LetBet - A Modern and Highly Reliable Online Gambling Revolution
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| https://let.bet/ |
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.
WHAT IS A BETTING SYSTEM
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.
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.
OSITIVE 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.
EGATIVE 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 alternatives2.
INSURANCE BETTING SYSTEM
As opposed to the first type, 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.
A definitive point of betting is, to win cash. As far back as betting has existed, individuals have aimed to utilize techniques and systems to enhance their odds of winning. This fundamental human instinct, is an intelligent endeavor that everybody does while taking a chance with their cash, whether that is on the turn of a card, the roll of the dice, or the consequence of a sporting event.
OSITIVE 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.
EGATIVE 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 alternatives2.
INSURANCE BETTING SYSTEM
As opposed to the first type, 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.
A definitive point of betting is, to win cash. As far back as betting has existed, individuals have aimed to utilize techniques and systems to enhance their odds of winning. This fundamental human instinct, is an intelligent endeavor that everybody does while taking a chance with their cash, whether that is on the turn of a card, the roll of the dice, or the consequence of a sporting event.
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 £4.5billion3.
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.
TYPES OF ONLINE GAMBLING
POKER
Online poker tables ordinarily offer Texas Hold’em, Omaha, Seven-Card Stud, Razz, Steed and other kinds in both competition and Money making structures. Players play against each other instead of the “house,” with the card room profiting through “rake” and competition expenses.
CLUB
There is an extensive number of online clubhouses in which individuals can play gambling club games like roulette, blackjack, pachinko, baccarat and numerous others. These games are played against the “house” which profits since the odds are stacked in its favor.
BINGO
Bingo is the online version of the bingo games, where the player would have to match numbers pre-printed cards each with a different arrangement of 5x5. A player wins a Bingo when the selected numbers called by the host are arranged in a row on their card.
LOTTERIES
Most lotteries are often monopolized by governments and are intensely shielded from competition because of their capacity to create substantial, recurring revenue streams. Private individuals or organizations may be authorized to control online lotteries withom smaller countries. Most private online lotteries have stopped operations due to legislation giving government owned lotteries prominence. The part of the government controlled lottery played online is referred to as an online lottery and is a part of the online gambling industry.
GENERAL INFORMATION
Online betting (or Web 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.
The online gambling industry consists of many business models and technologies, which include:
- Sports betting: Betting on sports event (soccer, horse racing, hound racing e.g.)
- Online Poker: Service provider receives profits from wagers.
- Casino Games: Slot machine and roulette which are operated in a manner similar to a traditional land-based casino.
- Online Bingo: Online version of the ageold game
- Online Lottery: Same as regular Lottery, but operated online.
BENEFIT OF THE LETBET DECENTRALIZED SYSTEM
ANONYMITY
One of the major reasons for the popularity of Bitcoin since it was offered is because of its inherent privacy. The Bitcoin cryptocurrency allows participants to participate in online transactions anonymously without leaving a trace of information of either party in the transaction. Each party on a blockchain system is represented by series of codes.
What this means is that 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 transactions 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.
ANONYMITY
One of the major reasons for the popularity of Bitcoin since it was offered is because of its inherent privacy. The Bitcoin cryptocurrency allows participants to participate in online transactions anonymously without leaving a trace of information of either party in the transaction. Each party on a blockchain system is represented by series of codes.
What this means is that 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 transactions 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.
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 iseliminated, 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
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 iseliminated, 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.
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 soon. 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.
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 everyperson.
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.
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 everyperson.
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.
PRODUCT ARCHITECTURE
Road Map
More information :
Website : https://let.bet/
Whitepaper : https://static.let.bet/whitepaper.pdf
ANN Thread : https://bitcointalk.org/index.php?topic=2683151.0
Bounty Thread : https://bitcointalk.org/index.php?topic=2684253.0
Facebook : https://facebook.com/letbetcoin
Twitter : https://twitter.com/LetBetOfficial
Github : https://github.com/letbetcoin
Telegram : https://t.me/LetBetCoin
Created by :
Username bitcointalk : soblespwk
Profil bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1807206;sa=summary
Ethereum Wallet Address : 0xF52FFe2a1e43bF80e11A054eE1f9f62143e4fb00
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