Hotly-tipped crypto lottery Lucky Block raced to a $140 million valuation within days of its launch, and is now targeting a Binance listing in February.
The blockchain-based lottery platform, which gives players better odds and more transparency than traditional lottery games, also oversubscribed its presale and hit its hard cap 11 days earlier than predicted.
The crypto-powered ‘People’s Lottery’ raised $5.7 million from investors in its presale.
Lucky Block’s completed CoinGecko and Coinmarketcap listings saw it valued at $140 million within two days of its trading debut – and it’s since grown to $200 million.
Further upward price pressure is expected on its total supply of 100 billion tokens.
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Just over 24 hours from being listed on decentralised exchange PancakeSwap, the price reached $0.001238 – a gain of 854% for investors who bought in the presale at a price of $0.00015.
Buyers who took advantage of the second presale price of $0.00019 are sitting on a 653% gain, Lucky Block says.
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Lucky Block completed its presale with 8,611 holders – a figure that has since topped 17,000 – as it looks to start trading on centralised exchanges FTX and Crypto.com.
The lottery platform is promising to disrupt the $300 billion global lottery industry – giving 10% of ticket sale revenues to charities and offering players better odds and more chances to win.
All holders of the LBlock token are eligible for dividend payments whether or not they buy lottery tickets.
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Lucky Block has given $5,000 to the British Red Cross as part of its ongoing commitment to good causes – a first for a crypto project.
Credit: Unsplash
It also boosts its environmental, social and governance (ESG) credentials by running on the energy-efficient Binance Smart Chain, and gives every holder of its token a stake in the lottery.
Commenting on the launch, Lucky Block’s chief executive officer Scott Ryder said: “Achieving a market cap valuation of more than $140 million after raising $5.7 in our presale is an achievement that sets us on a path to hit all our roadmap milestones as we set out to challenge the traditional lottery operators around the world.
“We are now looking to roll out our – up until now – largely UK-focused outdoor advertising campaign to other global cities, as we pursue listings on major crypto exchanges.
“We should be on FTX and Crypto.com fairly soon, with Binance to follow, although we can’t say too much about that just now. Our social media channels will keep everyone up to date.”
James Fennell, chief strategy officer of Lucky Block, commented: “We think that it is time to turn the promise of blockchain and so called ‘Web 3.0’ decentralised networks into a reality at the level of consumer mass adoption.
“At the moment we are working hard to deliver on our vision for a global lottery open to all and owned by its players.
“Key to realising that strategy is our app launch in March. The app will make playing the lottery and tracking winnings easy, as well as being the place where token holders can see their dividend payments compound and track the passive income they are earning.
“As we continue to build out our offering, which at a later date will include gaming, NFT and metaverse products, we will work towards achieving one of our other strategic goals – advancing our mission to transform philanthropy, in part through setting up our global not-for-profit Lucky Block Foundation.”
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Full information about Lucky Block can be found on the official website: luckyblock.com
Featured image: Unsplash
Business
Manchester City win watershed case against Premier League over sponsorship rules
Danny Jones
Manchester City have landed an early blow in what is set to be a long and arduous series of legal proceedings over the coming months as they have won a case against the Premier League over their rules around sponsorship and related party transactions.
The current English champions, who have won a record four Premier League titles in a row, launched legal action against the division back in June after claiming that their restrictions around Associated Party Transactions (APT) rules and sponsorships were unfair and unlawful.
Now, as it turns out, an independent panel of three retired judges ultimately concluded that the rules were unlawful and, at least in part, contrary to the Competition Act 1998.
The details of the case are obviously numerous and complex but, in short, it has been found that Man City were unfairly blocked from moving forward with two huge sponsorship deals earlier this year.
BREAKING: Man City has won their legal challenge against the Premier League's Associated Party Transaction rules, which surrounds commercial deals between clubs and their related companies 🚨 pic.twitter.com/ZevrXvOOhd
Although the outcome has been somewhat debated by the league itself, it was decided that the imposed regulations were unfair and “discriminatory in how they operate, because they deliberately excluded shareholder loans.”
Issuing a statement following the decision, the Premier League said they “welcome the Tribunal’s findings, which endorsed the overall objectives, framework and decision-making of the APT system”, adding that it also “upheld the need for the APT system as a whole and rejected the majority of City’s challenges” while reiterating that the rules are necessary for their “financial controls to be effective”.
They went on to add that “the decision represents an important and detailed assessment of the APT Rules, which ensure clubs are not able to benefit from commercial deals or reductions in costs that are not at Fair Market Value (FMV) by virtue of relationships with Associated Parties.”
Meanwhile, the City Football Group responded to the news in a series of bullet points, insisting that the “Premier League was found to have abused its dominant position, […] had reached the decisions in a procedurally unfair manner” and that they will now have to “restate the fair market value of two transactions entered into by the Club.”
Safe to say people have noted quite a distinct difference in tone when it comes to statements from the two parties regarding associated parties and their transactions with clubs but, nevertheless, it’s a victory for the Manc club could have a huge knock-on effect regarding how much teams can spend in the future.
Quite a contrast in wording between the statements from Man City (left) and the Premier League (right) on findings related to Associated Party Transaction rules. pic.twitter.com/H3QkHlwMGM
The Premier League have also reassured that two particular aspects of the existing rules that didn’t fully comply with the Competition Act will be rectified promptly and will be “conducting a process that can allow the league and clubs to enact those specific changes quickly and effectively”.
Not only does this mean that CFG is likely to restart conversations with the two blocked parties – one being the Etihad Group and another with a bank based in Abu Dhabi – but that other clubs could now potentially look into further lucrative sponsorship deals, although ‘fair market value’ will still be assessed.
You can read page 164 of the document which summarises the full Tribunal HERE.
Meanwhile, the still outstanding case against Man City over their 115 charges regarding FFP breaches has now begun, though a decision is still a ways off.
The Footage pub is set to reopen under a new name following a £1 million transformation
Danny Jones
Not long after quietly closing its doors and being put on the market, beloved student pub and Manc institution The Footage has officially been leased to a new operator and is now set for a truly transformative £1 million makeover – and a new name.
Well, sort of. Technically set to return to its old moniker, The Grosvenor, the bustling pub that sustained university students for years, previously served as a bingo hall and was once the largest cinema outside of London decades before that, the place is going back to its ‘Picture Palace’ roots, at least in namesake.
The Grade II-listed building which was first opened back in 1915 was listed on Rightmove for just £1 last month (no, not a typo) and has now been leased by an independent local operator on the cheap, but is now set to have huge investment pumped into as they prepare to turn it into something entirely new.
Promising to become a cutting-edge hybrid between hospitality and social space, the aim is to create “the ultimate adult escapism experience in central Manchester.”
The Footage may be no more but The Grosvenor is being reborn. (Credit: Supplied)
Complete with the huge sports screens that were always a staple for the regular Footage crowd, as well as some outrageous new interiors and even a slide to transport punters from the cinema’s original balcony, the vision is very different from just reopening as another newly refurbished pub.
The spacious drinking and dining spot will feature 30 beer taps and a wide selection of sharing-focused food like buckets of wings, loaded pizzas, platters and big burgers, but will also serve as an entertainment hub, with pool tables, beer pong, darts and much more.
Scheduled to reopen this November and stay open from noon until midnight (make that 2am on Fridays and Saturdays), the idea is you can spend all day here and even capture all your memories in the photo booth at the end of the night.
Be it a bottomless brunch, simple after-work drinks with friends, private events or just somewhere to watch the game, the space will offer something for everyone.
Better yet, they’re making sure to carry on The Footage dynasty and keep the aspects people loved so much intact, starting with those student deals and even offering the most eager of punters some early discounts, offers and even a freebie by signing up to the new website.
Back to the original, as it were. (Credit: Supplied)
Chris Tulloch, Managing Director and founder of Blind Tiger Inns – the company behind the transformation and existing Greater Manchester venues like The Station Hotel in Altrincham and The White Horse in Irlam, is understandably buzzing about the project.
“The Grosvenor is in the midst of an incredible transformation, and we’re creating something truly special for Manchester. Our vision is to blend the best aspects of a sports bar, social venue, and nightclub into one vibrant, unforgettable space where memories are made.
“As we breathe new life into this iconic building, we’re excited to continue its legacy as a cornerstone of Manchester’s entertainment, and we can’t wait to welcome everyone in to eat, drink and have fun in the adult playground.”
Located on the corner of Oxford Road and Grosvenor St, The Grosvenor is striving to achieve the ‘ultimate hybrid hospitality and entertainment experience’ and provide an unrivalled experience on Manchester’s ever-evolving hospitality scene.
Although there’s no concrete launch date yet, we’re very much looking forward to enjoying The Footage like never before and seeing what goes into £1m transformation when The Grosvenor opens sometime this November.
The Manc -
1st February 2022 
