Is anyone else out there getting dizzy with the number of cryptocurrencies popping up? Gexan.io is yet another that is using a lottery platform for fundraising and developing a new currency. They are offering one lottery (at this point) using their cryptocurrency called GEX. Playing lotteries through a blockchain format means the money doesn’t show up anywhere. At the same, what can you do with it? Bitcoin at least can be used to purchase a variety of things these days. I couldn’t find anywhere that I could use my GEX winnings to buy things.
Games at Gexan.io
There currently is only one game at GEXAN – 5/36. Players pick five balls from 1 to 36. Players have the option to choose multi-play picking up to 11 numbers – obviously for a bigger cost. There are 4 prize tiers from nailing all 5 numbers drawn for the jackpot down to 2 numbers. Tickets cost 1 GEX or the estimated US $0.05. Players can buy up to 10 ticket lines per draw. Draws take place every 3 hours, and the winning numbers are randomly generated through GITHUB. Whoops in their FAQ GEXAN says draws are held every 24 hours. Two different clocks are running (at different parts of their site), and winner information is only up to date to more than two weeks ago.
Winnings for 5/36 Lottery
According to Gexan.io, the jackpot is worth 60% of the 85% of the money collected. Match 2, 3, 4, and 5 all get 25% of the prize pool. Theoretically, the size of the prize is greater for matching say the jackpot of 5 numbers based on the fact there shouldn’t be that many winners. If the jackpot isn’t won, that 25% of the 85% rolls over to the next draw. There is a minimum jackpot of the GEX equivalent of US $15,000. Winnings are paid directly into your account immediately though not sure what you can do with it – this is paid GEX versus dollars. There are no taxes deducted.
Coming Soon to Gexan.io
GEXAN plans to add two more games targeting June 2019 – 4/20 and 6/45. The cost to play is the same, but the prizes are relative to the odds on winning. They are also going to add a “Pool” where players can add their tickets, and it looks like, share in the winnings. There is minimal information on these, and the rules and regs look like a copy and paste of their 5/36 draw.
Who Can Play
Anyone can jump into play here as it is anonymous. Players must set up a smart wallet and purchase GEX to play, but that’s the only rule and regulation on getting into the game. Oh sorry, you do have to be 18 years or older (or older if that is the rules and regulations of the country you are in).
Who Is GEXAN?
The development team is posted on the website with links to Instagram and Telegram for more information. There are an email address and a Facebook link. Other than that, there is no additional information on where this site originates but then again, like most blockchains, it sort of is out there in the ether. This is a very new site just launched in May 2019, so it will be interesting to see how it goes.
The Bottom Line at Gexan.io
It is great that 85% of the money collected in lottery fees goes to prizes (10% to marketing/advertising and 5% to the development team), but what can you do with it? Words like ICO and IEO associated with lottery tickets gets my head spinning. If it becomes a popular cryptocurrency, then potentially those that get in early can make some money. At the same time, there are so many out there.
Anonymous If You Win
85% of Money Goes to Prizes
Anyone Can Play
What Can I Do With my Winnings?
Prize Size is Based on Ticket Purchases
So When is the Draw?
Gexan.io gets a thumb’s down. Me, I’ll stick with plain ole simple lotteries. I love the mega jackpots and of course, buy more tickets as they climb up to those fantastic amounts. If I have to share a bit with the tax man, I can live with that. But I know I can spend US dollars or Euros.