A new “crypto lottery” is due to be launched at the end of April. The weekly jackpot is set to be $1 million. The Lucky Block Lottery has former ‘Love Island’ contestant Jamie Jewitt as one of its founding shareholders.
There will be daily draws with prizes ranging from $200,000 to $400,000. The big draw is on Friday when there will be a guaranteed $1 million win. To take part, contestants will need to buy tickets costing $5 each.
A smartphone app can be used to make purchases and a LBlock token has been created for use on the game, but other cryptocurrencies can also be used. The odds of getting a win on the Lucky Block Lottery are 40,000 to one. A random number generator will be used to choose the winning numbers for each draw held.
Jewitt (who says he is a “substantial shareholder”) appeared on the third series of ‘Love Island’ five years ago. Now aged 30, he said that once they have established the Lucky Block Lottery, they will also introduce other raffles and games on their platform. It’s also planned to double the number of lottery draws to two a day at some point in the future.
Just as the National Lottery and People’s Postcode Lottery raise money for good causes, so will this new lottery. Ten per cent of proceeds of sales will be donated to charity. Just which charity that is will be decided in a vote by players of the Lucky Block Lottery. The first week of the lottery will see all the options being charities that are working with victims of the war taking place in Ukraine.
70% of sales revenue will go to winners, 10% to charity, a further 10% to Token holders, 8% will be spent on Lucky Block marketing and 2% will go into an NFT prize pool. All those who buy tickets will be entitled to the token distribution from the jackpot. This will be in proportion to the number of tickets they purchase for each draw.
The former ‘Love Island’ contestant said of the new lottery: “Lucky Block will provide players with much better odds of winning, whilst also contributing to good causes and the community. Players can also invest in Lucky Block and see a return on their investment as a token holder.”
Scott Ryder is the founder and chief executive of the business running the lottery. He said that “The Lucky Block lottery will be operating on the Binance Smart Chain, which is extremely secure, and because we don’t have the overheads from ticket sales kiosks and vendors we can offer our players much better odds, more games, bigger prizes and quicker payments.”
