The Letbet ICO has just 19 days left with their website already showing that they've sold a lot of tokens.

Letbet Airdrop

The ICO is also having an airdrop which gives you 10 tokens for free, all you need to do is sign up to their website and enter your address:
Register here

It may not be that surprising to discover that this new project is connected to the world of online gambling while also offering their very own cryptocurrency. Of course, this market is massive business around the world, so the potential for a digital currency to make some in-roads is certainly intriguing. However, closer inspection of what it is that they are offering does also make a significant amount of sense.
Website: Let.bet website

What is Letbet?

The company behind Website: Letbet have clearly stated their intentions in that they believe they have a product that has the ability to completely revolutionize the online gambling industry. Whether or not that will be the case is something that is still up for debate, but their intention is to provide people with a trusted, decentralized online gambling option that is the most secure form of gambling around.

This is clearly achieved via the use of blockchain technology and their hope is that they will be able to eliminate the various problem areas that are often associated with online gambling. These issues focus on delays with payouts, the lack of trust that exists, and a number of other issues directly related to people simply getting their money back from the online casino. If they are indeed able to tackle those problems, then they will prove to be a rather attractive proposition.

How big is the market?

The gambling industry is obviously huge and just keeps on growing with more money pouring in from Asian countries. It's estimated that the market will be worth $59 billion by just 2020.
There's many different popular types of online gambling, such as:

• Sports betting: Placing bets on sporting events such as horse racing or football.
• Online poker: The 'bookie' takes their cut from the players.
• Casino games: Such as roulette or slot machines.
• Online bingo.
• Online lottery.

Problems with the current market

There's a full list of problems with the market listed in the Letbet whitepaper, just some of these can be found below:

• Trust: Trust can be a factor that puts many gamblers off of online games. The chances of winning are calculated by algorithms but it's impossible to verify if this is fair for the consumer.
• Unreliable: There's sometimes times when a gambling sites website will go offline at crucial times.
• Tax avoidance: Tax avoidance and money laundering is a fear that many governments have and therefore make gambling illegal.

The Technical Aspects of Letbet.

The new platform are looking at offering a completely decentralized approach to gambling via the blockchain. The product that they offer will provide users with anonymity as well as security, which are two very important components that people often seek in these kinds of situations.

This is all going to be achieved via Smart Contracts, and they have stated that they will be using the Libertas Chain for this part of their product. They also state how everything is open sourced as they wish to draw in app developers that would then use their products. However, transparency when it comes to transactions is seen as being essential, which is why they are looking at using the blockchain due to the way in which transactions placed on there can be trusted and are unable to be altered.

They also note that their blockchain is borderless, which they pretty much all are already, and that nobody is able to control the game due to the decentralized nature and the role of the Smart Contracts.

They are also looking at attracting app developers to use their platform which is reliable, private, fully transparent, and extremely fast. This speed will prove to be rather important as one major issue has always been the time it takes to receive payments from online casinos, so the hope is that the blockchain approach will be able to eliminate that problem.

The Advantages of Letbet.

This is not the only company that is offering this kind of product within this particular industry. However, putting that to one side, the fact that they are offering a trusted platform that is completely transparent and offers fast payments should automatically draw people to what they have to offer. Also, they state that their platform offers completely random games whereas online gambling that uses a centralized approach is always going to have their games leaning towards the house to make sure that they win the majority of the money.

Aside from that, all of the other advantages are clear to see. Simple ways to cash out your tokens, a standard exchange rate no matter where you are based, and an increasing number of games for you to gamble on as they bring in additional developers that wish to work with them. Clearly, they have the intention of creating an online casino in the same way as those that already exist just without using the blockchain.

One of the major advantages with the platform is that they plan to use their own blockchain. 90% of the recent ICOs are just using an Ethereum based token but this can cause problems. The Ethereum network has shown that it can often get overwhelmed making it slow and expensive. Having their own blockchain will also mean that they're not relying on a third party.

The Financial Aspect and ICO.

The company has announced that there will be a maximum total of 199,000,000 tokens produced but half of them will be available during the ICO. With the 50% that is left, 20% is going to be allocated for bonuses and just under 30 million tokens will be used for third-party companies, which means gaming providers as well as bookmakers.

For investing, they are going to accept both ETH and BTC, which is pretty standard for an ICO. Also, the soft cap has been set at 3,000,000 LBT (already reached) while the hard cap is at 84,000,000 LBT which does give significant scope. Furthermore, the price per token is at anywhere between $0.8 to $1.5 depending on quantity and there is also an affiliate bonus which ranges from 1% to 8% which is pretty impressive all on its own.

Overall Conclusion About Letbet and the ICO.

The one thing that you must say about the new platform is that they do have a decent product, and it is one that is relatively easy to run from a technical point of view. Of course, it would be easy to find yourself side-tracked by believing their sales pitch about having 2 million users and a share of a $1 trillion market, but that does not take away from the fact that their product is something that will be of use.

One curious thing is that it is open-sourced so it does make you wonder as to what could be in store if developers decide that this is a platform that they can indeed work with. The company openly admits that their blockchain could be used for things outwith online gambling, but it remains to be seen as to the direction in which this project could head.

So, is it worth investing in the ICO? Well, there is no mention of a minimum investment amount and that can be a good thing since it makes it easier to have a small gamble at this moment in time. There is no doubt that the online gambling industry has more than enough room for a number of companies offering options via the blockchain, so the competition should not be able to put you off. Ultimately, investments will always have a certain risk attached to them, so perhaps there is some kind of irony in gambling on a gambling based blockchain.
Website: Let.bet
Whitepaper: https://static.let.bet/whitepaper.pdf