program will have a minimum purchase price of US$0.4 and US$0.35 per token in the closed round. The closed round of sales was to finance Fire Lotto’s ICO advertising campaign and generate a minimum prize pool of US$1,150,000, with the lottos already up and running ahead of the Fire Lotto ICO.
Interested parties can buy tokens from Fire Lotto directly.