Blockchain-based online gambling platform LetBet is the latest company to tap into the hype surrounding cryptocurrency, as it takes the first steps to unveil its own digital currency, entitled LBT. The new currency has been touted as a solution to the delayed payout systems of traditional gambling sites, as well as a way to remove the third party element, and we caught up with the firm’s Business Development Manager Bill Healey to find out more.
SBC: Hi Bill, can you begin by introducing LetBet as a company and describing what it is you do?
Bill Healey: LetBet is aiming to be a revolutionary leader in the online gambling industry by overcoming issues such as delays, unfair payout systems and the innate trust players place in potentially corrupt third parties. Our gambling options consist of sports betting, online poker, casino games, online bingo and online lottery.
LetBet’s development is not limited to our internal development team – we eagerly share and cooperate with third-party developers allowing LetBet to quickly create a decentralised platform that removes fees typically paid to a systems administrator. In this structure, each contributor receives LBT as reward.
SBC: A number of cryptocurrencies focused towards the betting industry have emerged recently, and this market is becoming increasingly saturated. What puts LetBet apart from its competitors?
BH: Most of our competitors are working on an Ethereum platform (ERC20 token) which we don’t consider to be a good platform for online gambling. There are two important points:
- Speed: Ethereum average blocktime is one minute, which would be a long wait for most people;
- Fair Gaming: Currently Ethereum doesn’t provide a truly Random Number Generator (RNG) making it difficult for our competitors to provide fair game. Additionally, our competitors provide the game and also work as the bookmaker – we are not. LetBet is making the online gambling platform. We will work with other traditional online gambling sites to switch them from traditional centralised system to our decentralised blockchain-based system.
SBC: LBT’s initial coin offering will commence in late-February. Where do you aim to be by the end of 2018?
BH: We have a few milestones set for 2018:
- February: ICO Start. SportBet Pre-Match Launch
- March: ICO Ends. Slot Machine Launch
- April: Internal Exchange. Jackpot Slot Machine Launch
- May: Mobile Wallet. Roulette Launch
- June: Go-to- Market Exchange. Get 3 potential bookmakers to provide game at UK
- July: SportBet Update. Tennis and Basketball
- August: Third Platform Launch. Get another two potential bookmakers to provide game at Singapore
- September: Poker Launch. SportBet In-Play Bet Launch
- Fourth Quarter: P2P SportBet, Live Casino and Wallet Cold Storage Support
LetBet is focused on continued enhancement and development throughout the year, to ensure a mature platform for it’s bookmakers, players and partners.
SBC: LetBet has talked a tough game, asserting that it will “revolutionise the online gambling industry” and “bring the industry to a new future in the next few months”. With that in mind, what are your long-term plans?
BH: Our vision is to continue growing internationally through our platform. We aim to be a leader in the industry, increasing our number of bookmakers and players from around the world, and to continue offering a growing number of online games through our partners.