Hello SPIers, today we look into the SPI HIVE lottery that we have been building up for the past 41 weeks. To date its been an exclusive lottery for SPI royalty members but we're getting close to making it public and in this post, we'll explore a few ideas are ways we can do it.
Why build HIVE Lottery in the 1st place?
I think HIVE should have a lottery, a proper lottery with big prizes. Offering up a 100 HIVE as a jackpot is not much of an incentive, not enough to get people to buy tickets. If SPI can offer juicy prizes and jackpots of at least 1000 HIVE, I think this would incentivise more people to play and more importantly, play consistently and not for a couple of weeks and then never again.
There have been many attempts at creating a HIVE lottery but all have failed in the end. Why? From my point of view, 2 reasons. 1st reason HIVEs small userbase and 2nd reason is crappy small prizes. I believe (hope) that if we can solve problem 2, problem 1 will fix itself.
We need a proper HIVE lottery that will be something that players look forward to each week knowing they have a chance to win a butt ton of HIVE. We'll never offer life-changing prizes but I think 1000 HIVE as a starting point would be enough to push alot of people on HIVE to the next level of their HIVE journey.
Why do I think SPI can do it better than those who have failed in the past
Pre-Funded Pool
For the past 41 weeks, I have converted 20 BUSD into HIVE and added it to the HIVE savings wallet. We have added a total of 2786 HIVE and given away 338 HIVE over 4 prizes leaving 2389 HIVE currently in the pot.
Ideally, we'll launch the lottery to the public with over 2500 HIVE in the pot. Thats around 2 weeks of adding 20 BUSD but if there is a winner between now and public launch, the minimum prize is currently 122 HIVE so would set us back a few weeks. 2500 HIVE I think is a nice number.
By launching with a decent prize pool and a chance to win a 1000+ HIVE jackpot for only 1 HIVE, we'd be launching strong.
Repeat Players
This is the biggest problem and were most lotteries fail. HIVE user numbers are not big enough to ensure new players each week. Most players will play for a few weeks, not win anything and then stop playing. This results in low ticket sales and small dust prizes.
Introduce - Recurring payments. This is exactly what recurring payments are built into the HIVE blockchain for. SPIs HIVE lottery will strongly encourage and reward players who buy tickets through recurring payments. The longer your subscription the better the reward. Pretty easy to set a 2-3 HIVE recurring payment for each week without breaking the bank. Rewards will be extra tickets and tickets are special draws like Christmas, New Year and HIVE birthday draws.
By encouraging players to buy tickets with recurring payments on a sorta subscription basis, we ensure we get consistent fresh funding each week. This results in being able to maintain prize amounts while being able to grow the prize pool to increase the jackpot.
Better odds to win
Currently, the odds for the SPI lottery are very high but they are set high because we're trying to build a pool prize. once the SPI lottery goes public, the odds will be much better. As an example, the smallest prize will be the amount you paid for the ticket or a free ticket to the next draw. Nothing impressive but the odds could be 3 or 4 to 1 meaning if you're buying 10 tickets each week, your probably always going to win something back.
By offering money back or a free ticket to the next draw with low odds, players are more likely to check the weekly draw post and be active and engaged with other players within comments. Lots of prizes (even if small) should increase comments as people congratulate each other.
Thats pretty much it, what SPI will do differently
We have a funded prize pool already, there's a plan to gain repeat players through recurring payments by offering incentives and fingers crossed low odds for smaller prizes get players checking the weekly draw post and become part of their routine.
I had planned to talk about how it will be formatted as in, how many numbers per ticket, the range of the numbers, the odds, dynamic prize amounts and the model thats ensures each prize tier progressively increases each week. It's pretty complex and how each HIVE coming in from ticket sales will be broken down and allocated to prize pools, reserve pools to replace ones that are playing out and special yearly draws is a work of art. This will be a post on its own.
Plans are to launch around New Year. I still need to build the spreadsheet to operate it this will be fun for me and thats next Saturday night sorted, haha. I will need to also run a bunch of dummy runs over a large sample to ensure the odds fall somewhat in line with the dummy run results. New Year's is 8 weeks away so plenty of time to write about this more.
What do you think?
Let me know in the comments below any notes about the SPI lotto
Does would ive wrote sound ok are sound like a bullshit plan?
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|---|---|---|
| SPI token | @spinvest | SPI |
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| EDS micro miners | @eddie-earner | EDSMM |
| CUBlife | @lbi-token | CL |
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Sounds more feasible than most lotteries before. Recurring payments via a subscription would be the best way to keep people coming back like you said. The problem is getting people to opt in to begin with. A lot of people are into lottos so once they see it's legit maybe they'll jump on board.
The problem is always getting people to opt in, haha. I hope recurring payments will fix this but then again, how many people use recurring payments for anything?
Great to have your support as always :)
I like the idea, and have thoughts & questions.
First question is why Hive instead of HBD. This is a great opportunity to showcase our stable coin.
Next, I like the idea of giving a free ticket with a low chance of winning vs giving cash back. It's not really a lotto if the ticket was free in the end, every time.
I'm pulling this next part out of my ass as it somehow also rolls off the top of my head, but...
What if staking x tickets gets a free ticket each week at a 1% chance of winning, while buying tickets gets increased odds, and buying via recurring payments get best odds. That way when I don't win anything after a few weeks I'll still have that free ticket roll in every week to remind me I get better odds if I go snatch a few off the market real quick before the next drawing.
I would prefer HBD over HIVE personally but I've been saving HIVE and think selling tickets in HIVE for HIVE prizes works best, instead of selling tickets in HBD and getting HIVE prizes. This lottery will draw most likely on the Fri/Sat and if it's successful, I would like to add a mid-week HBD draw.
Tickets will not be tokens so no way to stake them. I do like the idea of people maybe delegating HP to earn the curation rewards in tickets but on the fence, to be honest.
Great comment and thank you for the feedback and questions.