Believe it or not, the lottery is one of the oldest and most popular games in human history. Today’s version of the lottery that most of you are familiar with can be traced back to the 15th century when it was used to raise funds for city fortifications and to help the poor.
However, given its humble beginnings, not much has been done to rejuvenate the industry and bring it to the 21st century.
Yes, although we have managed to digitize some state lotteries, most of the products remain offline and rather rudimentary as consumers still have to purchase a physical paper ticket at their local store to enter.
Sulim Malook saw the need for change and took matters into his own hands and created the Crypto Millions Lotto, now recognized as the world’s largest digital lottery site.
What are the advantages of the Bitcoin lottery?
Sulim Malook is unlike many crypto founders in that he entered the industry with a proven track record in financial markets and experience as a successful app developer.
During his twenty year career trading government bond futures options on the London International Financial Futures Exchange (LIFFE), he learned a knack for spotting opportunities. And, according to Sulim, the lottery industry was a low hanging fruit prepared for disruption.
With his experience, his innovative ideas for the lottery immediately proved a success.
Although the company has only been up and running since 2020, Crypto Millions Lotto is already offering massive winnings ranging from $ 10 million to over $ 200 million in payouts.
So what makes Sulim’s lottery different from the rest of the pack? Well, while the principles are largely the same, Crypto Millions Lotto is the only lottery that uses Bitcoin as its currency.
Surprisingly, choosing Bitcoin as the primary currency has a number of benefits for both the user and the provider that address a number of longstanding difficulties that have long plagued the industry.
In doing so, Sulim has made the lottery safer, more secure and more accessible to individuals around the world. With that in mind, let’s take a look at what makes the Bitcoin lottery better than its more traditional counterparts.
Transparency and security
Lotteries are big business in most countries. Take the UK for example, where the National Lottery had sales of over £ 7.9 billion from April 2019 to March 2020.
In order for lotteries like this to gain such broad appeal, a crucial aspect needs to be clarified between provider and consumer: To trust.
With this in mind, Crypto Millions Lotto takes a three-pronged approach to its security strategy to ensure the safety of all of its participants.
First of all, they ensure data security by separating their lottery platform and the payment processor. All customer data is stored in a fully resilient data center in Switzerland that is Tier 3 certified and meets all ISO and IEC accreditation requirements.
Second, all customer funds are kept in cold storage, which protects them from hackers as only the user can access them. It is important that all transactions are encrypted with the HMACSHA-512 algorithm, which further ensures the security of the funds.
Finally, Crypto Millions Lotto insures all of its jackpots with the world’s largest and most widely used prize insurance provider, which ensures that all winnings are protected and appropriately distributed to the winners.
In terms of transparency, Sulim’s Crypto Millions Lotto does not base its jackpot prizes on the number of tickets sold. Instead, all players are aware of the prizes in advance.
“In order to make the prices transparent, we are not based on the number of tickets sold. Our prizes are set in advance and our payouts are based on established, televised national lottery draws over which we have no control. To give our players absolute security, we insure our jackpots with the world’s leading price guarantee specialist. So we guarantee that the winners will be paid. “
No more lost tickets
Each year in the United States alone, billions of dollars in lottery winnings are unclaimed due to lost lottery tickets.
While this is a disgusting thought to even consider, there have been instances where people have thrown away millions of dollars’ worth of tickets only to never find them again.
Crypto Millions Lotto eliminates this problem as all of your tickets are logged online. All of your submissions are logged online, which means you can’t lose your ticket or somehow throw away your winnings.
Winnings are credited to your account in Bitcoin as soon as you win, which makes the service even more attractive to the player.
Since you can play from anywhere in the world, users may even be able to limit the amount of taxes they have to pay on winnings, which is a unique advantage over traditional lottery models.
With Crypto Millions Lotto, there is no need to reveal your identity or pass KYC exams in advance.
You can start playing right away without jumping through excessive regulatory frameworks. However, KYC (photo ID and proof of address) is required once a player wins a jackpot or makes a large payout.
This allows the company to honor its worldwide e-gaming license as it has to follow strict anti-fraud procedures and secure all jackpots with the largest price liability insurance provider.
As a result, the user will receive whatever winnings they are entitled to as long as they are who they claim to be, live in the country they claim to be, and are over 18 years old.
On the whole, crypto lottery sites like Crypto Millions Lotto pose fewer trust issues than fiat based lottery sites, especially because you don’t have to worry about your credit card information being misused or exploited.
Additionally, there have been no reports of data breaches on Crypto Millions Lotto since its launch in 2020.
What does the future hold for Crypto Millions Lotto?
Thanks to its rising popularity in the crypto industry, Sulim’s Crypto Millions Lotto looks well on its way to continuing to dominate the online lottery scene while posing a real threat to some of the more established state lotteries that have monopolized the industry over the past few decades.
“We have a lot of exciting things in our pipeline. We recently added six new lotteries and we plan to add more. We are also planning to add more games and give players the option to get Bitcoins using their credit cards directly on our website. As our user base expands into more countries, we would like to offer Crypto Millions Lotto in multiple languages. We have also just started an affiliate program that we believe offers a more attractive proposition than other existing affiliate programs, ”said Sulim.
With the introduction of Bitcoin and the foresight to innovate the lottery in line with consumer demands, the future of Sulim Malook and his exciting new crypto-based lottery certainly looks bright.