Fire Lotto — The Lottery on the Blockchain
Fire Lotto is a crypto ICO that intends to change the way lotteries are held. Currently, the biggest benefiters of lotteries are not even the lottery winners, but the states and federal governments collecting outlandish taxes on the lottery winnings. Less than 50% of each dollar that goes into the real “lottery” is paid out, and then if you want a lump sum payment another 30+% is removed for taxes. If $1 billion is collected for a drawing the winner would be lucky to take home over $250million (25%) if they chose a lump sum.
Fire Lotto is very different. This crypto plans to literally bring the randomized lottery to the secure blockchain.
They currently have raised over $3.5 million during the first day of their pre-sale. The pre-sale is only continuing for another 18 hours. Following that the bonus drops dramatically.
Most ICOs launch prior to having a working product or prototype. Many ICOs raise millions of dollars solely on a team and white paper. Not Fire Lotto, they have a finished product that has already been successfully launched.
Many lotteries have been accused of fraud, even the McDonalds monopoly game was in hot water many years back. When humans ‘control’ the lottery there seems to be great likelihood of manipulation. This makes sense as millions of dollars are on the line. Fire Lotto developed a unique one click mechanism which is exceptionally fast, convenient and secure.
Their advertising campaign is yet to kick off and is planned for later this month. The ICO should rapidly fill when the advertising campaign begins, dramatically decreasing the bonus. Fire Lotto is likely to hit their hard cap having raised over $3.5 million in such a short period of time.
A unique aspect of the FLOT is that there is a dividend of 10% paid to each token holder when a lottery is won. 70% of the entire lottery is paid in a lump crypto payment to the winner with 10% going to the holders of the FLOT (Fire Lotto Token). This leaves 20% to the team, legal, and infrastructure of keeping the site running.
Compared to the meager 25% you get in a “real” lottery that is likely manipulated by the governments running and taxing them, FLOT pays 70% (minus taxes of course). Plus, FLOT holders all get a dividend of the total lottery pool. This is dividend will be ever growing as the blockchain based lotteries get increasingly popular as an alternative to the public ones.
It is very nice to see ICOs and brave team members continue to buck the trend and move forward as planned regardless of SEC intervention. The SEC is here to stay and should be welcomed with open arms as they will allow institutional money to enter the space. Fire Lotto has a brave team, great product, and currently pre-sale ICO pricing for another short period (less than 18hrs).
(Sign up as an investor at the bottom of the page to buy FLOT!)
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