Can Online Gambling Ever Become Safe and Transparent Business?

If there is a business out there that is in need of more transparency and reliability, it is probably the $500 bln online gambling industry. The latest company to join the Blockchain frenzy is the decentralized LetBet Platform. Its premise is quite simple, allow players to gamble without third-party meddling. In other words, engage in bank-free and central authority-free betting.

The seasoned LetBet team is aiming to revolutionize the online gambling industry by creating a holistic gambling ecosystem for an enhanced betting experience.To that end, the team is utilizing peer-to-peer smart contracts for online gambling[1], catering to the needs of players and third-party developers alike. LetBet promises to be secure, reliable and fast. While competitors are focusing on playing a bookmaker role, LetBet is creating a holistic decentralized online gambling platform that will connect traditional online gambling sites.

Online gambling overhaul

Enabled through the advent of the Internet in the early 1990s, online gambling achieved astounding growth over the past few decades. The multi-billion dollar industry shows no signs of slowing down with projected[2] growth to one tln dollars by 2021.

It is not a secret that existing online betting platforms are ridden with problems. There are concerns about security, reliability, speed, deposits and withdrawals as well as player discernment. The LetBet Platform tackles these issues by utilizing Blockchain technology.

In terms of security, conventional platforms use centralized servers that are easy to hack. In contrast, decentralization makes it nearly impossible to lose funds or personal information through hacking. While conventional platforms require excessive personal information for vetting users slowing down the process of creating accounts and playing, using Blockchain technology has eliminated the need for superfluous data collection, which ensures faster more facilitated access for users. LetBet guarantees anonymity to its players.

Additionally, deposits and withdrawals are problematic for users, with legislatively imposed limits on fiat transfers and deposits, defaulting, and the arduous process of withdrawing funds in case of server shutdown. Relying on a native cryptocurrency for deposits and withdrawals, the LBT coin and smart contracts, LetBet resolves these issues.

Finally, remote online betting poses an issue for players as the identity of opposing players is never certain.  While anonymity is guaranteed on LetBet, Blockchain technology ensures that players are not being manipulated and that bots are kept out of the process.

The decentralized platform will offer a wide array of popular gambling features like sports betting, online poker and casino games to name a few. The platform has a number of features like a user wallet, transaction explorer, agency wallet and an integration module which allows players to explore data from conventional gambling[3] platforms and other providers. The LetBet team plans to integrate other established platforms like Bet365, William Hill and BetFair and they are currently in the process of acquiring a license to operate betting on their platform as well.

What sets LetBet apart from its competitors?

Currently, all the competitors of LetBet (AstorGame, Decent.Bet, vDice Game) have their platforms set up on the Ethereum Blockchain. Unfortunately, this extremely popular Blockchain is not ideal for creating a gambling platform. This is because of the inherent problems of the Ethereum Blockchain. Firstly, speed as the average blocktime of Ethereum is one minute, which means that players would have to wait a whole minute before seeing the results of the slot machine for example. Secondly, Ethereum-based platforms’ transactions are not provably fair, since Ethereum doesn’t provide a true Random Number Generator (RNG). Finally, in order for competitors to overcome the speed issue, they tend to implement game logic at a centralized server. This will makes the process less transparent and easier to manipulate. To solve these issues, LetBet is built on its very own Blockchain which is fast, fair and transparent. Best of all, LetBet will charge zero transaction fees.

Playing to win the hearts of gamers, LetBet aims to solve all of the problems of the Ethereum Blockchain with their new chain and create a fast, secure and truly fair Blockchain-based gambling platform. The betting platform will create more fairness through smart contract-based gambling products while connecting bookmakers around the world to build a new gambling revolution together.

LetBet launches ICO

The company will issue a new native cryptocurrency called LBT coin which will be circulated on the platform. This currency will be used for fees, buy-ins and payouts. It will facilitate internal transactions, eliminating complications of using fiat currencies, externally-levied transaction limits and potential for fraud. The LetBet team aims to takeover five percent of the online-gambling market, which translates into a 100 percent increase in the value of LBT.

LetBet[4] coin presale[5] is set to start Jan. 20th, while crowdsale will be launched Feb. 25th. Most of the collected funds will be allocated for platform development. In terms of their marketing strategy, the LetBet team intends to spend sparingly while employing affiliate and loyalty programs.  According to their roadmap[6], the company will rollout the platform with its different features incrementally throughout the year. They already have some fully developed games, open source games on GitHub[7].  The team is leveraging their experience with online gambling to produce an innovative, game-changing online gambling platform.


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