The BetDice team released details today about the newest addition to their platform, Lottery. This game has been listed in their whitepaper as slated to be released in October, and the team continues to deliver on time.
Lottery will be released at 23:00-UTC on 21-Oct!
I’m extremely excited for this update!
They also revealed with will be releasing Baccarat in the next week, which is HUGE! Baccarat accounts for up to 80% of the profits in Macau.
Here’s a quick summary and analysis about Lottery, which they explained very clearly in their announcement:
1. There will be a separate lottery pool for each token (currently EOS and DICE);
2. Lottery tickets can be purchased at a price of 1000 tickets per 1 token (1 EOS = 1000 tickets for EOS pool, etc);
3. 80% of the proceeds from purchased tickets will go to the lottery pool, the remaining 20% is profit;
4. Additional lottery tickets can be earned by playing Dice (and in the future, other games). You will receive 1 ticket per 1 token wagered;
5. 10% of profit from all games will also go to the lottery pool. This is calculated based on the house edge. For Dice, this is 1.5%, so 0.15% of all bets will go into the lottery pool.
Every ticket will be assigned a number in sequence. Ten lottery tickets will be picked every hour, and the winners will share the lottery pot as shown below:
Carries over to next round: ~0.098%
(Rounded to 3 decimal points, see whitepaper for exact)
To summarize: You can either buy tickets, 1000 per EOS (or DICE), or you can continue to play Dice and accrue free tickets as you play. The Lottery pool includes not only 80% of the revenue from ticket sales, but also 0.15% of ALL WAGERS! In ALL GAMES!!
While this is currently only Dice, this means when Baccarat is released, shortly followed by Hi-Lo, these Lottery pools could be MASSIVE.
I really like that Lottery is something that will be accessible to anyone. By selling 1000 tickets per EOS, people with smaller amounts of tokens can still participate. Someone who plays DICE once, under 96, with 1 EOS, has a chance to win. Obviously the more you play or buy the higher your chances are, but someone is bound to get lucky and win with a tiny amount of tickets.
Now, let’s take a look at how this will potentially affect the payouts to staked DICE holders:
Since 10% of profits are diverted to the Lottery pool, this reduces the amount that goes directly to the payout pool.
Previous: 1.5% (house edge) — 0.2% (referral) = 1.3% Net Profit
As a reminder, 50% of Net Profit from any games on the BetDice platform goes to the payout pool, which is shared between all staked DICE holders, 40% goes to increase bankroll, and 10% goes to cost (which includes events).
Under the previous model, this would mean 0.65% of all wagers goes to the payout pool.
With the introduction of Lottery, this will change as follows:
- 5% (house edge) — 0.2% (referral) — 0.15% (Lottery) = 1.15% Net Profit
- 1.15% x 50% = 0.575% of wagers goes to the payout pool
While this initially looks like the payout pool would reduce, I believe the opposite will be true. 20% of ticket sales are profit; 19.8% after referral.
This means 9.9% of all ticket sales will also go into the payout pool. Given how lucrative these Lottery pools are going to be, I believe we are going to see a huge increase in payouts from people buying Lottery tickets.
Lottery is also going to give people another incentive to keep rolling the Dice. With each roll now giving you the added bonus of a chance to win the Lottery pot as well, there’s more reason than ever to keep playing. Not only is the house edge low, but now, in addition to getting DICE for every wager made with EOS, you get a Lottery ticket too!
I continue to be more and more impressed with the BetDice team. They have met every deadline they have set for themselves. They have proven themselves a formidable contender to the throne of EOS gambling. They’ve constantly released updates to improve their GUI, including a beautiful display for staking and claiming payouts. They understand that the true money is to be made by making their decisions with a long-term perspective. They listen to their community, and understand what people want.
I can’t wait to see what else they have in store!
To read more about DICE, please see my previous article.
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