The No Loss Lottery a Prize Linked Savings Account
No Loss Lottery is a Prize Linked Savings Account, not a traditional lottery
Lotteries are games of probability.
In a traditional lottery, you buy one or more dollar tickets in the hope of winning a prize; a pot of money worth anywhere from several thousand to one million or several million dollars USD. The size of the reward is great, but the actual odds of winning are small. Usually 1 in several thousand or as great as 1 in one million. That means the percent chance of winning is 0.00001% at best and 0.0000001 % at worst. The converse of you chance of winning is your chance of losing, which is around 99.9999%vto 99.999999 %.
As you can see, the risk of losing the money you paid for a Traditional lottery is very high. However, although the probability of winning is low, the rate of participation is high, due to the risk reward ratio. For example, you risk a single dollar, for the potential reward of one million dollars. As the saying goes: “Hope springs eternal” and humans love to gamble.
The reality is, the vast majority of traditional lottery players lose.
Despite the high reward to risk ratio, the fact remains, that the vast majority of those enter, over 99%, lose. The amount of the ticket is small, but adds up, because some people buy tickets every day, every Friday, every payday, etc..etc..
The No Loss Lottery
The No Loss Lottery is a logical solution to the problem of buying tickets with a 99.99% chance of losing in a traditional lottery. If you buy a No Loss Lottery Ticket, you can’t lose, because if you don’t win, you can get your money back. So you only have to buy a ticket once, and you have a chance to win every day!
You can’t lose, you may win a prize and you will get your money back.
You can’t lose, in a No Loss Lottery, because the cost of the lottery ticket is returned to you upon request. So that’s why it’s called a No Loss Lottery.
You can’t lose, you can only win or get your money back. .
So in effect, you have a chance of winning a prize, which should be larger than the cost of one lottery ticket, every day with no potential loss of the cost of your lottery ticket. And when you no longer want to have a chance at the prize, you withdrawal your money.
What is the probability of winning?
The probability of winning depends on the number of entries, which will be highest at the beginning of the lottery. But while the probability of winning decreases as the number of people entering the lottery grows, the size of the prize grows too.
How does it work
You send 1 Leo to the Account @nolosslottery
This deposit buys you one lottery ticket. All Leo sent to this account is deposited in the Cub* Den on Cubfinance. Initially every week one lucky winner gets a prize determined by the amount of Cub earnings for the week. This is then sent to their account as Leo. As the balance grows the lottery will occur more often. Eventually occurring everyday with 7 winners per week.
Methodology for selecting winner.
Each person will be assigned a number for each Leo they deposit. This is entered in a spread sheet.
A list of each entrants name and number will be placed in a post daily.
Each day the Google random winner generator application shall be used to pick the winner.
A picture of the random winners will be posted weekly by @nolosslottery.
Send all entry fees in Leo to @nolosslottery.
You may enter as often as you like.
Each entry will represent one ticket in first come order.
@hivemember1 send 1 Leo, they are assigned number 1
@hivemember2 sends 2 Leo, they are assigned numbers 2 and 3.
@hivemember3 sends 4 Leo, they are assigned numbers 4, 5, 6 and 7.
Google random winner picker will be asked to pick a number between 1 and 7.
It picks number 3.
@hivemember2 wins the Lottery that day!
Ticket purchase starts May 2nd, 2021.
You can send Leo earlier and it will be deposited in bulk on or before May 2nd.
First Lottery on May 9nd, 2021.
One Leo equals one Entry.
Deposits are accepted every day of the week.
Deposits can be removed after 7 days, on one day per week, and withdrawals will be published. Your name will be removed from the spreadsheet and everyone below you assigned a new number.
All deposits can be removed by writing a comment on the weekly post of the account @nolosslottery.
Depending on demand it can take 1-2 days to refund your Leo. I will process about 10 withdrawals per day. If you desperately need your invested Leo send @nolosslottery a wallet memo or contact @nolosslottery via a post comment.
Or you can let your deposit stay in the pool for a continued shot at the prize.
You may also buy additional lottery ticket(s) on each Monday to increase your odds of winning.
You will be assigned an additional number.
The Lottery creator and Lottery Sponsors will contribute to the pool to make the prize worthwhile for the first depositors until the pool grows.
The account @nolosslottery will receive 5% of the weekly prizes as compensation for conducting the lottery.
This 5% will be reduced in time as the pool grows.
Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance.
Read more of shortsegments articles here: https://leofinance.io/@shortsegments
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