Interview With Business Development Manager of LetBet
Jan 25, 2018 Posted / 28866 Views
An exciting new ICO with tremendous potential is in town. The LetBet ICO is gaining popularity recently. It aims to revolutionise the online gambling industry. Many gamblers see real potential in it because it is set to change the way they gamble. We have with us Business Development Manager Bill Healey from Let Bet here with us to tell us more about the ICO.
Hi Bill, Congratulations on your pre-ICO start! To start the conversation, can you explain to us in a few words, What is Let.Bet?
Thank you very much for inviting me. It is really nice to have this platform to explore more about our ICO. LetBet is an online gambling platform that aims at providing a trustless, borderless, secure, anonymous and fast online gambling platform. We take no fees and the whole platform is seamless for all participants in a typical online gambling system powered by the LBT blockchain.
We pioneer in bringing Ethereum Blockchain to online gambling.
How do you differentiate yourself from other peers in the market?
Most of our competitors are working on an Ethereum platform (ERC20 token) which we don’t consider to be a good platform for online gambling. There are two important points:
Speed: Ethereum average blocktime is one minute, which would be a long wait for most people; especially gamblers who would love to see their results instantaneously.
Fair Gaming: Currently Ethereum doesn’t provide a truly Random Number Generator (RNG) making it difficult for our competitors to provide a provably fair game. Additionally, our competitors provide the game and also work as the bookmaker – we are not.
LetBet is an online gambling platform and we intend to work with other traditional online gambling sites to switch from a traditional centralised system to our decentralised blockchain-based system.
Can you explain more about benefits from your unique feature?
There are many problems with existing Online Gambling platforms. For example, online gambling has been used for illegal Cash Laundering and Tax avoidance. The issues with trust and Security are another. Also the online gambling industry functions through code generated from a close-source system. A group of developers can change such code within the system. Moreover the old platforms are really sluggish and unreliable.
The LetBet system, on the other hand, either tackles or completely eliminates the existing problems with the current system. Using other online gambling platforms, you would need to fund your game with a fiat-based credit card that would reveal your private details whereas in the LetBet payment automatic gateway, all your transactions are totally anonymous. Also, an online betting system that is hinged on smart contracts helps eliminate the trust in a potentially corrupt system, is part of the revolution the LetBet system will champion.
For a successful venture, a really powerful team does it all! Can you brief us about your core team?
Well, we are a team of more than 20 people, with 12 of them working on developing, design and UX. A few of those names are Khoa Truong who is our Core Engineer, Jitendra Rathod, our advisor on Content Management, me as the Business Development Manager, Awais Bajwa, our Gambling Regulation Advisor who is also the Director for Legal Services and Aleksey Batishev as our European Expansion Manager. Our company possesses young minds, highly skilled with a work experience spanning various sectors.
What is the timeline of the project?
The pre-ICO starts in January 2018 while the actual ICO starts in Feb and runs all the way till end of March. April will see the internal exchange and Jackpot Slot Machine launch. May - Mobile Wallet roulette. June- Go to Market exchange Block explorer. July- SportBet Update Tennis Basketball, August- 3rd Platform Launch, September- Poker Launch and SportBet In-Play Bet Launch. And in the fourth quarter of 2018- you will see a number of updates from LetBet such as the Game Update, P2P SportBet, Live Casino and Support for Wallet ColdStorage.
What are you doing in your Initial Coin Offering? And what are the benefits for the early investors?
There are a total of 199M coins out of which we are distributing 50% of them in the ICO. A maximum of 70M coins will be issued during the crowdfunding. The ICO will kick off fully on the 25th of Feb, 2018 and will last for 30 days. The first 20% LBT will sell at a price of $0.8, next 20% at a price of $0.9, next 20% at $1, yet next 20% at $1.2 . The next 10% LBT will sell at a price of $1.4 and the remaining 10% will sell at a price of $1.5.
We are also conducting pre-sale and private sales where we offer benefits for early investors and those with strong faith in our mission and business model. A total of 20M LBT will be issued during the pre-sale.
We are selling the first 35%, the next 35% LBT and the remaining 30% LBT at the rates of $0.4, $0.5 and $0.6 respectively. You see it's a huge benefit there.
Woosh!! This seems quite exciting for the early investors! Can you tell us what are the biggest challenges that Let.Bet will have to face once it's dealing with the real world out there?
In every game, there is some risk and so it is with what we are launching. One challenge is to gain the trust of people. All the people who gamble are not necessarily used to using the newest tech that blockchain is.
Another one is that there's no third party to take the responsibility for you. You yourself have to and only a few people are accustomed to do that.
Also all those who gamble, a few might be reluctant to change to newer ways than the ones with what they have got really comfortable on since 1994, the year when online gambling really took pace.
So with this we come to the end, this one last question! How do you see potential in gambling? I remember these lines written somewhere in your website saying that you want to “bring the gambling industry to a new future in the next few months”. Are you really planning to change the game?
In 1994 when online gambling became popular, a number of countries put limits and restrictions on it. Some of them even banned it completely terming them as illegal. However, many regions in Canada, some European countries, and a few Caribbean islands allowed online gambling and made it completely legal. From that very time the industry of online gambling gained a big momentum and never looked back and grew to what is now, valuing at 500 billion USD. It still continues to increase exponentially with some indications that it will grow to 1 trillion USD by 2021. With the development of internet and mobile technology, and with the increasing incomes, the online gambling industry is sure to experience a boom in the near future.
But the problems of security and trust still remain that are posed by ones who control the system and provides players the server to gamble. We thought why not eliminate that, taking inspiration from the Blockchain industry.
Thanks for your time Bill! This talk was really enlightening. Hope to see you and your ICO in all its glory very soon again!
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.