CRYPTO
Crypto lotteries vs crypto casinos: What's the difference?
Usually, we use the words "lotteries" and "casino" as synonyms or close concepts. Indeed, they have a lot in common. Both look like games of chance with set rules.
In both crypto lotteries and crypto casinos, customers place crypto bets online and receive crypto winnings if they are lucky. But the internal mechanics of determining the winners differ significantly between lotteries and casinos.
In both crypto lotteries and crypto casinos, customers place crypto bets online and receive crypto winnings if they are lucky. But the internal mechanics of determining the winners differ significantly between lotteries and casinos.
In lottery, players compete against each other, with equal chances
What does this mean? The lottery prize fund is formed in advance by deposits made by lottery participants. Lottery players compete with each other. The lottery operator acts only as an organizer, does not directly participate in the game, and cannot influence the results of the game.
For this reason, in many countries lotteries are not considered gambling, and lottery winnings are not taxed. Lottery money often finances various charitable and public projects.
For this reason, in many countries lotteries are not considered gambling, and lottery winnings are not taxed. Lottery money often finances various charitable and public projects.
In casino, players compete against the operator
In casinos and other types of games of chance, such as slot machines, players individually compete for a prize pool with a casino operator who is directly involved in the gaming process. Accordingly, the players’ loss is in the interests of the operator. The more players lose, the more the casino wins. The more players play, the more they lose to the casino.
Casinos always get a guaranteed profit due to a slight, mathematically calculated advantage over the players. In different games, the casinos realized their advantage in different ways. For example, in roulette, this is the "zero" section (in the USA, there is also a "double zero" on roulette tables). In craps, this is a strictly calculated amount of bets that players can make. By lowering stakes and winnings, casinos always stay in the black.
The law of large numbers is the mathematical basis on which casino and slot machine owners build their profits. The more we gamble, the more predictable is the casino’s profit. At the beginning of the gaming day, the casino can even be in the red due to random fluctuations. However, by the end of the day, week, or month, when players have played many thousands of games, the law of large numbers will move most of the players' money into the pocket of the casino. Usually, casinos earn even more than mathematics allows because many players are inexperienced and make annoying mistakes.
Casinos always get a guaranteed profit due to a slight, mathematically calculated advantage over the players. In different games, the casinos realized their advantage in different ways. For example, in roulette, this is the "zero" section (in the USA, there is also a "double zero" on roulette tables). In craps, this is a strictly calculated amount of bets that players can make. By lowering stakes and winnings, casinos always stay in the black.
The law of large numbers is the mathematical basis on which casino and slot machine owners build their profits. The more we gamble, the more predictable is the casino’s profit. At the beginning of the gaming day, the casino can even be in the red due to random fluctuations. However, by the end of the day, week, or month, when players have played many thousands of games, the law of large numbers will move most of the players' money into the pocket of the casino. Usually, casinos earn even more than mathematics allows because many players are inexperienced and make annoying mistakes.
Conclusion
So let’s summarize. In lottery, you play against each other, and all participants have equal chances of winning or losing. When playing against the casino, you are always at a slight disadvantage to your opponent.
Of course, this does not discourage millions of players around the world. They are ready to take risks again and again. But you've got to admit that no one likes to lose.
Lottery is the best option for players who bet just to have fun. The cost of playing the lottery is not high, but if you are lucky enough to hit the jackpot, then this can be a very impressive win. Just let’s recall, for example, the record winnings in the famous American Powerball and Mega Millions lotteries, amounting to hundreds of millions of dollars.
Just an interesting detail. Specialists in the field of gambling have almost never encountered such a phenomenon as gambling addiction to lotteries. Perhaps, the very dynamics and mechanics of the lottery gameplay protect it’s users from unhealthy overexcitement and its negative consequences.
Of course, this does not discourage millions of players around the world. They are ready to take risks again and again. But you've got to admit that no one likes to lose.
Lottery is the best option for players who bet just to have fun. The cost of playing the lottery is not high, but if you are lucky enough to hit the jackpot, then this can be a very impressive win. Just let’s recall, for example, the record winnings in the famous American Powerball and Mega Millions lotteries, amounting to hundreds of millions of dollars.
Just an interesting detail. Specialists in the field of gambling have almost never encountered such a phenomenon as gambling addiction to lotteries. Perhaps, the very dynamics and mechanics of the lottery gameplay protect it’s users from unhealthy overexcitement and its negative consequences.
Lotterium is a great example of a cryptocurrency lottery
Lotterium, the online crypto lottery with a fixed RTP, works on the principle of a regular lottery. It provides equal winning conditions for every player. Lotterium pre-generates a list of game codes, forming a kind of digital stack of lottery tickets. The user, as it were, pulls out one of the tickets when he selects the game and bet amount and clicks Play.
Lotterium offers you 30 colorful and exclusive slots of its own making. Winning in the Lotterium depends solely on luck. And don’t forget yet another significant difference between the lottery and the online casino, a fixed RTP. All Lotterium games have the same fixed RTP of 95%. It means that you always have an excellent chance of winning. And by the way, the maximum win in Lotterium is 10 Bitcoins.
Lotterium offers you 30 colorful and exclusive slots of its own making. Winning in the Lotterium depends solely on luck. And don’t forget yet another significant difference between the lottery and the online casino, a fixed RTP. All Lotterium games have the same fixed RTP of 95%. It means that you always have an excellent chance of winning. And by the way, the maximum win in Lotterium is 10 Bitcoins.
