Again who would hold this money and what is the guarantee they won't run away with the money ?
This is where the smart contract comes into picture. The smart contract will hold the money and automatically pick the winner and send it to his wallet directly. The smart contract program will be open to view by anybody. Whoever trusts can put money into smart contract.
Its highly transparent. No tampering...no human intervention, once the smart contract is deployed. Smart contract acts like an escrow.
Which means the market is already saturated and no new services will be welcomed gratefully.
May be you are right.
But I personally believe there is nothing like saturation...Over a period of time the old apps are pushed aside to make way for a promising new contender. New format of Lottery with new ideas will always emerge. This is how facebook killed orkut, even though they were offering more or less same services....but FB came up with more innovations.
That is technically how every lottery works.The winning chances will always depend on the number of participants.How would you earn money if you give all the pool money to the winner ? You know that's a lie.
Yes. The admin charges and promoter charges need to be increased. Lets say 10%. On this platform, anybody can start his own Lottery.., its like a lottery market place. He will earn 5% of the collected amount and 5% goes to the platform. To start a game, he will have to shell out some fixed charges to the platform. These are few ideas i have about the monetizing.