Market Overview
Lottery is a type of game that involves drawing random numbers for a given prize, usually paid in cash, in the currency of the country where it is played.
A player chooses a sequence of numbers he wants to bet on, called a ticket.
Periodically, results are announced. Depending on the amount of numbers the player hits, a prize will be awarded to him. In some lotteries the chance to win is 1 in 300 million.
For many decades nations have used lotteries as a tool to attract revenue to the state without unduly increasing the tax burden on the general population. The format popularly practiced in lotteries around the world is the “50-50”, where the promised prize represents only 50% of the revenue collected, and the winners are still generally taxed at rates that can reach up to 37% of the prize value.
In addition to lotteries being normally regulated and organized by state or state-affiliated institutions, they function primarily to increase state revenue and not necessarily for democratic income redistribution as many may believe.
The idea that with little you can get a lot becomes frustrating when we are faced with overwhelming chances to get some winnings with conventional lotteries, even so about 75% of people in countries where the activity is legal have contact with this type of game.
This shows us that people are really looking for ways to place their hopes and “get the big luck”, but still most of them are still unaware of more democratic and transparent alternatives to deposit the priceless asset: the hope of being rewarded.
The emergence of technologies that propose the beginning of a new era on the internet known as web3 reveals an essential component that is considered the key vector for this new transition: the Blockchain.
Through Blockchain, we can operate financial protocols without the need of intermediaries, unlike the current financial system that requires banks and governments. With this technology, not only we free ourselves from centralizing, but we can also record data and information 100% transparently and anonymously, immutably on the web3.
Last modified 1yr ago