Playloteo is an automated digital lottery that is executed via code instead of being run by people. The lottery will, first on a weekly, and later on a daily basis, draw a random Ethereum address from a pool of users. The draw will be based on a random number generation system that will have a publically-viewable code on GitHub and also on Ethereum Network. The winner shall receive 75% of the prize pool as a reward, which
will be sent to their Ethereum address.
Not only will Playloteo make this form of gambling accessible to more people than ever, but it will also address the issue of trust as it will be executed via a smart contract, the code of which will be publically-viewable on GitHub and also on Ethereum Network. Through a combination of international reach, transparency and automation, LOTEO aims to become the industry standard in the rising market for digital lotteries.
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Online lotteries are an established industry, having existed in some form since at least 19975. The global online lottery market is estimated to reach revenues of more than $10 billion by 2023, growing at a CAGR of around 8% between 2019-2023.
Global trends such as the long term increase of mobile phone penetration, internet penetration and the proliferation of blockchain technologies will provide ideal conditions for the growth of the online gambling market, including the online lottery industry.
Growth will be driven by the rise of draw-based games and scratch-off instant games across European countries as well as other developed regions. The increasing focus on investment in new technologies (including blockchain), improving the perception of lotteries, and reaching far-away audiences via the internet will propel the transformation of the market.
Lotteries, like any form of gambling, can be manipulated against its participants, despite the high degree of scrutiny claimed by the organizers. Due to the high degree of centralization, organizers wield a considerable amount of power that is liable to abuse due to the current lack of transparency in lotteries. Even without manipulation, lotteries are profitable for organizers, with many claiming a profit margin of up to 50% on ticket sales.
Global drivers such as increased internet penetration, mobile and PC ownership, and the increased adoption of cryptocurrencies9 point towards greater demand for all-digital lotteries that overcomes current customer issues such as lack of trust and requirements for personal information.
Blockchain technology can not only provide a secure and transparent method of organizing the lottery, but it can also tap into new market segments, most notably the global unbanked customer segment as well as regional markets with restrictive legislation. A lottery based on smart contracts would offer an automated, secure and transparent platform for this form of gambling.
The Loteo solution
LOTEO is a fully automated lottery platform that uses blockchain and smart contracts to create a fully transparent lottery, where your chances are incomparably higher compared to conventional lotteries.
How does the lottery work
Users enter the lottery by purchasing single tickets for the LOTEO weekly lottery using the Ethereum cryptocurrency, or through a third party merchant. Each Ethereum wallet address that has purchased entry is then registered as a participant in the LOTEO weekly lottery. At a later date, LOTEO will add a daily lottery governed by the same rules.
The LOTEO lottery will be executed through a smart contract that will utilize a random number generator (RNG), the code of which will be publically viewable on GitHub and Etherscan. The pool for drawing consists only of lottery tickets (based on the Ethereum addresses of the entrees) instead of drawing random numbers, therefore every drawing must have a winner.
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