LetBet set to revolutionize the online gambling and betting industry
Jan 18, 2018 Posted / 8410 Views
There are limitless uses of Blockchain technology, which is why the technology has slowly crept into our everyday life and its presence can be felt like never before. Though blockchain technology can be a disruptor for any sector of the economy, nonetheless, there are some industries with which it has connected on a deeper level. One such is the gambling and betting industry. Interestingly, the online gambling industry is at present valued at about 500 billion USD. It is anticipated that this amount will reach nearly 1 trillion USD by 2021. In many countries and jurisdictions, gambling and betting industry is the major contributor to the national income. If blockchain technologies are utilized effectively in this industry, its potential use cases will definitely provide additional authenticity and transparency to this business.
Many scientists rightly call this age as the technical age as we are witnessing astounding inventions and innovations that are revolutionizing our lives. Given the progression in Internet and mobile, the online gambling industry will see an astonishing explosion in the very near future. We need to know that this sector includes many business models & technologies, including Sports Betting, Online Poker, Casino Games, Online Bingo and Online Lottery, and many more.
There are numerous issues pertaining to the traditional online gambling systems and it is hard to list just a few and over-emphasize others. We can initiate listing problems from game selection to random number generation and the payment systems that involve intrinsic and painstaking processes. Most of these issues affect players who have already lost much time and money. This problem in this industry is over convoluted, which is why it needs leveraging the blockchain mechanism that can change the form of this industry. Most people would tell you that the industry has always remained like that since its origin.
The industry has been subjected to illegal tax avoidance and this constitutes the major reason why many countries disallow online gambling, especially those which are deficient of the proper mechanism to observe or are reluctant to monitor the activities of the online gambling industry. In fact, the industry has also been plagued by the problems of player’s discernment, which happens mostly in games that are played from remote locations. The player may not have faith on the other person playing the game as he may doubt if the player really exists.
There is yet another issue with the traditional online gambling systems as conventional gambling service providers are fascinated about getting as much information about players with less focus on the game per se. They are enforced to do this with the purpose of guarding their system against unlawful trespassers. However, this seriously threatens the player’s privacy. Also, there are circumstances where the game host server shuts down and the players are forsaken at the mercy of the host as he would have to begin on an austere process of securing a refund of his game.
LetBet is all set to transform the online gambling industry. The platform aims to create an intrinsic faith amongst players, developers and service providers with the help of a decentralized system. Letbet plans to execute its vision through smart contracts that utilize blockchain semantics, making a concrete path for a trustless, borderless, secure, and fast online gambling system. The platform hopes that it can benefit all the parties.
When using conventional online gambling systems, the players need to rely on the trusted third parties in order to carry on with their game. These trusted parties can many times be corrupt or biased. Nevertheless, LetBet system eliminates the need of depending on trusted parties, which may result in more fair and unbiased results. The Blockchain empowered system will arrange for automated rewards based on Smart contracts. The key contributors, which include game developers, referrers and operators of independent platforms, replace the trusted parties.
The LetBet team is optimistic that it will champion a major solution for a fair gambling system by employing their technological know-how to address the perceived issues in the industry.
With LetBet the players will not have to trust the system as everything is written in Smart Contract. Therefore the player is not left at the mercy of the service provider, game developer, bankroll backers and the platform owners. There is a simple arrangement that works with LetBet, the player loses because his/her chances were limited and they win simply because their chances were high. It may also vary according to their experience with the game. Hence, the game outcomes are not directly or indirectly influenced by any stakeholders and they are not at all dependent on prior knowledge or system manipulations.
With LetBet based solutions, the user will not have to share any personal information and the sole thing that he/she needs is a wallet. The platform claims that while using it users will be hidden from the Internet, as their singular intention is to provide optimal satisfaction while placing bets online. The company states that their systems do not focus on processing their identities by accumulating information regarding their name, preferences, favourites and many more. The LetBet system ensures that the user can easily place a bet, get the outcome and be rewarded accordingly, all anonymously.
The platform is supported by Blockchain technology, which provides decentralised systems which ensure fair play. The user can access the platform whenever he/she wants without worrying about corruption or manipulation by a third party. Online gambling with LetBet is extremely secure. The platform assures that no party receives the prior knowledge or access to the user's online wallet, unlike the traditional system where the user data and details are stored on a secured server. This server is not entirely hack-proof. On the LetBet platform, the user gets access to his or her own private key to the wallet, which can be stored on the local computer or on a cloud-based server which is purely controlled by the user. The users utilize their private keys or upload their wallet from a local computer to initiate a game.
All the systems and procedures on the platform are transparent and completely lucid. From the time the user makes a deposit, to the time when the game result is out, the data is recorded in a manner that is immutable and apparent to every person on the platform. The LetBet platform provides secure content and service delivery anytime. The whitepaper of the company outlines that the average processing time on the platform is less than a second and the user can process their requests at any given time. This means that platform provides ease and accessibility everywhere starting from opening an account, getting the coin, and play, easy to deposit or withdraw.
LetBet aims to create a full ecosystem, an ecosystem that embraces decentralisation thus removing standard fees paid to a particular central authority for administering the system. In this system, each contributor receives LBT (LetBet token) as reward. The website says every developing team has the rights to decide their business model. Some of the models that will be implemented by LetBet developing team in its first games are as follows:
Commission-Based: Receive <1% of winning (Sports Betting)
Subscription-Based: Charge monthly fee for advanced games (Poker)
Ads: Free to all users, get profit from Advertisement (P2P Game)
One-Time Charge: Charge only when you become a host for others to play
LBT is the coin that will be used throughout the LetBet platform. It will be used on the LetBet platform to store value, as a unit of account, and as the sole medium of exchange. LBT plays a premier role on the LetBet platform. Below are some of the specific functions of LBT to the LetBet platform.
For users: LBT will be used as the coin to play game on the LetBet platform
For bookmakers: Bookmakers, who intend to participate on the platform, would need to do that by simply making a minimum deposit of about (let say 10.000 LBT) to the platform’s SmartContract to provide their games.
For bookmakers/game providers: Bookmakers and game providers can buy games already developed by the platform’s developers and available on the platform will also use LBT.
For hosters: Hosters would also make use of the LBT to host a single game for other players to play.
For developers: who want to develop their own game and submit to the LetBet platform.
LBT can only be bought during the ICO phase, after this, all pre-mined coin not distributed, will be burned, and the user can ONLY get LBT from:
Trade. (CoinExchange,Yobix, hitBTC ...)
Host (the platform will provide some games, and the users will host that game for others to bet)
A total of 199M coins will be distributed in the following order:
A total of 20M LBT will be issued during the pre-sale. The presale will kickoff on the 20th Jan 2018 and end on 14th Feb 2018. LetBet will limit total coin users will be able to buy during the pre-sale. Please check the table below for more information.
A maximum of 70M coins will be issued during the crowdfunding.
The LetBet crowdfunding will kick off fully on the 25th of Feb, 2018 with an open sale that will last for 30 days.
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.