YouBet — Decentralized Raffle Pool Owner Profitability.

3 min readDec 2, 2020

Today we are going to talk about why you should run a decentralized raffle pool.

We are launching our dApp in the coming week, and it will allow users to create and own a raffle pool. The minimum cost to create a pool is 100 $UBET; at the lunch of our Pre Sale price of 20 cents.

You have the option to pay more for your pool. The higher your weight (amount paid for a pool), the higher your pool ranks on the home page. If your pool has more visibility, you can expect more people buying tickets for your lottery and, therefore more profit for you!

Today reward tokens used in the lottery pools can only be from our whitelist (we’ll use uniswap default token list, and manually add partner tokens). In future phase we’ll allow any token through ERC20 address.

Recap: How to create a pool 🎱

From the home page, click “create a pool”
Fill out the form:

Name the pool
Select reward token. Select the ERC20 token of your reward. For example, if you selected DAI as token type and entered 1,000 as reward amount, the winner of the lottery will get 1,000 DAI.
Set reward amount. Specify the amount of your reward. For example, if you selected DAI as token type and entered 1,000 as reward amount, the winner of the lottery will get 1,000 DAI.
Set total tickets allowed, which determines the ticket price.
(reward amount) / (total tickets). Total tickets need to be at least 100. For example, if the jackpot is 1,000 DAI and total tickets is 100, each ticket will be priced at 10 DAI.The price, (reward amount) / (total tickets) can be anything.
Set weight, This is the cost in UBET you’ll have to pay to create your own lottery pool. We accept any amount greater than 100 UBET. The higher your weight, the higher your pool ranks on the home page.

3. Click “Create”

Please note: Pools expire after 4 weeks, once expired, users have 1 week to renew. When the pool has expired new tickets cannot be purchased. However, it’s okay to draw the pool as long as it meets the conditions to draw.

Income 💰

As a raffle owner, you have the chance to collect 20% of each pool, once the lottery has been drawn. This means that you can earn a sizeable income if you can grow your pool.

Community Building 🥳

As a way to bolster your own community, running a fun weekly raffle pool is a great way to build and reward your community. Giveaways have long been a staple of growth hacking/growth marketing in this space and a lottery pool in a new way to do this regularly with your community. For example, if you are a crypto project, operating a pool can be an excellent way to keep your community engaged by hosting a lottery for your project’s token. The highest weighted pools and partnership projects will be featured on the first page, adding extra visibility and awareness to your project/token. Similarly, if you run a telegram group, youtube channel or have a large Twitter following, running a pool for your community can also be a fun activity!