Topic: A continous, conglomerate Bitcoin lottery (need feedback on idea) (Read 137 times)

This lottery would not need slots to be filled and it will not always have only 1 or very few winners.

The idea is this:

A lottery game will start after x seconds, and anybody who bought a ticket during that time will be entered. A random number from 1 to the number of tickets purchased will be generated. That random number decides the amount of winners. The pot will be split between the winners, minus 1%. Those winners can then decide whether to carry on the lotto, only 2 people need to decide to keep playing for the lotto to carry on. Whoever is still playing will win the pot plus that 1% from earlier, -1% of their win for the house. If that was difficult to understand there are a few game scenarios I've created below (dollars used for simplicity).

Scenario #1

$1 entry fee

10,000 people enter the lotto, $10,000 pot

Random number from 1-1,000 generated is 100

100 people win $99 each, $100 (1%) is stored

2 people decide to continue playing, each put up their $99

The winner takes 99% of the $198+$100 stored, $2.98 goes to house

This means the winner won ~$298 from a $99 bet with 50/50 odds (if you don't include the odds it took him to get there)

Scenario #2

$5 entry fee

100 people enter the lotto, $500 pot

Random number from 1-100 generated is 5

5 people win $99 each, $5 (1%) is stored

Nobody decides to continue playing, the $5 goes to house

Please give me your feedback, any improvement/problems would be awesome to hear. Thanks.