🎫RLB Lottery
What is the Rollbit Lottery?
The RLB Lottery allows RLB holders to use their RLB as entry tickets within a lottery with cash prizes. The lotteries run continuously with an expected duration of 15-20 hours (depending on the Bitcoin block times). Each round’s prize pool will come from a portion of Rollbit’s casino profits.
How to enter
A minimum of 10 RLB must be wagered to enter the RLB Lottery. The more RLB that is wagered, the higher your chances of winning!
The RLB Lottery is now free to enter!
The start of each lottery round and when the winners are announced both depend on the Bitcoin blockchain, where the lottery starts and winners are announced every 100 blocks. Recently, Bitcoin’s block time has averaged approximately 10 minutes, so the duration of each lottery is expected to be between 15-20 hours (but cannot be predicted with precision as there is often variation in block times).
How the lottery works
While from a user perspective, there will be a smooth experience and seem like one contest, there’ll actually be two draws: one for the lottery and one for the jackpot. Both will run simultaneously. Note that staking RLB puts you in for a chance of winning both, however, there are some key differences between the lottery and the jackpot:
Lottery winners will always be paid out every 100 Bitcoin blocks, with 100 prizes paid out regularly and the chance of winning depending on the amount of RLB a user wagers.
There’s a 10% chance that the jackpot will be won every 100 Bitcoin blocks and a 0.1% chance that the entire Jackpot prize pool is won. If the jackpot is not won, it is rolled over to the next round and the prize pool increases until it is won.
RLB can be wagered at any time while the first 100 Bitcoin blocks of each round are being mined to enter both the lottery and the jackpot. A countdown is shown within the UI, how much RLB is being wagered, as well as the prizes for the current lottery round and the jackpot.
For example, suppose the current Bitcoin block height is 709,930. The current round’s winners are due to be revealed at block 710,030. The results are revealed at block 710,030, you’d need to wager your RLB at any time before block 710,030 is added to Bitcoin’s blockchain.
Once block 710,030 has been mined, users can enter the next round by wagering RLB anytime after this block. Once the winners of a round have been announced, players can re-wager their RLB tokens that are returned to them and enter the following draw.
Continuing with the example above, if the results are revealed at block 710,030, then RLB holders can re-wager their tokens to enter the next round until block 710,130 is mined and the results of this round are revealed. Therefore, the lottery will run continuously with an expected frequency of between 15-20 hours.
The more RLB you wager, the greater your chance of winning a prize. The profit sharing pool is tracked on our website via the carousel, which is updated hourly.
Lottery results
When the winners are drawn after 100 Bitcoin blocks, the prize pool will be distributed between dozens of individuals with the chances of winning proportional to how many RLB were put into the lottery pool. The probability of winning will be displayed when staking a certain amount of RLB.
Winners of the lottery receive their prizes in USD and each user can only win one prize per round. There will be a total of 100 winners for each round of the lottery and just 1 winner for the jackpot, if it's triggered.
If $100,000 of Rollbit's profits have been shared to the RLB Lottery since the last round, $70,000 would be allocated to the periodic lottery and the remaining $30,000 would be allocated to the Jackpot pool.
If the jackpot is not hit, then that prize is rolled over into the next round and will continue accumulating until the jackpot is won.
Once the winners of a lottery round are revealed, prizes are paid out with the following distribution (subject to change over time and based on user feedback):
1st: 20% of the lottery prize pool
2nd: 15% of the lottery prize pool
3rd: 10% of the lottery prize pool
4th: 8% of the lottery prize pool
6th: 6% of the lottery prize pool
7th: 5% of the lottery prize pool
8th: 4% of the lottery prize pool
9th: 3% of the lottery prize pool
10th: 2% of the lottery prize pool
11th to 100th: 0.333% to 0.111% (in increments of 0.00247%) of the lottery prize pool.
The outcome of each lottery pool is calculated in a deterministic way given a random secret, the hash of a target Bitcoin block, and an optional user-provided seed. A cryptographic hash of the random secret is shown at the beginning of each lottery pool before any wagers are made.
By publishing the hash of the secret, we verify that the secret is not changed after wagers are made. By also incorporating the hash of a future Bitcoin block that is unknowable at the beginning of the lottery and a user-provided seed, we ensure it is not possible for us to choose the secret in such a way as to influence the outcome of the lottery.
You can verify the fairness of the RLB Lottery here
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