Fair Play: Let Bet Improves Player’s Online Gambling Odds on Blockchain

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Online gaming on the Blockchain is ready to tip the odds in the player’s favor. In the most popular casino games (i.e., slot machines, roulette, blackjack), the house advantage can range from two to 10 percent. Despite the odds of the house winning, players will spend $1 tln in the online gambling market by 2021.

The risk of unfair play lurks everywhere in the online gambling world. Perils of playing include the game host rigging the game, making unfair payouts, manipulating the game code and creating false players for players to play against. Adding to the danger, incidences of gambler identity and assets being stolen through cyber theft are on the rise.

With the launch of gambling on the Blockchain, the house no longer rules! In other words, players no longer have to trust a third party to deliver fair play and protect their privacy and assets. The players and game developers control gameplay through peer-to-peer transactions conducted over smart contracts.  

The house always wins

The old adage, players bet to win, is far from reality. After losing money, most gamblers continue to place bets to recoup their losses. Since the odds are in the house’s favor, this is a losing betting strategy for most gamblers.

Even if the player wins, he may never see all of his winnings. Gamblers place all their trust in third party service providers. The gaming platform must securely collect payment (and financial information), conduct the game fairly and distribute the winnings in a fair and timely manner.

Online gaming has introduced new trust issues. Players can no longer see with whom they are playing. They could be playing directly against the house,  or even worse, a very smart machine pretending to be an individual. Even the skill of the professional baccarat players that overflow the casinos in Maca is not a guarantee of maintaining fair win-lose odds. Developers can change the game mechanics and code and erode advantages players have invested time in developing.

Fair play

Let Bet has developed an online gambling platform powered by the Blockchain that reduces the risks in online gambling by providing a transparent, secure and anonymous gambling platform.  The Blockchain enables a trustless and borderless gambling world by conducting gambling over a smart contract. Players can activate game play and payment directly and anonymously from a cryptocurrency wallet. Players are identified through an encrypted code associated with their cryptocurrency wallet, concealing their identity and making it difficult to identify the region they are betting from.  

All interactions are recorded on an unchangeable digital ledger system. On a transparent, immutable ledger, game manipulation can more easily be identified and the activity of dishonest and false players tracked. These same features make cyber theft and hacking more difficult. Illicit practices endemic in the gambling industry such as tax avoidance and money laundering will be harder to facilitate.

What sets Let Bet apart from its competitors?

Currently, all the competitors of Let Bet (like astorgame, decent.bet, vdice.io) have their platforms set up on the Ethereum Blockchain. Unfortunately, this extremely popular Blockchain is not the ideal Blockchain for creating a gambling platform. This is because of the inherent problems of the Ethereum Blockchain.

  1. Speed: The average blocktime of Ethereum is one minute. Now would you like to wait for one whole minute to see the results after you have spun the slot machine?
  2. Not Provably Fair: Currently, Ethereum doesn’t provide a true Random Number Generator (RNG). It is thus difficult for competitors of Let Bet to provide a provably fair game.
  3. Not Transparent: To override the problem of transaction speed on the Ethereum Blockchain, competitors of Let Bet tend to implement game logic at a centralized server. This will make it less transparent and easier to control the game from the server side.

To solve this problem, Let Bet has built its very own Blockchain. This Blockchain is fast, extremely secure and best of all, zero-chain, meaning that it has zero transaction fees.

Let Bet has already developed some games as proof of concept. These games are open source on their GitHub.

Most importantly, the competitors of Let Bet are working merely as bookmakers. Let Bet is creating an Online Gambling Platform and aims to connect other traditional online gambling sites that want to improve the gaming experience by switching to the LBT decentralized Blockchain-based system.

Playing to win the hearts of gamers, Let Bet aims to solve all of the problems of the Ethereum Blockchain with their new chain and create a fast, secure and truly fair Blockchain-based gambling platform. The betting platform will create more fairness through smart contract-based gambling products while connecting bookmakers around the world to build a new gambling revolution together.

Let the games begin!

Players, game providers and bookmakers can access the Let Bet platform with the LBT coin, which is used to initiate all transactions. In total, 199 mln coins are being produced, half of which will be available for buying during the initial coin offering period. The remaining coins will be reserved for third-party developers, LBT and promotion (audit, bounty and affiliate programs). 20 mln LBT will be available during the pre-sale starting on Jan. 20, 2018. The official crowdfunding launches on Feb. 25th and will run for 30 days. The price will be discounted and rise as coins are sold, so it pays to get in early.