how much would you pay for a lottery ticket?

marciks

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Quote from: Betwrong on October 04, 2018, 10:57:48 AM

I think I could have risked 25k satoshis and would buy a lottery ticket, but not before I knew:

1. The number of participants / win chance.

2. The prize amount / house edge.

3. The reputation of the lottery.

The 3rd point is the most important imo. If lottery had no reputation it would be more than likely as throwing away 25k sats.

Very good points

1 - few minuts before lotto result, it will be locked.. a list with every participant and its transaction id link will be provided so it's possible to check if all users paid for entering the game.. I think it is a good way to promote the lotto reputation (correct me if i'm wrong, please)

2 - will be provided that too from a command in telegram/discord..

3 - super important lol my next topic will be asking about this: how to increase the lotto reputation

loverets45

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Quote from: Don Pedro Dinero on October 01, 2018, 01:16:10 AM

I wouldn’t spend a penny to buy a lottery ticket unless there is an added price, which makes my buy an EV+ movement. This being said, most people want to buy lottery if they can buy cheap tickets and there is a very high price, so 5.000 sat and only one price I think would work to begin with. If the lottery became popular and you were getting important revenue you could add more prices and refunds but always bearing in mind that what attracts people to the lottery is the very tiny chance of getting that huge price.

I play twice in a month. Here in my country there are two draws in a month. I don’t want to waste my money in these draws, therefore I bet small amount of money. In these two draws I spend about $50. I never won a draw till date because the chances of winning a draw are one in 1000000. Now you can understand how difficult to win this lucky draw. I just enjoy the day.

btctalk4life

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Maybe 5000-10,000 satoshi per tickets. It's depend on how big is the prize too.

Betwrong

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I stand with Ukraine.

I think I could have risked 25k satoshis and would buy a lottery ticket, but not before I knew:

1. The number of participants / win chance.

2. The prize amount / house edge.

3. The reputation of the lottery.

The 3rd point is the most important imo. If lottery had no reputation it would be more than likely as throwing away 25k sats.

Sukut

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Quote from: maydna on October 03, 2018, 12:42:59 AM

Quote from: Sukut on October 02, 2018, 11:34:31 AM

Quote from: coinplus on October 02, 2018, 11:08:39 AM

Quote from: vintages on September 30, 2018, 05:58:29 PM

Well, for someone like me who is always careful or skeptical when I'm playing lotteries I won't want to spend anything more than between 1000-3000 Satoshi.

I would not want to go more than this either. It is always a good thing anyway to play what you can afford to lose and as least does not make it over affect your pocket. Everything is still all about luck and even if I want to put in 1sat and then luck still decides to shine on me, I would still get lucky than someone who put more than 500000sats. The highest I have ever gone on lottery was 5000sats at once, and I really do not always expect so much anyway. Even if your chances increase by getting more ticket, it still does not mean you will have it at the end of the day.

You are right, it is all about luck and I don't want to go more than 3000 Satoshi because probably I could not win.

Then you don't have to play the lottery if you don't want. You can play the other gambling games, but still, you need luck in the game so you can win the money. I think less than 5k per lotteries like I said before because it will attract people to try their luck in the games because they are hoping to get the big prizes. But always remember that only use the money you can afford, and you need to get ready when you lose.

I already prefer to gamble on other games instead of lottery but you are about to need luck in gambling, you should be lucky to win for all the games.

cleygaux

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Well it depends on the value of the jackpot prize I can pay more thousand satoshis if the reward is too good with a trusted system and cannot be manipulated by the admin of course now my questions how could we validate or test the integrity of your lotto system if it cannot be manipulated by anyone with access.

Beegovere

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Quote from: eternalgloom on October 02, 2018, 04:41:41 AM

Quote from: adaseb on October 02, 2018, 01:01:36 AM

In my opinion there are many who have tried the lottery/raffle way with a blockchain and they all closed down due to no interest.

The reason why is because people can just bet on dice instead.

Instead of playing the lottery where you need to wait a few weeks for the results AND usually there is a large house edge, why not just play dice.

You can just 9900x your bets and you will know in a split second whether you won "the lottery" or not.

So you can try this out but I guarantee you there won't be enough interest to generate enough funds.

Your reply is completely useless to OP, he's asking what people are willing to pay for a lottery, pretty fair question if you ask me.
Here you come along, giving a long speech about how dice is better than a lottery.

Guess what, I used to play quite a lot on the Crypto-Games lottery and it's pretty popular.
It's been successfully running for years now, so there goes your entire rant down the drain.

Besides, he's talking about a lottery on Discord, presumably for an already established Discord community that he's a part of.

OP, I went with 10k Sats, I think it's cheap enough so a lot of people can join, while still adding enough for a nice big pot in the end.
I definitely do think it's viable to make a lottery, execution is everything though.

I pay very small amount for lottery because I know that the winning chances are rare and losing chances are high. Here in my locality gamblers bought bonds numbers and try their luck after every fifteen days. After a long time a gambler win lottery but very little amount of money because if you want to win big money it is very difficult and the chances are almost zero.

kurian

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Probability of winning the lottery is very low. My personal opinion on lottery is that it is a waste of time. Even though, If I am going to participate the amount of participation would depend on the prize money.

gabmen

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Well i don't think there's really any serious chance with winning a lottery so probably 10 to 50k sats would be enough to waste on it. I'm not the type who would spend a lot of money for something that has a smaller chance than me getting hit by lightning twice.

bering

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I was never joining telegram lottery channel even if those channels really exist i think i would never interested to joining them because basically i'm not lottery fans even i almost zero value buying lottery tickets and i consider to be the winner of the particular lottery only belong to the people who have extremely lucky so since i consider such as it i would avoid lottery

maydna

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Quote from: Sukut on October 02, 2018, 11:34:31 AM

Quote from: coinplus on October 02, 2018, 11:08:39 AM

Quote from: vintages on September 30, 2018, 05:58:29 PM

Well, for someone like me who is always careful or skeptical when I'm playing lotteries I won't want to spend anything more than between 1000-3000 Satoshi.

I would not want to go more than this either. It is always a good thing anyway to play what you can afford to lose and as least does not make it over affect your pocket. Everything is still all about luck and even if I want to put in 1sat and then luck still decides to shine on me, I would still get lucky than someone who put more than 500000sats. The highest I have ever gone on lottery was 5000sats at once, and I really do not always expect so much anyway. Even if your chances increase by getting more ticket, it still does not mean you will have it at the end of the day.

You are right, it is all about luck and I don't want to go more than 3000 Satoshi because probably I could not win.

Then you don't have to play the lottery if you don't want. You can play the other gambling games, but still, you need luck in the game so you can win the money. I think less than 5k per lotteries like I said before because it will attract people to try their luck in the games because they are hoping to get the big prizes. But always remember that only use the money you can afford, and you need to get ready when you lose.

xIIImaL

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Quote from: DarkDays on October 02, 2018, 01:09:18 PM

Why not just have different amounts for different tickets? There's no reason to keep it limited to a single price if you simply adjust the odds of winning with the ticket value.

e.g. 1x 50000 Sat ticket has 10x the odds of winning as a 5k sat ticket.

I didn't tried lottery luck in online as of now. Instead of that i was used offline lottery many times as here local government accepted to used the lottery tickets s d scratch coupon with legal notice.

Why you have lottery at the cheap price in online market mate. You may list some sites to understand more about it.

Supercrypt

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Quote from: marciks on September 30, 2018, 09:42:46 AM

I'm planning to make a synchronized lottery bot between discord/telegram with some incentive for individuals or group admins who want to help to spread the word and announce the lottery.. will make a good system for transparency, without holding user funds.. big problem I found is the btc fee. other feeles coins have not enough volume as btc has so I'm studying if it is viable to make this lotto..

Isn't it depending on how much I could win as well ? I mean I am willing to spend as much as how much I can win.

If I am going to win millions of dollars if I win than I can buy more tickets whereas if I am going to make just couple thousand than I am not willing to pay that much for it, it means I do not care about the price of the ticket tbf, I care about how much I can win with it.

You can simply just make a 100 satoshi ticket and make automatic lottery that people could buy and the pot will increase, whoever wins gets all wagered (or 1-10 can win) that way you won't have to worry about promising anything beforehand.

DarkDays

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Why not just have different amounts for different tickets? There's no reason to keep it limited to a single price if you simply adjust the odds of winning with the ticket value.

e.g. 1x 50000 Sat ticket has 10x the odds of winning as a 5k sat ticket.

Sukut

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Quote from: coinplus on October 02, 2018, 11:08:39 AM

Quote from: vintages on September 30, 2018, 05:58:29 PM

Well, for someone like me who is always careful or skeptical when I'm playing lotteries I won't want to spend anything more than between 1000-3000 Satoshi.

I would not want to go more than this either. It is always a good thing anyway to play what you can afford to lose and as least does not make it over affect your pocket. Everything is still all about luck and even if I want to put in 1sat and then luck still decides to shine on me, I would still get lucky than someone who put more than 500000sats. The highest I have ever gone on lottery was 5000sats at once, and I really do not always expect so much anyway. Even if your chances increase by getting more ticket, it still does not mean you will have it at the end of the day.

You are right, it is all about luck and I don't want to go more than 3000 Satoshi because probably I could not win.

coinplus

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Quote from: vintages on September 30, 2018, 05:58:29 PM

Well, for someone like me who is always careful or skeptical when I'm playing lotteries I won't want to spend anything more than between 1000-3000 Satoshi.

I would not want to go more than this either. It is always a good thing anyway to play what you can afford to lose and as least does not make it over affect your pocket. Everything is still all about luck and even if I want to put in 1sat and then luck still decides to shine on me, I would still get lucky than someone who put more than 500000sats. The highest I have ever gone on lottery was 5000sats at once, and I really do not always expect so much anyway. Even if your chances increase by getting more ticket, it still does not mean you will have it at the end of the day.

eternalgloom

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Quote from: adaseb on October 02, 2018, 01:01:36 AM

In my opinion there are many who have tried the lottery/raffle way with a blockchain and they all closed down due to no interest.

The reason why is because people can just bet on dice instead.

Instead of playing the lottery where you need to wait a few weeks for the results AND usually there is a large house edge, why not just play dice.

You can just 9900x your bets and you will know in a split second whether you won "the lottery" or not.

So you can try this out but I guarantee you there won't be enough interest to generate enough funds.

Your reply is completely useless to OP, he's asking what people are willing to pay for a lottery, pretty fair question if you ask me.
Here you come along, giving a long speech about how dice is better than a lottery.

Guess what, I used to play quite a lot on the Crypto-Games lottery and it's pretty popular.
It's been successfully running for years now, so there goes your entire rant down the drain.

Besides, he's talking about a lottery on Discord, presumably for an already established Discord community that he's a part of.

OP, I went with 10k Sats, I think it's cheap enough so a lot of people can join, while still adding enough for a nice big pot in the end.
I definitely do think it's viable to make a lottery, execution is everything though.

adaseb

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In my opinion there are many who have tried the lottery/raffle way with a blockchain and they all closed down due to no interest.

The reason why is because people can just bet on dice instead.

Instead of playing the lottery where you need to wait a few weeks for the results AND usually there is a large house edge, why not just play dice.

You can just 9900x your bets and you will know in a split second whether you won "the lottery" or not.

So you can try this out but I guarantee you there won't be enough interest to generate enough funds.

milewilda

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Quote from: leowonderful on October 01, 2018, 04:24:04 PM

I'd personally pay 10k satoshis for a single ticket. Nice round number, and it isn't too much or too little in my eyes; I'm sure most people here would agree with me.

I also value reputation when going into something like a lottery. It would suck to win a lottery, and then never get the payout if the owner were to run with the money. A form of escrow would be important if you're starting out as a lottery site, as I personally have very little trust in a new casino offering a lottery or any form of gambling.

I also agree that you should consider offering multiple prizes to participants to attract more winners. I've started gravitating away from single-winner lotteries and towards lotteries with incremental prizes, as I've occasionally had some success in such lotteries.

Even those lottery have multiple prizes do failed up or didnt able to get players as well.The thing we dont like mostly on these kind of gambling is the duration and the chances of winning.Escrowed funds might be considerable but i didnt see such lottery site do able to do such stuff.They do hold up the funds on their own which we cant really avoid not to worry if those owners wouldnt run all of the money accumulated.
Talking on the prize of a lottery ticket 10k-20k sats would be considerable plus the network fees.

coolcoinz

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I'd probably pay 1% of the prize. Usually the prices of lottery tickets are much lower than 1%. Of course there would have to be an upper limit. For example I wouldn't pay 10 Bitcoins for the chance to win 1000. I just don't have 10 Bitcoins to risk. It's too much money for me to play with, even if the stakes and chances of winning were high.

leowonderful

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I'd personally pay 10k satoshis for a single ticket. Nice round number, and it isn't too much or too little in my eyes; I'm sure most people here would agree with me.

I also value reputation when going into something like a lottery. It would suck to win a lottery, and then never get the payout if the owner were to run with the money. A form of escrow would be important if you're starting out as a lottery site, as I personally have very little trust in a new casino offering a lottery or any form of gambling.

I also agree that you should consider offering multiple prizes to participants to attract more winners. I've started gravitating away from single-winner lotteries and towards lotteries with incremental prizes, as I've occasionally had some success in such lotteries.

marciks

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Pretty good advice I heard is the 10% luckiest prize.. Second is the trust.. Will make some research on this topic.

onrise

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Quote from: vintages on September 30, 2018, 05:58:29 PM

Well, for someone like me who is always careful or skeptical when I'm playing lotteries I won't want to spend anything more than between 1000-3000 Satoshi.

Not many would be spending much because they know finally it is a lottery and out of thousands only someone would be able to make it and chances of wining becomes very slim. Instead better at current situation to buy the crypto coin and save for future.

LFC_Bitcoin

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Quote from: marciks on September 30, 2018, 09:42:46 AM

I'm planning to make a synchronized lottery bot between discord/telegram with some incentive for individuals or group admins who want to help to spread the word and announce the lottery.. will make a good system for transparency, without holding user funds.. big problem I found is the btc fee. other feeles coins have not enough volume as btc has so I'm studying if it is viable to make this lotto..

Any advice is welcome

Let me tell you how much I’d pay for a lottery ticket organised by a Newbie - 0.00BTC

How are you going to make people feel confident that you’re not going to take their money & run?

panjul07

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It will be a real lottery or just another raffle game? If it is lottery so we are playing against the house but if it is just another raffle so we are playing against other players and you as the facilitator get some percent of each draw.
Raffle wont be attractive, we have seen many sites offering raffle based game but most of them failed to survive. But if you are offering a lottery like powerball or the old dust lottery then I think you will get better result.

Indrawan77

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Quote from: avikz on October 01, 2018, 05:21:27 AM

Lottery ticket price and the wish to buy that ticket completely depends on the price money and personal risk taking capability. I would probably pay 5K SAT to 20K SAT depending on the winning price. Also the risk profile of individuals determines the value for each individual.

Secondly, what I understand that you would not have a website for such lottery, that means the organizer would not have a physical existence! That's a big no-no for me! I would not want to invest anything which doesn't have a physical existence. I would always prefer some website along with a license to run such business activities.

Lastly, just a suggestion! Don't make just one winner for each lotteries! Instead make 10% winners out of the total participants and divide the jackpot to them. As it will increase the chance of winning, it will attract more people to participate in your lottery!

I agree that the price should depend on the prize, and it should be more winners, but I want to be more focus on the problem why there wasn't many lottery event, it was because people were concerned about the transparency system of drawing, the trust level of lottery was really low, the interest level was also low, you need to build some trust before you can create a lottery game, when you said you want to be as transparent as possible people will question your method, and your answered will be the key to gain trust and make the lottery event become successful

avikz

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Lottery ticket price and the wish to buy that ticket completely depends on the price money and personal risk taking capability. I would probably pay 5K SAT to 20K SAT depending on the winning price. Also the risk profile of individuals determines the value for each individual.

Secondly, what I understand that you would not have a website for such lottery, that means the organizer would not have a physical existence! That's a big no-no for me! I would not want to invest anything which doesn't have a physical existence. I would always prefer some website along with a license to run such business activities.

Lastly, just a suggestion! Don't make just one winner for each lotteries! Instead make 10% winners out of the total participants and divide the jackpot to them. As it will increase the chance of winning, it will attract more people to participate in your lottery!

maydna

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I think 5.000 satoshi per lottery ticket + bitcoin fee is good for a start and I think it makes sense and maybe you can add a big prize for the winner. For the fee, I think it depends on each wallet we used because I see there is any different fee that we should pay for each wallet. But I leave the lottery game since I don't have any good experience to win in that game, maybe the other people will get their luck work on this game.

Don Pedro Dinero

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I wouldn’t spend a penny to buy a lottery ticket unless there is an added price, which makes my buy an EV+ movement. This being said, most people want to buy lottery if they can buy cheap tickets and there is a very high price, so 5.000 sat and only one price I think would work to begin with. If the lottery became popular and you were getting important revenue you could add more prices and refunds but always bearing in mind that what attracts people to the lottery is the very tiny chance of getting that huge price.

vintages

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Well, for someone like me who is always careful or skeptical when I'm playing lotteries I won't want to spend anything more than between 1000-3000 Satoshi.

marciks

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2000 sats is non sense at all.. just removed it.. zero means that user would not play a telegram/discord lottery

YuginKadoya

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Why make a poll for this and have the 2000 k Satoshi as a minimum thing to pick, Worst case even put zero in it, What if I just want a cheaper price for a fee to have a ticket? I really think it is not an option to really put that amount and a fee price would be a minimum of 10k Sats, if that is what the prefer fee price, But in my opinion, I really think that 25k to 30k Satoshi should be reasonable for a starting price of the ticket and for the fee I am sure that the gambler will not mind the fees at all if they can have a chance in winning a lot of money from this, So they will play on their hearts content.

crairezx20

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For a lottery ticket, it depends on the prize if you have a big lottery prize I think 15ksat to 25ksat BTC would be enough.

For the fee, it depends on the network but you can check the recommended fees regularly from this link https://bitcoinfees.earn.com/

For some website the default is 10k sat so you can recommend the 10ksat as a fee.

marciks

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I'm planning to make a synchronized lottery bot between discord/telegram with some incentive for individuals or group admins who want to help to spread the word and announce the lottery.. will make a good system for transparency, without holding user funds.. big problem I found is the btc fee. other feeles coins have not enough volume as btc has so I'm studying if it is viable to make this lotto..

Any advice is welcome

Topic: how much would you pay for a lottery ticket? (Read 318 times)