LET BET — Advanced Technology Surpass The old ERC20

WHAT IS LETBET?

LetBet is set to create a revolution in the online gambling industry. Our aim is to create a platform that creates an innate trust in a potentially corrupt system for one to win a game (players’ view), get rewarded (developers’ view), and fair gambling (the service providers’ view) through a decentralized system is replaced by smart contracts through blockchain semantics in a trustless, borderless, secure, and fast online gambling system that benefits all.

In a typical online gambling system, players rely on a trusted third party to carry out the game. But with LetBet’s concept, there is no need for trust, because we believe trusting a third party that is potentially corrupt would result in a biased outcome. Smart contracts that automatically reward all the key contributors — game developers, referrers and operators of independent platforms necessary for the game discovery — now replace the trust a typical player had in a third party.

The gambling industry, as a whole, has stagnated and the online gambling segment would likely not be much be different. A major solution to a fair gambling system that would bring it close to its future is a decentralized gaming platform.

The LetBet team hopes to champion such a system by employing their technological know-how to address the perceived issues in the industry.

THE CONCEPTS NEED TO KNOW

1. What Is A Betting System?

A betting system is a crucial arrangement — created after an investigation of prior wins and misfortunes that builds players’ odds of winning more wagers in less time. On the other hand, the unceasing truth of betting is that no betting system works all the time. The systems are constantly loaded with chances. A betting system may at first appear like the player is cash. Be that as it may, over the long haul, they would not see much contrast in their misfortunes than if they hadn’t connected to a betting system. There are three distinct sorts of betting systems:

+ positive betting system

in this system, players increment their wager each time they win. this is the best of the three systems as it doesn’t expect the player to have a major add-up to begin the diversion1.

+ negative betting system

some players wish to wager much higher each time they lose. they do so with a desire to recuperate past misfortunes in a single winning wager. it requires a more significant bankroll and a solid heart to follow this system, and is consequently, viewed as a more unsafe betting system than the alternatives.

+ insurance betting system
in this betting system the player diminishes their wager each time they lose. this is a more secure betting option and is viewed as a perfect betting method.

2. Structures of online betting

betting has been one of the most well-known and lucrative internet-based businesses. gambling commission industry statistics show that between april 2015 and march 2016 online gambling operators generated a gross gambling yield (ggy1) of £4.5 billion. this is due largely to the extensive variety of betting alternatives that are available to entice a wide range of players.

an article by darren et al, essentially an overview recorded in australia, demonstrated that the most well-known types of betting were lotteries (46.5%), keno (24.3%), moment scratch tickets (24.3%), and electronic gaming machines (20.5%)4.

3. Types of online gambling

There are numerous types of online gambling. Not all of these would be present on our platform, but a typical number of games would be introduced on our platform following the LetBet road map. Because we are an open source, other game developers can sign up with us to list their game, which will be played on the LetBet platform inline with our goals.

Some prevalent online gambling games to note: poker, club, games betting, bingo, lotteries, uk national lottery, horse racing, mobile gambling, in-play betting, advance store wagering

THE DEVELOPMENT OF ONLINE BETTING.

Online betting includes games such as poker, clubhouse and other conventional games played over the internet. In 1994 when online gambling became popular, numerous countries limited online betting while some others construed it an illegal venture or practice. However, some regions in Canada, some European countries, and a few Caribbean islands allowed online gambling as a legal venture or practice. Since then, the online gambling industry has grown to what is now, valued at 500 billion USD. It continues to increase at a steady rate, with some indications that it will grow to 1 trillion USD by 2021

With the development of internet and mobile technology, the online gambling industry is forecasted to experience a boom in the near future. The online gambling industry consists of many business models and technologies, which include:
1. Sports betting: Betting on sports event (soccer, horse racing, hound racing e.g.)
2. Online Poker: Service provider receives profits from wagers.
3. Casino Games: Slot machine and roulette which are operated in a manner similar to a traditional land-based casino.
4. Online Bingo: Online version of the ageold game
5. Online Lottery: Same as regular Lottery, but operated online.

The key vendors in the Online Gambling Industry include: 888 Holdings, GVC Holdings, UniBet group, William Hill and many others, which operated from the traditional business model. According to statistics, William Hill is the market dominator in the UK with market share of 15%.

THE LIMITATIONS OF TRADITIONAL ONLINE BETTING

+ Evading taxes

Evading taxes is one reason some countries reject online gambling, especially in those which lack the mechanism to monitor or are unwilling to check the activities of the online gambling industry. similar to the claim on illegal tax avoidance, some others see the online gambling industry as a means to easily launder cash.

+ player discernment

Players discernment is another issue that lurks within the online gambling system. player discernment occurs mostly in games that are played from remote locations. a player, playing a game with another player that he does not see, may doubt if he is playing with a real human.

players communicate with others through guis, which interface with a complex betting site server. for the primary reason that a player from an end lacks the trust from another player at the other end, is a reason that makes player discernment a significant issue with online gambling, with each player having the perception that they are being manipulated.

+ Limitations on security

security is a significant part of the numerous challenges faced by the online gambling industry. traditional online gambling service providers operate through a centralized network of computers.

Despite the fact that the security platform is developing from the client and server side to improve the general level of security over the internet, vulnerability with the centralised method of administration of online gambling makes it difficult to obtain an error-free system. This is one of the major loopholes that the letbet system aims to plug to revolutionize the online gambling industry.

+ Limitations on trust levels

Trust payment: deposit and withdrawal are always a big problem for players. payment issues have been long-standing problems with online gambling due to legislation put on a very low transfer and deposit limit on fiat cards. there are also other situations where a lawsuit was filed against defaulters. Issues such as these are what we are positioned to eliminate from the industry with the blockchain powered online betting.

+ slow

Reason for this is that the sender and the receiver have no trace of information about themselves, which makes it more like the physical exchange of cash where the participant has no evidence behind after such transaction. as a result of this, there is minimal chance of the system being hacked.

+ Unreliability

there are cases where the game host server shuts down and then the player would have to be left at the mercy of the host because he would have to embark on a rigorous process of ensuring a refund of his game. but with the letbet system, from the point where you choose your game, to the point of payment, are all based on smart contract powered by the blockchain technology. hence in the occurrence of server issues, players would not have to be left fending for themselves.

THE LETBET SOLUTION

1. Benefit of the letbet decentralized system

+ Anonymity
If you play games online with our platform, the chances of your transaction being tracked are slim. Decentralized currency makes exchange similar to cash exchanges so playing games through a decentralized protocol is one way in which no participant can be cheated. every player, plays simply with their level of expertise and not as a result of prior knowledge of the game. this is different from the fiat system, e.g; using other online gambling platform where you would need to fund your game with a fiat-based credit card that would reveal your private details. while in the letbet payment automatic gateway, all your ransactions are totally anonymous.

+ Freedom and flexibility

a significant advantage of a decentralised system as presented by letbet platform is freedom and flexibility because it is an online betting platform that is conducted through smart contracts rather than on a centralized network of computers. an online betting system that is hinged on smart contracts helps eliminate the trust in a potentially corrupt administrator, is a part of the revolution the letbet system is positioned to champion.

flexibility and security are major advantages that come with the use of a decentralized system. your location doesn’t matter with the use of blockchain technology. the blockchain system of financial transactions is more independent and decentralized to give you total freedom over your transactions.

2. Background and significance of blockchain

Letbet will not limit let bet token to its development team but would provide thirdparty developers the opportunity to leverage on the platform with or without their business model with the primary goal of meeting the decentralized and trustless need of the online gambling industry.

The letbet team which is currently developing a platform that will create a paradigm shift in the online gambling industry is set to bridge the gap identified above. after the ico, letbet will fully implement and run an online based betting platform that will be powered by the blockchain system.

3: Blockchain revolution

We are proud to become the enablers of change in this industry by building the next generation of online betting that focuses on the end user (Player) and not the service provider. Even though we will be providing the platform on a smart contract with other third-party developers to leverage on, the end goal is to ensure a decentralised system where any barrier and central authority is eliminated, and where players would enjoy a fast and secure online gambling experience.

With the act of creating a new blockchain, based on the Ethereum protocol, with custom features to meet Online Gambling requirements, we believe we can remove the risk inherent in the current system by making it decentralized, transparent and trustless.

+ LBT platform offers

A Trustless platform: You don’t need to trust the system, everything is written in Smart Contract. Hence you are not playing games at the mercy of the service provider, game developer, bankroll backers and the platform owners. You lose because your chances were limited and you win simply because your chances were high and maybe depended on your experience with the game. The bottom line is that game outcomes are not due to prior knowledge or system manipulations

A Privacy-Protected Platform: You don’t need to share any personal information. What you need is just a wallet.

An Anonymous Platform: You are hidden from the internet, our platform is only interested in your optimal satisfaction while placing your bets online rather than focusing on knowing your name, your favorites and so on. All we are interested in is that you place your bet, get the outcome and be rewarded.

A Reliable Platform: Thanks to Blockchain technology and our decentralised systems, you can play whenever you want and cease the worry about corruption or trusting a third party.

A Secure Platform: Online gambling with LetBet is secure. This means that no one has prior knowledge or access to your online wallet. This is unlike the traditional system where details of your wallet are stored on a secure server that is not entirely free from destruction and hacking. With the LetBet platform, you are totally responsible for your security. You own the private key to your wallet, which can be stored on your local computer or on a cloud based server that is totally under your control. You only need to deploy your private key or upload your wallet from your local computer to initiate a game.

A Transparent Platform: Everything is transparent, from the time you make your deposit, to the time when your game result will be out, you would have it recorded in a way that is immutable and visible to every person.

A Fast Platform: Through hard work, we’ve created an optimized platform that ensures fast content and service delivery anytime. On the average, the chain in our block takes less than a second to process your request at any given time. By fast, we mean, it is easy to open account, get coin, and play; easy to deposit or withdraw; our blockchain is customized to execute transaction faster.

THE LETBET PRODUCT ACHITECTURE

The LetBet concept is unique — P2P SMART CONTRACT

Unlike others, it’s not just a P2P Smart Contract-Based Game, but that which is customized to suit the online gambling industry in a way that will simultaneously service third party online gambling developers, and the end-users (players).

With our P2P smart contract, from the time when the game was initiated, through to the point where your result is seen and funds remitted, you remain anonymous and secure through a smart contract with the blockchain system.

THE LETBET GAME USER FLOW

Seamless Flow of Gaming

Enjoy the seamless flow of gaming activity without the usual disruption. With our concept, you only need to browse the game you want, choose it, activate your wallet on it, make a deposit (through a smart contract in seconds), play and end game, then withdraw your funds to your wallet anonymously.

MARKETING STRATEGY

Our marketing strategy includes policies that we have put in place to ensure that the vision of the LetBet team is achieved and attainable with the right target market. Our marketing strategy during and after the ICO is specific for each circumstances of raised fund as well as tightly close to the development Roadmap of the whole platform.

1. Two main marketing activity phase 1

In the 1st Phase of Marketing, After Launching Stage and before the end of ICO- We believe that spending a ton of funds on advertising alone would be tantamount to improper utilization of resources. Instead adopting an Affiliate Program and channeling resources into it will help LetBet get adequate awareness easily and sustainably. Players and promoters are the two primary targets of our affiliate program, and the process is divided into two phases: the ICO & Post-ICO.

This program will end when ICO ends or when it run out of the predetermined number of LBT up for sale (10M LBT).

To become a promoter, you need to have proper contribution to build up the community, promote LBT as well as support us to create LBT network.

Loyalty campaign program will be counted on the result of the total game played at LBT game system. After each game, the system will accumulate the score and player can exchange these score into an equivalent amount of coin. The more you play, the more reward you can earn.

2. Four main marketing activity phase 2

For Main Business of LETBET Plaform — During and after ICO to acquire users & investor:
In the 2nd Phase of Marketing activities, when the ICO end and the highest priority is user, LETBET invest our resources into the users acquisition.
+Refferal Program
+Partnership Networks
+Press Release
+Digital Marketing
The details of each channel will be defined as below table:

The marketing Budget is defined as a certain percentage of the Raised Fund of LETBET. With the clear vision to focus on the product — LETBET platform, the efforts to acquire user as player, gambler… will be carefully calculated to reach goals and fully adapting into markets.

LBT TOKEN PRESALE STATUS

Time duration: 01/20/2018 to 02/14/2018

+ Round 1

Start: First 7,000,000 LBT
Total supply: 7,000,000.000 LBT
Token price: $ 0.4

+ Round 2

Start Next 7,000,000 LBT
Total supply: 7,000,000.000 LBT
Token price: $ 0.5

+ Round 3
Start Last 6,000,000 LBT
Total supply: 6,000,000.000 LBT
Token price $0.6

+ Coin distribution

+ Fund allocation

+ Pre-sale details

Note: Please send in your requests for bonus from ICO site. 0.1 LBT will be transferred to your wallet (this option is only open for the first one hundred thousand users). Please check your transaction on the LBT Explorer, where you can see any other instruction in the knowledge base. Please be aware that in this phase we will also develop some simple Sports Betting games (see in Roadmap) so that you can use bonus coins to play. Please use Felix unit to bet (1 LBT = 1000 Felix) and enjoy.

BTC or ETH can buy LBT and we will add some bonus for first purchases just noted above. The value of BTC or ETH will be counted from the time you finish the order as seen on coinmarketcap.com.

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. We will limit total coin you will able to buy during our pre-sale. Please check the table below for more information.
+ The first 35% LBT will sell at a price of $0.4
+ The next 35% LBT will sell at a price of $0.5
+ The rest 30% LBT will sell at a price of $0.6

+ Crowdsale details

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.
+ The first 20% LBT will sell at a price of $0.8
+ The next 20% LBT will sell at a price of $0.9
+ The next 20% LBT will sell at a price of $1
+ The next 20% LBT will sell at a price of $1.2
+ The next 10% LBT will sell at a price of $1.4
+ The next 10% LBT will sell at a price of $1.5

ROADMAP

LETBET INFORMATION

Website: https://let.bet/
Whitepages: https://static.let.bet/whitepaper.pdf
Twitter: https://twitter.com/LetBetOfficial
Facebook: https://facebook.com/letbetcoin
ANN: https://bitcointalk.org/index.php?topic=2683151.0
Telegram: https://t.me/LetBetCoin

Author

Bitcontalk user: selapesek

Bitcontalk profile: https://bitcointalk.org/index.php?action=profile;u=1159963