SBC News Voice of the Sports Betting Industry
Belize-based firm LetBet is the latest to offer a cryptocurrency aimed specifically at online gambling. Entitled LBT, the new blockchain-powered 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.
Online platforms such as LetBet are attempting to usher in the transition from a fair gambling system to a trustless one. This means that third parties are no longer necessary, as smart contracts are automatically drawn up meaning no-one could control the game or its outcomes.
This platform also supports players from countries with strict gambling regulations, and will therefore aim to generate a free and fair online gambling environment on a global scale.
The Initial Coin Offering (ICO) crowdsale will commence on 25th February, with LetBet setting the total cap of its token to 199 million during the period. Prior to this, the pre-sale will start on 20th January and finish on 14th February, with a starting price of $0.5 per LBT with 70% bonus on first purchase.
A number of other betting-orientated cryptocurrencies have emerged recently – such as CasinoCoin, Unikrn and BETR – as the crypto phenomenon sparked by Bitcoin shows no sign of letting up.
