Normally, we wouldn’t be writing about lotteries and trying out your luck. Let’s face it, we are more likely to be struck by lightning than winning a life changing sum of money just by picking a few numbers.
However, there is a new product out there that we want to tell you about.
MyConstant’s Lending Lottery.
We’ve written about MyConstant before – but just to recap, it’s a P2P lending platform that uses crypto as collateral. It’s been around since 2019, and has been growing rapidly ever since, coming up with new products all the time.
The Lending Lottery is the latest product to emerge from the innovative team at MyConstant. In essence, it combines investments with the opportunity to earn more with up to 12 prizes on offer.
Lending Lottery: Explained
MyConstant’s Lending Lottery offers 1% interest on your investments with 30 day terms. The twist is that it also offers weekly draws and prizes of up to $10 million!
It’s worth noting that the chances of you winning that $10 million grand prize are remote, but there are 11 other prizes up for grabs.
And they are completely transparent about the odds, as set out below:
| Matching Numbers | Prizes | Odds of Winning |
|---|---|---|
| 1 ConstantBall | $0.25 | 1:26 |
| 1 + 1 ConstantBall | $0.50 | 1:43 |
| 2 | One free ticket | 1:4 |
| 2 + 1 ConstantBall | $1 | 1:825 |
| 3 | $2 | 1:40 |
| 3 + ConstantBall | $5 | 1:2,360 |
| 4 | $30 | 1:1,102 |
| 4 + ConstantBall | $500 | 1:65,038 |
| 5 | $5,000 + standing desk (worth $499) | 1:86,809 |
| 5 + ConstantBall | $50,000 + standing desk | 1:5,121,718 |
| 6 | $100,000 + standing desk (worth $499) | 1:33,334,572 |
| 6 + ConstantBall | $10,000,000 | 1:1,966,739,775 |
You’ll be able to choose six standard numbers and one “bonus” number – in this case, ConstantBall. The standard numbers range from 1-70, while ConstantBall ranges from 1-60.
How to Take Part in the Lottery
The first thing you’ll need to do is to set up an account with MyConstant. It’s a simple process but it might take a few days to pass your KYC.
Once you’ve done all that, you can then deposit your USD into the main account, which can easily be transferred to the Lending Lottery.
The rules are straightforward. For every $100 you invest, you get one ticket. There’s no limit on the number of tickets you can earn and each ticket is valid for the 30 day term of your investment.
For example, if you invest $1,000 – you’ll get 10 tickets to play with for four draws, across your 30 day term. You can pick the numbers yourself, or let MyConstant pick the numbers for you.
And you won’t need to worry about checking back, because MyConstant will let you know if you’ve won any prizes through email!
One word of warning though. You will need to complete your investment term. If you pull your investment, you will lose any interest you’ve earned plus any prizes you may have won.
The team at MyConstant also put together this great video to walk you through the process.
MyConstant Lending Lottery
We think it’s a bit of fun and adds a new dimension to your investments. Whatever happens, you will earn 1% APR, which might not sound like a lot, but it is still 10 times the interest rate offered with current accounts at most banks.
It’s unlikely to change your life but it adds that bit of extra excitement to your investment portfolio.
And MyConstant has plenty of other products that offer higher returns – up to 7% APR. And you never know your luck – even $5,000 is enough to give you so many investment options!
