Earlier this week, blockchain-based gambling platform LetBet announced the release of its own digital currency named, in what will mean 'a disruption to the status quo of traditional online gambling systems – delays, unfair payout systems and the innate trust on a potentially corrupt third party,' according to the official press release. "Hence, it will revolutionize the online gambling industry and aims to bring the industry to a new future in the next few months."
Current estimations show that the online gambling industry is currently valued at about 500 billion USD, and this amount is increasing continuously, reportedly reaching nearly 1 trillion USD by 2021. Given the development of internet and mobile, the online gambling industry -and within it, sports betting, online poker, casino games, online bingo and online lottery- will become a big boom in the very near future.
But the online gambling industry also faces concerns, on the part of the players and the operators alike, such as illegal tax avoidance, player discernment, security, unreliability, myriad regulations and so on. Most importantly, in a typical online gambling system, players rely on a trusted third party to carry out the game, it follows that a major solution for a fair gambling system is a trustless gaming platform.
"With LetBet, there is no need for trust. Smart contracts will automatically reward all the key contributors including game developers, referrers and operators of independent platforms. The end users are central to the LetBet system. All games would be written in smart contract, where no-one could control the game or its outcomes," states the operator's press release. The platform also extends to developers who are interested in bringing along their business model through LetBet. Bookmakers can join and build a new online gambling platform that is trustless, private, anonymous, reliable, secure, transparent and fast.
These values are achieved thanks to LBT or LetBet coin. All transactions, starting from the funding of players’ wallets, search for games, placing of the bet, to the automatic payout systems, will revolve around, or be powered by, the LBT.
This platform also supports players from countries with strict regulations on gambling. As a result, it will generate a free and fair environment for online gambling on a global scale. Participants including game owners, developers, bookmarkers, players, and bankrollers throughout the globe who take part in the community development of deploying smart contracts can earn LBT. LetBet earnings are shared between contributors. The value of the LBT will grow along with the number of players and games in the system.
LetBet will start its ICO crowdsale on 25th February 2018 to allow investors to purchase the platform’s native LetBet tokens. LetBet has set the total cap of its token to 199M for sale during the period, out of which, a total of 20M LBT will be issued during the pre-sale. 70m LBT will be issued out during the crowdsale.
The pre-sale will kickoff on the 20th Jan 2018 and end on 14th Feb 2018. LetBet will distribute LBT at the starting price of $0.5 per LBT with 70% bonus on first purchase. The price of LBT (i.e $0.5) value of Bitcoin or Ethereum would increase each day throughout the 30 days of ICO.