LETBET : LET BACK, LETBET SAVE.
PRELIMINARY
Online betting (or Web bets) includes games like poker, clubhouse and other conventional games played over the internet.
In 1994 when online gambling became popular, many countries restricted online betting while some others interpreted it as illegal or practice. However, some areas in Canada, some European countries, and some Caribbean islands allow online gambling as a business or legal practice.
Since then, the online gambling industry has grown to what it is today, worth 500 billion USD. It continues to rise at a steady rate, with some indication that it will grow With the development of internet and mobile technology, the online gambling industry is predicted to experience an explosion in the near future.
The online gambling industry consists of many business models and technologies, which include:
Sports betting: Betting on sporting events (football, horse racing, dog racing for example)
Online Poker: Service providers receive the advantage of betting.
Casino Games: Slots and roulette machines are operated in a manner similar to traditional onshore casinos.
Bingo Online: Online ageold game version
Lottery Online: Same as regular lottery, but operated online.
Major vendors in the Online Gambling Industry include: 888 Holdings, GVC Holdings, UniBet groups, William Hill, and many others, operating from traditional business models. According to statistics, William Hill is a market share in the UK with a 15% market share.
This segment will focus on assessing the online gambling industry along with the famous challenges facing the online betting industry.
USING ONLINE PROBLEMS
Despite the significant growth of the online gambling industry, the initial issues received by some countries, and others deny the idea of online gambling, are still hiding inside. This, from time to time, formed into a major problem facing the industry. Some of them are highlighted below
CONNECTED PROBLEM:
The online gambling industry is filled with many perceptions and views from both players and regulators who closely observe the industry. Some of these perceptions will be discussed below, as well as how LetBet will fix the problem with the introduction of our peer-to-peer system, eliminating an unjust and questionable belief system.
ILLEGAL TAX LAW:
Illegal tax evasion is one of the reasons why some countries refuse online gambling, especially those who do not have mechanisms to monitor or unwilling to check the activities of the online gambling industry.
Similar to claims of illegal tax evasion, some people see the online gambling industry as a means to easily launder cash.
PLAYER INSPECTION:
Player sharpness is another matter in the online gambling system. The sharpness of players mostly takes place in games played from remote locations. A player, playing games with other players he does not see, may doubt whether he is playing with a real person.
Players communicate with others through the GUI, which interacts with complex betting site servers. For the main reason that players from the end have no trust from other players on the other side, is the reason that makes players differentiate significant problems with online gambling, with every player having the perception that they are being manipulated.
In an online study of 10,838 online poker clubs and players, more than 96 respondents in the country expressed unusual amounts of doubt in online betting.
SECURITY:
Security is an important part of the challenges faced by the online gambling industry. Traditional online gambling providers operate through centralized computer networks. The main problem with this method is: when there is a system hacking incident, users will lose their money including information relating to bank account details and other confidential information. Despite the fact that security platforms evolved from the client and server side to increase the level of public security through the internet, the vulnerability to centralized online gambling administration method makes it difficult to get error free system. This is one of the main loopholes of the LetBet system that aims to revolutionize the online gambling industry.
TRUST
The online gambling industry works through code generated from closed source systems. A group of developers can change the code inside the system.
Reasons like this are proven for games like poker, where both sides start and play games remotely making important confidence issues in online gambling.
Payments: Deposits and Withdrawals are always a big deal for players. Payment issues have long been an issue of online gambling because legislation imposes very low transfers and deposit limits on fiat cards. There are also other situations where claims are filed against delinquents. These issues are positioned to be eliminated from the industry with blockchain-powered online bets.
SLOW
Possible steps in traditional online gambling systems are numerous because traditional online gambling providers are very interested in getting a lot of information about players who are less focused on games per se. They are forced to do this to protect their systems against unauthorized intruders. This is not the case with LetBet systems that use blockchain technology through smart contracts with participants. Therefore, there is little concern for intruders, because, it is almost impossible to hack the blockchain system used through intelligent contracts compared to traditional centralized authorities. The reason is that the sender and receiver have no trace of information about themselves, which makes it more like a physical money transfer in which the participants have no backlash after making a transaction.
TEAM
.Jitendra Rathod - advisor (content manager)
.Bill Haely - casino advisor (business development manager
.Aleksey Batishev - online gambling advisor and European expansion manager.
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Author: Wawan Grab
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