When I was a kid, I used to visit my gran every second weekend. Like all good grans, she’d load me up with sugar, dote on me relentlessly, then send me back to my parents a wreck of screaming energy.
She had one important ritual I found really strange. Every Saturday night, she’d stop the video we were watching, and turn over to the TV for the lottery results. She went down to the post shop every week to purchase one ticket with her superannuation check, and every weekend she diligently crossed out the numbers. Sometimes she won a few dollar, and she’d hoot and holler, and then the next day she’d buy me a giant banana split.
Lotteries are very different now than they were in gran’s day, but I think even she might’ve been interested in what FireLotto are doing – creating a new way to play the lottery with a better chance at winning. We have the FireLotto CEO here to tell us more about it:
Tell us about FireLotto - what do you guys do?
We managed to create something unique. It’s the first fully transparent and decentralized platform for creating and holding lotteries using blockchain technology and ETH smart contacts for raising and distributing of funds, random picking of winning numbers, paying income to token holders.
Why focus on lotto? Where did the inspiration for FireLotto come from?
The market volume of lotteries is 300 billion USD per year, and growing by 5% every year. Over 40 billion USD market share belongs to online mobile lotteries. We strongly believe that blockchain technologies can help resolve all the weak spots of traditional lotteries. It’s a technology that will bring lottery business to the next level.
Apart from as an investment, who would receive the most value by investing in your ICO?
As the platform is fully decentralized, there is no man factor. It is the first time in gaming history when lottery belongs to the community, but not to a small group of people or government monopoly. Players value instant-winning payments, transparent and reliable Random Number Generators, fast growing jackpots, high chances to win, accessibility of the platform from any place in the world and user-friendly interface.
Investors value the fact that the platform is already working and they do not have to wait when it will be developed. They become partners in a business that already exists and is growing. Plus, everything is transparent and all processes we described in our whitepaper are guaranteed by smart contracts. Commission payments to token holders are made in Ethereum – a reliable and fast growing crypto that can be easily converted to any currency in the world.
How does FireLotto differentiate itself from competitors?
- It’s a lottery platform first. There are 4 lottery games at the present moment. Successful lottery games from other projects can be added easily. We plan to add a couple more lottery games right after the ICO.
- 100% decentralized. There is no central server. Everything is built on smart contracts. Thus, it cannot be blocked, hacked, stopped or influenced by man.
- 70% of lottery tickets sales go to the Prize pool. This is a record for lotteries.
- People play directly from their crypto wallets. No need to deposit funds to somebody and then wait to get them back.
- Winnings are paid out anonymously, automatically and almost instantly after each draw.
- Minimum amount of losing combinations compared to the huge size of the prize pool in each lottery.
- Commission from lottery tickets sales paid out to FLOT tokens holders under smart contract in ETH automatically.
- Referral partners get up to 50% revenue from tickets sales and this is also fully transparent – under smart contract.
How have you grown FireLotto's presence in the market?
We decided to combine our marketing activity of FireLotto ICO and the lottery itself. It means we carefully use investors’ money to promote both ICO and lottery at the same time.
We have a great referral program for our partners. They get up to 50% revenue from the lottery ticket sales. It is very easy to integrate our web page into any online resource. We have agreements with some major gambling companies for integration.
We’ve also explored traditional marketing and advertising (banners, links, emails text messages and etc.). We participate in many crypto forums, exhibitions and gambling events.
How is your team structured? What benefits do you believe that brings?
We have a highly professional team. Every member strongly believes in this project and is doing everything it takes to make FireLotto succeed. Not all members are shown on the web page, but there are many people standing behind each of us.
What are the biggest challenges in the industry you have had to overcome?
As of right now, we’ve been able to overcome all challenges we’ve met. So, they don’t look very hard any more. But a lot of work needs to be done in future. Our team will handle all challenges.
How have you found starting a cryptocurrency and trying to take your company global?
We’ve conducted a lot of research and studies and realized that blockchain is the best solution to all problems traditional online lotteries encounter. The hard part is developing games and platforms so no man will be involved in the operations. We were lucky to find strong blockchain developers.
What’s next for FireLotto? Do you have plans to grow, expand or diversify?
We plan to add more popular lottery games to our platform, such as Bingo 37 and KENO. We’re also planning to localize lottery with over 15 languages, and integrate convenient solutions for crypto wallet deposits and withdrawals. We will have our lottery platform available in every country of the world.
Where would you ideally like to be in 5 years?
We want to be the number one online crypto lottery in the world.
If you had to give one piece of advice to an up and coming blockchain entrepreneur, what would it be?
Never give up.
What's one thing you believe your team does better than the rest?
What is the book (or books) you've given the most as a gift, and why? Or what are the one to three books that have greatly influenced your life?
Life Without Limits: Inspiration for a Ridiculously Good Life by Nicholas James Vujicic
How has a failure, or apparent failure, set you up for later success? Do you have a "favorite failure" of yours?
Failure is a result of taking the wrong actions. It’s normal to make mistakes. What’s most important is to draw fresh conclusions from those mistakes and keep on going to your goal. Throughout our life, we all should learn from mistakes.
What is one of the best or most worthwhile investments you've ever made? (Could be an investment of money, time, energy, etc.)
Time I spend with my family and kids.
What advice would you give to a smart, driven college student about to enter the "real world"? What advice should they ignore?
Always go for your goal and become a professional at what you do. Never leave things you can do today for tomorrow.
Gran might find blockchain a little hard to understand, but if there was a way to play her beloved lottery and have a better chance at a prize, I think she’d be all ears. And I admit, the little kid in me perks up at the idea of more ice cream sundaes.