Loteo Set To Transform Lotteries Onto The Blockchain – Creates New Paradigm of How Lotteries Should Function “Lottery Needs A Revolution”

About

Loteo is digital automated lottery platform that uses blockchain and smart contracts to create a fully transparent lottery, where your chances are incomparably higher compared to conventional lotteries. LOTES is a security token which is meant to be sold only in private funding round (the STO). There will not be any public sale, for all investment requirements, please fill the form on the website. This token grants owners an opportunity to profit from being part of a lottery without being attendees in amount 20% of each prize total value. The LOTES are locked for 15 months and during this time it is not possible to buy or sell them anywhere else. After the first 15 months pass, there will be another funding round during which LOTEO will sell at least 30% of all tokens in compliance with legal and regulatory requirements. All details will be revealed before this event. After selling these tokens, the token will be listed on exchanges. After 15 months,maximum 20% of all security tokens will be owned by the lottery while 80% will be decentralized, preventing the lottery from being manipulated. The token also has a governing function, meaning any significant change has to be achieved by consensus and any token holder can issue a suggestion or voting.

FEATURE

Global lottery

Online lotteries are an established industry, having existed in some form since at least 19975. The global online lottery market is estimated to reach revenues of more than $10 billion by 2023, growing at a CAGR of around 8% between 2019-2023.

Future outlook

Global trends such as the long term increase of mobile phone penetration, internet penetration and the proliferation of blockchain technologies will provide ideal conditions for the growth of the online gambling market, including the online lottery industry.

Growth will be driven by the rise of draw-based games and scratch-off instant games across European countries as well as other developed regions. The increasing focus on investment in new technologies (including blockchain), improving the perception of lotteries, and reaching far-away audiences via the internet will propel the transformation of the market.

Current issues

Lotteries, like any form of gambling, can be manipulated against its participants, despite the high degree of scrutiny claimed by the organizers. Due to the high degree of centralization, organizers wield a considerable amount of power that is liable to abuse due to the current lack of transparency in lotteries. Even without manipulation, lotteries are profitable for organizers, with many claiming a profit margin of up to 50% on ticket sales.

Opportunities

Global drivers such as increased internet penetration, mobile and PC ownership, and the increased adoption of cryptocurrencies9 point towards greater demand for all-digital lotteries that overcomes current customer issues such as lack of trust and requirements for personal information.

Blockchain technology can not only provide a secure and transparent method of organizing the lottery, but it can also tap into new market segments, most notably the global unbanked customer segment as well as regional markets with restrictive legislation. A lottery based on smart contracts would offer an automated, secure and transparent platform for this form of gambling.

The Loteo solution

LOTEO is a fully automated lottery platform that uses blockchain and smart contracts to create a fully transparent lottery, where your chances are incomparably higher compared to conventional lotteries.

How does the lottery work

Users enter the lottery by purchasing single tickets for the LOTEO weekly lottery using the Ethereum cryptocurrency, or through a third party merchant. Each Ethereum wallet address that has purchased entry is then registered as a participant in the LOTEO weekly lottery. At a later date, LOTEO will add a daily lottery governed by the same rules.

The LOTEO lottery will be executed through a smart contract that will utilize a random number generator (RNG), the code of which will be publically viewable on GitHub and Etherscan. The pool for drawing consists only of lottery tickets (based on the Ethereum addresses of the entrees) instead of drawing random numbers, therefore every drawing must have a winner.

Lotteries have been around since the 2nd Century B.C. People enjoy the suspense of buying a ticket and hoping they win big time. The problem has always been that Lotteries are inherently easy to manipulate and corrupt. This lessens the odds of winning immensely. Even without manipulation, lotteries are profitable for organizers, with many claiming a profit margin of up to 50% of ticket sales. All that has changed with the launch of LOTEO, the first Lottery based on Blockchain Technology. The way the world thinks about lotteries will be forever changed. This is the next generation of the lottery.

With the advent of the digital age, lotteries now have the option of being run as all-digital platforms that transcend national and even continental boundaries. Even more importantly, the emergence of blockchain as a commercially-viable technology for businesses has created an interesting new dynamic in the historical development of lotteries. Trust has always an essential part of successful lotteries. Customers need to be assured that the drawing is done in a transparent, fair and randomized fashion. A multitude of scandals, both recent and past, have damaged the reputation of conventional centralized lotteries.

With the Smart Contract on the Blockchain, the platform is owned by nobody, yet owned by everybody. Individuals or groups of people cannot determine who the winners will be. This is the fairest way to run a lottery. The Smart Contract Code will be publicly-viewable on GitHub and also on the Ethereum Network. Through a combination of international reach, transparency and automation, LOTEO aims to become the industry standard in the rising market for digital lotteries.

LOTES is a security token which is meant to be sold only in private funding round (the STO) to accredited contributors from venture capital funds. There will not be a public sale. This token grants owners an opportunity to profit from being part of a lottery without being attendees in amount 20% of each prize total value. The LOTES are locked for 15 months and during this time it is not possible to buy or sell them anywhere else. After the first 15 months pass, there will be another round of the private sale during which LOTEO will unlock 30% of all tokens and those will be sold to accredited contributors or VC in private deal. After selling these tokens, the token will be listed on exchanges that offer security tokens trading. After 15 months, a maximum 20% of all security tokens will be owned by the lottery while 80% will be decentralized, preventing the lottery from being manipulated. The token also has a governing function, meaning any significant change has to be achieved by consensus and any token-holder can issue a suggestion or voting.

The lottery will, first on a weekly, and later on a daily basis, draw a random Ethereum address from a pool of users. The draw will be based on a random number generation system. The winner shall receive 75% of the prize pool as a reward, which will be sent to their Ethereum address.

During a recent interview, a company spokesperson explained: “Users enter the lottery by purchasing single tickets for the LOTEO weekly lottery using the Ethereum cryptocurrency, or through a third-party merchant. Each Ethereum wallet address that has purchased an entry is then registered as a participant in the LOTEO weekly lottery. At a later date, the LOTEO daily lottery will be governed by the same rules.”

He goes on to explain: “Unlike conventional lotteries in which players bet against an unknown number of drawn numbers, in LOTEO, players only bet against other purchased tickets, an amount that is several thousand times smaller than the number of potential winning combinations in standard lotteries. You have a chance to win every time the lottery takes place as you are only betting against a certain number of participants and due to this mechanism, there is a winner in every drawing.

LOTEO Will Offer A Unique Affiliate Program :

A complete discussion is available on the website, but here are some important points.

* For the first ticket purchased by a user who registered via an affiliate link, the affiliate partner will receive 50 LOTEUs (utility tokens) + 4% of each purchased ticket value in ETH while the newly-registered user shall receive 100 LOTEUs.
* The affiliate partner has a right to be rewarded with each sale of a LOTEOMAXX wholesale package. However, the bonus from the wholesale package (10, 20, 50, 100) can be only claimed once per user, per year.

* There is no limitation for 4% of each ticket value in ETH. During the referred sale of the LOTEPASS Each affiliate partner can claim 500 LOTEU and 4% of each ticket value in ETH.

This is the beginning of the Lottery revolution and an opportunity to be part of the next generation of the Lottery system. Investments like LOTEO are a once in a lifetime opportunity.

Roadmap

2019 Q1 - Legal & Project funding

Weekly lottery testing phase

APR 1 - MVP with Weekly lottery launch

Official Loteo Web launch

Q2 - MVP Testing

MAY 1 - Soft launch

JUN 1 - Hard launch

Promo campaign launch

BTC Payment will be available

Q3 - Daily lottery launch

Implementing Card payments possibilities