One2Buzz!!!!: Loteo: Lottery needs a revolution

What is Loteo?

Loteo is a Digital Automated Lottery Platform that used blockchain and smart contracts to create a fully transparent lottery, where your chances are incomparably higher compared to conventional lottery.

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.

In the United States (U.S.), lotteries are subject to very differing state laws. There are 6 states,

including Nevada, that don’t allow lotteries. On the other hand, the states that do allow lotteries

maintain a monopoly on the practice.

Similarly, across the world, there are many state or national lotteries, organized by governments who use lotteries as an additional source of income. Some governments, including those of Brazil and Germany, have a legally-secured monopoly on lottery operations. However, other governments, such as those of Turkey, India and Indonesia, have banned the practice, citing moral or religious grounds.

Although various countries differ greatly in their approach to lotteries, this form of gambling is globally popular. The emergence of digital lotteries has tapped into the large global market of customers who live in countries with strict legislation. However, access to online lotteries is often restricted with requirements for personal information or the need for a bank account.

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. There are several problems with ”classic” style lotteries, that we’ve addressed with LOTEO.

Winning chance

Unlike conventional lotteries in which you bet against an unknown number of drawn numbers10, in LOTEO you only bet against other purchased tickets, an amount that is several thousand times smaller than the number of potential winning combinations in standard lotteries. Thanks to the blockchain, the system is transparent and you can track all transactions. You have a chance to win everytime the lottery takes place as you are only betting against a certain number of participants and there is winner by every drawing.

Transparency

All transactions and prizes are viewable on the blockchain at all times.

Trust

By being governed by smart contracts rather than governments or private individuals, the drawing

process becomes automated.

There are many problems with current blockchain-based digital gambling platforms. They are often

too complicated, suited only for crypto enthusiasts, offering an unsophisticated design that is neither

attractive nor user friendly

ADVANTAGES

Chances to Win

Chances to win are much higher than in conventional lotteries because of our mechanism.

Trustworthy

By being governed by smart contracts rather than governments or private individuals, the drawing process becomes automated and trustless.

Transparency

Thanks to blockchain technology and using cryptocurrencies for lottery entry, LOTEO is 100% transparent and all transaction as well as prize splits can be viewed at all times, instead of traditional lotteries, where you don't know the number of attendees, prize amount, nor even if its fair nor manipulated, as there is central authority.

Winner every drawing

Unlike in classic lottery, where you need to tip right combination of numbers and the winner is once/year.

Biggest slice for the winner

LOTEO feels a strong need to provide the best user experience, that our customer, especially non crypto familiar, are used to, that's why there will be integration of credit card payments as well as mobile message payments.