Prize Linked Savings Accounts, the Cure for the Traditional Lottery!
Prize Linked Savings Accounts, the Cure for the Traditional Lottery!
A Lottery equals a game of chance.
In the traditional lottery you buy a ticket, the winner is selected and everyone who didn’t win a prize loses the money they spent on the ticket.
This traditional lottery sometimes has a huge prize, and millions of entries. But also an astronomically small chances of winning; like 1 in 1 million or in the case of very large prizes 1 in 10 million.
If you do the math, a 1 in 1000th chance of winning is 0.1% chance of winning or a 99.9% chance of losing.
Correspondingly a 1 in a million is 0.0001% chance of winning or a 99.9999% chance of losing.
Although lotteries are often seen as the only chance for the poor to get rich, others criticize them for (a) very low chance of winning and (b) weekly loss of money to pay for lottery tickets.
The Prize Linked Savings Account cures the traditional lottery, in two ways.
First, the number of entries is smaller, so the chance of winning is higher. Second, the ticket price is refundable, so the price of the ticket is never lost.
Prize Linked Savings accounts are legal in most countries, including the United States.
It just makes sense to provide a savings vehicle, which also provides a chance to win.
Leofinance has a Prize Linked savings account called the No Loss Lottery.
Hurray! Yes, the No Loss Lottery is designed to function like a Prize Linked Savings Account, and provide a vehicle for savings and large prizes.
The No Loss Lottery Explained
You send one Leo per ticket to @nolosslottery, so you have a chance at a prize, which is worth much more then the Leo you sent, and you can always get your Leo back. The No Loss Lottery combines the Money Safety aspect of a Savings Account, with the Large Prize aspect of a lottery. It lets you save and it lets you dream.
Let it Ride!
In the No Loss Lottery your money is never lost, you deposit it, and if you leave it in, you are automatically entered in every week’s lottery.
Okay, How do you enter?
First, Send one Leo per ticket to @nolosslottery Second, you will be assigned a number. That’s it. Done.
Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance.
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