Topic: Bit-Syndicate - A Bitcoin Lottery Syndicate [Restarted!!!!!] (Read 4580 times)

For those that want to play Bitlotto Jr you have around 5 hours to get you syndicate payments in.

Turns out the syndicate did not win the monthly BitLotto Draw 

However! the syndicates for next weeks BitLotto Jr and next months BitLotto Main draws are now up!
You can start buying tickets by using the addresses on the website

Not yet sadly. Still waiting for the results. The BitLotto Jr syndicate will be restarted tomorrow, and obviously the next main draw syndicate... it seemed when the organiser of BitLotto had to leave for a while people stopped playing Jr.

Fingers crossed! Stupidly I never bought a ticket myself, so if the syndicate wins I'll be kicking myself lol

The big day's tomorrow! Got any news for us, Noviz?

I think it turns out I was wrong... I didn't add a 0 where I should have done. Sorry but we did NOT win the 17th August draw. :\

There is one week left to join the BitLotto main draw syndicate! We currently have around 1/10 chance of winning

Oh and there won't be a BitLotto Jr syndicate this week as I am away for a few days so I wouldn't really be able to process tickets... Sorry for the inconvinience.

Starting to buy the BitLotto tickets.
We have 10 in total at the moment meaning we have around a 1/8.7 chance of winning
If anyone wants to join in there is still time! See the website for details

I'll be opening up the BitLotto Jr syndicate tomorrow... lets hope we get some tickets this time! Last week we had 0 meaning we couldn't win it for a 3RD TIME IN A ROW!

Ok as per usual I've stopped taking syndicate tickets for the BitLotto Jr draw 24 hours before it.
Sadly no one seemed to enter with the syndicate so we have no tickets to enter.
Hopefully next week will be more successful!

Just to note, we still have 100 shares (10 tickets) for the main draw.... still plenty of time to join in!

Last 12 hours to buy BitLotto Jr tickets for this weeks draw!
See the website for details

Just an update:

We have 100 shares pooled for the main BitLotto draw
and 0 for the BitLotto Jr draw.

Yeah I hope my workings were correct also... I was abit reluctant to say whether or not we had won incase I was wrong but I'm sure we did do

Just to let everyone know, the BitLotto Jr syndicate for next weeks draw is now open
And we also have pooled 100 shares equivalent to 10 tickets for the main BitLotto draw.

If your calculations are correct then I won a little over 1BTC. I hope you are right

A little bit over 1BTC, on top of what I invested that is

Thanks for joining in on the main draw:)

As you may have seen there was a request by the BitLotto organiser for people to work out the results while he is gone. I have just finished working it out... and as far as I can tell it is correct. The good news is, from my calculations, the syndicate has won BitLotto Jr for the second time in a row! Don't get too excited because I may be wrong but I'm 99% sure I'm not.

The prize pool was, afaik, 2.90 BTC. We had 27 tickets pooled. Therefore each ticket has a winning value of 0.1074.

If in fact we have won, please be patient when waiting for your winnings as we will have to wait till the BitLotto organiser comes back at the end of the month.

I'll be opening the next BitLotto Jr syndicate shortly.

I just got 7 tix in the standard BitLotto draw... I hope we win Jr. today

Ah I see what you mean; and yes you are correct. What I meant to say was 10 shares equals one ticket, therefore you technically own a ticket... but yes you are still sharing with the other people. I'll change the wording asap.

Also thanks for buying in A few other people said they were going to join the main syndicate but seem to have dissapeared; lets hope they come back lol If you know of anyone that would be interested in joining it would be great if you could send them to the site.

Really like that Noviz went with the share system. I just bought 30 shares for the main draw.

Just one thing, I think its false if you say that if you buy less than 10 shares you "share a ticket with someone" as EVERY share always shares all tickets with everybody in the syndicate. So no matter if you have 1 share or 30, you have the same chance of winning, its just that the guy with the 30 shares will win 30 times as much as you do!

Really like the syndicate as it does open up the main lottery draw to a wider audience. Thanks to the syndicate you can have a go at the main jackpot with as little as 0.026 BTC.

As usual the Jr syndicate is now closed as it is 24 hours before the draw.
Thanks to everyone that took part!

As the BitLotto organiser is away we may not recieve winnings (if we do win) for a few weeks; so please be patient for your winnings (again if we do win).

The main BitLotto syndicate is still open as usual.

I'll be opening the next Jr syndicate up the day after this weeks draw.

Thanks.

Just an update on what tickets we have pooled:

27 for BitLotto Jr.
0 for BitLotto main.

For BitLotto Jr it is 0.05 per ticket + a 0.01 processing fee... only the main BitLotto syndicate uses the shares system so people who can't normally afford to play it can do so by sharing a ticket with others.

Yes, you are correct if you won on your own you would win more money...
However with a syndicate you might win numerous times, while you may only ever win once or never at all without one.

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Lets look at this scenario:

40 tickets purchased in the Jr Lottery.

If you bought one ticket on your own, without a syndicate, you would have a 1/40 chance of winning.

However if you joined a syndicate with 9 other tickets it would increase your chances of winning to 1/4.

As you can see the chances of winning is greatly increased although obviously you would have to share the prize.

Currently, in this weeks Jr draw, we have around a 1/1.5 chance of winning.

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Syndicates aren't for everyone... not everyone likes to join them. Some would rather try to win the prize on their own at the cost of a higher chance of winning. But others like to have an increased chance of winning at the cost of big prize funds... and for them it is more fun because you might win a numerous times rather than once. On top of this you get the fun of playing with other people.

I hope that answers your concerns. As I said, its a matter of taste.