LET BET ICO RATING: 2

LetBet (www.let.bet) has thrown its name in the hat khổng lồ become the next big thing in crypto lớn sports betting. The Belizean company has created its own cryptocurrency designed khổng lồ power an online betting platsize that is anonymous, trustless and decentralized.

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According lớn a company press release, LetBet wants lớn do-away with the middleman altogether by building a platsize allowing users to lớn bet with one another using blockchain-based smart contracts that are executed automatically. Smart contracts make it so that bets are accepted automatically, funds from both sides of any wager held in escrow and the winner is paid automatically when the conditions are met lớn determine the outcome of the sporting event in question.

If none of this even resembles English to lớn you, kiểm tra out this handy guide explaining the basic idea behind smart contracts. The main thing khổng lồ underst& is smart contracts allow bets khổng lồ be placed và then paid out automatically with no middleman involved.

This means there is no opportunity for a corrupt bookmaker to cancel your bet or someone else to bachồng out when the bet doesn’t go their way. In other words, smart contracts are the ultimate handshake. Once you “shake hands” và book your bet, the bet is locked in. If you win, you will be paid. If you đại bại, well, at least you know you had a fair shot.

That’s the idea, anyways. LetBet is not the first betting platform of this type to lớn emerge in recent times. Other platforms of this type that we have discussed recently include Unikrn và BetterBetting.

LetBet ICO Announced

The LetBet company introduced itself to the Bitcointalk.org forums on 3 January with an announcement that LetBet will be holding an initial coin offering (ICO) beginning 25 February 2018. This ICO will allow anyone interested to lớn buy LetBet tokens (LBT) for speculative sầu purposes or simply khổng lồ have sầu them early at a hopefully discounted rate before the betting platform goes live sầu.

According khổng lồ the press release, LetBet has phối a total cap of 199 million tokens for sale during the ICO. Twenty million LBT will be issued during the pre-sale and 70 million will be issued during the crowdsale.

The pre-sale begins trăng tròn January 2018 and will run through 14 February. During that time, LetBet tokens will be sold at a price $0.5 per LBT with a 70% bonus offered on all first purchases. The price per LBT is scheduled to lớn increase each day during the 30-day ICO. Purchases of LBT can be made with Bitcoin và Ethereum.

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LetBet also states that any leftover coin after the initial ICO will be burned. This will be done khổng lồ protect the value of all LBT purchased during the ICO.

Potential Investors: Proceed with Caution

Something you should keep in mind before participating is that ICOs are highly speculative sầu and are completely unregulated. This company could very well be legit, but you should proceed with extreme caution. Do your due diligence.

ICOs are not my specialty, but I bởi understand enough from past experience that certain red flags should be noted – & I vì see some red flags with LetBet. These may or may not be indicative of trouble down the road, but I feel it is only fair to share a couple of issues that caught my attention.

First of all, LetBet is headquartered in Belize. Belize is notoriously under-regulated when it comes khổng lồ online betting & I imagine their cryptocurrency controls are no better. The closest thing I’ve been able to lớn find an address or company headquarters for LetBet is a little bit of text at the bottom of the website stating the company is located on Goldson Highway, Belize City, Belize.

Second, LetBet has no gambling licenses. Compare this to lớn Unikrn, which is active in highly-regulated markets. The LetBet whitepaper says they “hope to finalise our online gambling license after the ICO.” While I certainly hope that they bởi vì indeed acquire some sort of gambling license, the details are vague & no hard guarantees are offered.

Additionally, how much vày we really know about LetBet? It is difficult khổng lồ find out who, exactly, is behind it & there is surprisingly little information available online beyond a few press releases, forums mentions và a Facebook page.

The LetBet whitepaper also shows some warning signs of its own. Certain parts of the whitepaper appear to be nothing more than word-stuffing. For example, page six of the whitepaper describes betting systems for absolutely no apparent reason:

LetBet may be entirely legit. However, the internet is also full of ICO pump-and-dump schemes. If this was a pump-and-dump scheme, it would look just like this: big promises, vague background history and a sudden surge in press.

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Mind you, none of this is a formal accusation. I am not afraid to lớn Gọi out suspected scams, but I simply bởi vì not know enough about LetBet to lớn call it one way or another. That being said, the issues I found in the whitepaper are very concerning. What I can say without doubt is that I am still very skeptical at this early stage.