Topic: BTCLottery.net Odds (and sorta like a review) (Read 1059 times)

Kudos to you for discovering this.

this is dumber than playing the lottery in real life

WARNING!!! SCAM DETECTED!!!

In the last draw, the owner of this site claimed that the address 15wRUf68NbJ4pXsxZ7wi63cwPdVDabKaQc won 5 btc hitting 3 in 6 number with a ticket.

so I decided to investigate to see if the reward was properly paid.

so I clicked on the transaction ID that this site showed as the transaction of the reward pay:



and the complete transaction showed was 020df844efac4a8f70e701c9a68a416e578de2c4863676d5bc123f8a867eb57e:



but this transaction is a transaction of DeepBit mining pool. The address 1VayNert3x1KzbpzMGt2qdqrAThiRovi8 is already widely known in the bitcoin community, but looks like the btclottery site owner isn't too smart to google this address and see this.

So, BE WARNED, THIS IS A SCAM SITE.

Alert: I have never used BTCLottery.net

Scroll down to bottom for odds

BTCLottery.net features
Play and win up to 10000 BTC

Play just for 0.05 BTC and win 10000 BTC

Payments around roughly 24 hours
  Eeny Weeny text at bottom

 How to play?

    1.    Put your payment address that we can pay you prize.
    2.    Choose 6 numbers.
    3.    Press button PLAY. (It will display after you choose 6 numbers)
    4.    Send 0.05 BTC to address (You will get BIT address after pressing the play button)
    5.    Wait for the confirmation of payment.
    6.    Wait until draw.
         
    Rules
         
    1.    Draw the lotto is every Friday at 23:59 GTM(+2) - NEW!
    2.    We pay all prizes up to 48 hours after draw.
    3.    We will pay prize only if we get 6 confirmations for buying ticket.
    4.    You can buy tickets as many as you want.
    5.    Do not cheat in any way.

As someone said before this sounds like a scam.  The lotto company has a house edge of course.  But, this lottery site is not that popular yet.  They will have to make a lot of money + a lot of time to pay off big jackpots.  Unless they have a lot of money invested which is highly unlikely.

Basically the lotto company is gambling that no one will get high jackpots.  But, they can also choose the winning numbers.

http://www.easysurf.cc/lotodd.htm

Total combinations of 6 out of 40 numbers (order does not matter)
3,838,380

Chance of winning 10, 000.00 BTC Prize (6 out of 6)  [I doubt they have this much money or will make this much]
(6/40)*(5/39)*(4/38)*(3/37)*(2/36)*(1/35) = 720 in 2,763,633,600 = 1 in 3,838,380

4,000.00 Prize (5 out of 6)
204 in 3,838,380 = 1 in 18,815.59

100.00 BTC Prize (4 out of 6)
8,415 in 3,838,380 =  1 in 456.14

5.00 BTC Prize (3 of 6)
119,680 in 3,838,380 = 1 in 32.07

0.1 BTC Prize (2 of 6)
695,640 in 3,838,380 = 1 in 5.52

Payout %=[ (1/3,838,380*10,000) + (204/3,838,380*4,000) + (8,415/3,838,380*100) + (119,680/3,838,380*5) + (695,640/3,838,380*0.1)] = 60.8450440 %

House Edge % = 39.15495600%

Avg Payout (If you bought every single combination) = 0.03042252 BTC
Makes sense

At first, I thought this site was a scam but, it seems this site could last forever if a few things are met
a) they have at least $110,000 in reserve (Jackpot) (they need to pay in 24 hours)
b) Enough hopefuls keep investing in this site

I'm not affiliated with BTCLottery in any way.  If my math is wrong please tell me.  I learned a lot calculating the odds.  Actually I gave up and used the calculator in the website.  I spent a lot of time researching and writing this report.