Can Online Gambling Ever Become Safe and Transparent Business?

If there is a business out there that is in need of more transparency and reliability, it is probably the $500 bln online gambling industry. The latest company to join the Blockchain frenzy is the decentralized LetBet Platform. Its premise is quite simple, allow players to gamble without third-party meddling. In other words, engage in bank-free and central authority-free betting.

The seasoned LetBet team is aiming to revolutionize the online gambling industry by creating a holistic gambling ecosystem for an enhanced betting experience.To that end, the team is utilizing peer-to-peer smart contracts for online gambling, catering to the needs of players and third-party developers alike. LetBet promises to be secure, reliable and fast. While competitors are focusing on playing a bookmaker role, LetBet is creating a holistic decentralized online gambling platform that will connect traditional online gambling sites.

Online gambling overhaul

Enabled through the advent of the Internet in the early 1990s, online gambling achieved astounding growth over the past few decades. The multi-billion dollar industry shows no signs of slowing down with projected growth to one tln dollars by 2021.

It is not a secret that existing online betting platforms are ridden with problems. There are concerns about security, reliability, speed, deposits and withdrawals as well as player discernment. The LetBet Platform tackles these issues by utilizing Blockchain technology.

In terms of security, conventional platforms use centralized servers that are easy to hack. In contrast, decentralization makes it nearly impossible to lose funds or personal information through hacking. While conventional platforms require excessive personal information for vetting users slowing down the process of creating accounts and playing, using Blockchain technology has eliminated the need for superfluous data collection, which ensures faster more facilitated access for users. LetBet guarantees anonymity to its players.

Additionally, deposits and withdrawals are problematic for users, with legislatively imposed limits on fiat transfers and deposits, defaulting, and the arduous process of withdrawing funds in case of server shutdown. Relying on a native cryptocurrency for deposits and withdrawals, the LBT coin and smart contracts, LetBet resolves these issues.

Finally, remote online betting poses an issue for players as the identity of opposing players is never certain.  While anonymity is guaranteed on LetBet, Blockchain technology ensures that players are not being manipulated and that bots are kept out of the process.

The decentralized platform will offer a