Topic: Panama Bitcoins LOTTO (Read 889 times)

Winning number for Sunday May 12 2013 is

4201

Don't forget the first entries close tommorow at 10:45 am Panama Standard time

You're absolutely right.  This is a fledgling lottery, so it's still too small to bet big on a single number.  Feel free to spread your money around with small bets on lots of numbers.  Also, I've worked out the problem that I indicated on the website with including multiple bets in one transaction, so avoid fees by grouping your bets if you can.

yeah, I'm aware of this all, but, I'm sure that if you will buy 15 entries, you will buy 15 entries with a different number in each to distribute your winning chances between the tickets. It's still too risky to put 15 entries in only one chance of winning in 10000, and you will only benefit from that if someone else hit the numbers too. it's much better to have a chance of 1 in 667.

To put it another way, playing multiple entries on the same numbers does not increase your chance of winning.  It only increases your share of the winnings if the pot gets split.

If you're the only person playing those numbers, you're absolutely right.  But on any fiat money lottery that allows you to pick your own numbers there will always be people who buy multiple tickets with the same numbers.  Also keep in mind with a 4 digit lottery pick, there's only 10000 possible choices.. If only 20000 people play, it's possible that every number will be played twice.  If you have bought 5 tickets on the winning number and someone else has bought only 1, the pot will be divided by 6 and you will get 83% of the winnings while the other person only gets 17%.

but if only me (or "only I"?) hit the numbers, no matter if i bought 15 or 1 entry, I will win the same prize. seems too risky to buy more entries just to receive more shares of the prize only if someone else hit the numbers too.

That is a the lottery website and its part of the government, it seems to be working now that I checked it.

Some else buys the same number and its the winning number then the pay out is proportional to the amount of entries you have for that number.

http://www.lnb.gob.pa/sitio/index.php isn't opening

Please explain more about this sentence:
what's the point of having 15 entries with the same numbers?

Pot is increasing http://blockchain.info/address/1KcNqKGTYYem2rKpyHo1kXq7gC3JipKKnZ

web: http://panamabitcoins.com/lottery/

Panama Bitcoins Lottery Rules

Lottery Results are based on the Primer Premio (First Prize) of the Panamanian National Lottery — published at http://www.lnb.gob.pa/sitio/index.php.

Entries must be submitted by 10:45am GMT-0500 (Panama Standard Time) the day of the drawing.

There are two drawings per week; on Sunday (Dominical) and Wednesday (Miercolito).  Entries submitted after 10:45am on the day of the drawing will be included in the entries for the next drawing. For example if you send a bet at 10:50 am on Sunday then your bet will be for the Wednesday drawing.

To submit an entry, send 0.0001XXXX BTC to 1KcNqKGTYYem2rKpyHo1kXq7gC3JipKKnZ where XXXX is your lotto pick.  For example, 0.00011234 would pay out if the winning numbers are 1234.

Entries lower than 0.0001 BTC are invalid and will not be eligible for payout.

Entries larger than 0.0001 BTC will count as multiple entries.  For example, an entry of 0.0015 BTC will count as 15 entries.

The pot size and a record of all entries and payouts will be verifiable at http://blockchain.info/address/1KcNqKGTYYem2rKpyHo1kXq7gC3JipKKnZ.

The entire pot minus 10% operation costs will be divided up amongst the winning entries and paid out to the addresses used to submit the entries.  Note: Only use wallets that allow you to receive Bitcoin from the same address you sent from.  Certain web based wallets will not work.

In the event there is no winner, the entire pot minus 10% operation costs will be rolled over to the next drawing.