Unregulated Lotteries Are Blockchain's Most Popular Products

The drastic rise in enthusiasm for cryptocurrency over the past year has led to a proliferation of freewheeling blockchain lottery games, with some offering jackpots of more than $1.8m despite being widely described as “Ponzi schemes”.

Fomo3D, one of the largest currently on the market, simulates the frenetic pump-and-dump fundraising mechanism of initial coin offerings (ICOs), which allow companies to raise funds by selling their own unique cryptocurrency.

In the two months that the platform has been functioning, Fomo3D has given out $3m worth of the cryptocurrency Ether (ETH) in winnings, with the current prize pool standing at nearly $1.9m.

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