Dec. 18, 2017, 11:45 a.m.
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Irish gamblers can join the volatile cyrptocurrency action after Lottoland launched its Bitcoin lotto jackpot.
The draw, which takes place every day except Sunday, is seeded at 1,000 bitcoins, worth around €14.2 million, and is based on a similar format to the Irish lottery.
Consumers will chose six numbers out of a pot of 49 with the odds of winning at 14 million to 1.
“Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved in the big league,” said Lottoland’s Irish country manager, Graham Roiss.
Bitcoin’s significant price fluctuations come amid a sea of speculation that the currency is in bubble territory.
Bitcoin was set up in 2008 by an individual or group calling itself Satoshi Nakamoto, and was the first digital currency to successfully use cryptography to keep transactions secure and hidden, making traditional financial regulation difficult if not impossible.
The price of bitcoin, under $1,000 a year ago, hit $6,000 in mid-November and had crossed yet another major milestone – $10,000 – by the end of the month. On Monday it was trading above $19,000.
The first draw of the product from the Gibralter-based Lottoland, which has an operation in Ireland, will take place at 8.30pm on Monday and consumers can pay as little as €3.50.