San Francisco, California
1. Background
This invention relates to the field of systems and methods for conducting sweepstakes, specifically through an interactive button interface, hereinafter referred to as "The Button." The sweepstakes system enables participants to join by making a nominal payment, which may be processed using either digital currencies, including cryptocurrency, or traditional fiat currencies. Winners are selected at random, utilizing a method that ensures compliance with applicable laws and regulations, to receive a portion of the collected funds.
2. Summary
The present invention, referred to as "The Button," provides an online platform, accessible via a mobile application or a website, where users may engage in a sweepstakes by initiating an entry through the act of pressing a designated button. Each activation of the button constitutes a $1 entry fee, which is collected in either cryptocurrency or fiat currency. A random drawing selects winners to receive a portion of the aggregated prize pool.
At a predetermined time each day, a random drawing is executed to select four winners. The prize pool is distributed as follows:
- First Place: 50% of the prize pool.
- Second Place: 25% of the prize pool.
- Third Place: 10% of the prize pool.
- Fourth Place: 5% of the prize pool.
The platform retains 30% of the prize pool as an operational fee, referred to as "vig."
3. Detailed Description
3.1 Platform Overview
The platform, "The Button," features a user-friendly interface where participants press the button to enter the sweepstakes. This interface is integrated with a backend system responsible for managing entries, processing payments, and overseeing the prize pool.
3.2 Entry Process
Each activation of the button transfers $1 in cryptocurrency or fiat currency from the participant's linked wallet to the platform. Participants may submit multiple entries, with each button press representing an independent entry.
3.3 Random Drawing
A random drawing is conducted daily, using a public randomization process to ensure transparency. Four winners are selected, and the prize pool is distributed accordingly.
3.4 Payouts
Winners are compensated in the currency used for entry, whether that is cryptocurrency or fiat. Payouts are automatically transferred to the winners' linked accounts after the drawing.
3.5 Compliance
To comply with sweepstakes regulations, the platform includes a no-purchase-necessary entry option, typically handled through a mail-in process. Specific rules govern this option to ensure the system remains legally compliant as a game of chance.