Gibraltar-based lottery betting operator Lottoland is launching a new Bitcoin Lotto jackpot today.
Described as the world’s first officially licensed Bitcoin lotto, the jackpot is seeded at 1,000 Bitcoins (equivalent to around £14.1m), with the first draw to take place at 8.30pm (GMT) on Monday December 18th.
Backed by Lottoland’s insurance cover, Bitcoin Lotto will offer players in the UK the chance to join the Bitcoin boom, with draws taking place everyday except Sundays.
Bitcoin Lotto is based on the popular 6/49 lottery format, where players choose six numbers out of 49, and offers odds of 14 million to 1 for the jackpot, making it ten times more likely to hit than winning EuroMillions.
“We’re pleased to be able to announce the launch of this world exclusive lotto betting product,” said Lottoland chief executive Nigel Birrell. “1,000 Bitcoins are already worth £14.1m today, but might be worth double that by tomorrow. Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved.”