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LetBet Rating Review


Investment Rating

Expiry date : Expired 05 Jul 2018


We have reviewed the project's progress as of February 2019 and would like to note that the project team profiles have been removed from the website along with the documentation, roadmap, and the progress of the project is almost impossible to track. We also note that social networks of the project seem to be abandoned. Therefore, the project's rating has been decreased to Negative. 

The LetBet project is entering the growing gambling market; it already has a functioning product with services guaranteeing anonymity and the security of players’ payments.

We note that the project team has extensive experience in developing software for online games. Another strength is the experienced team of marketing specialists.

We believe it is important that when communicating with its audience the managers try to give as many details as possible. Interaction with potential investors on a qualitative level is an important part of the project’s marketing strategy which, in our opinion, has already proven itself at the Private Sale stage.

However we also note a number of negative points.

The fact that LetBet is a project for the gaming market, might lead investors to possible problems with LBT token realization in the future, since most exchanges deny token placement to projects related to gambling.

Moreover, calculations given in the documentation are based on optimistic predictions for reaching the hard cap value, and the economic model is based on this scenario.

In addition, distribution of only 50% of the whole issuance volume creates market risks for token holders oriented towards creating portfolios for the medium term.

All these factors prevent us from assigning the LetBet project a higher rating.

General information about the Project and ICO

Letbet is a platform for online gambling which operates on the basis of a blockchain decentralized system, and is designed to solve the problem of user mistrust.

Letbet includes major online gambling activities such as sports betting, poker, casino games, a lottery and bingo.











The total number of issued tokens will be 199,000,000. There will be no additional issuances.

Token distribution is as follows:

  • ICO — 50%, which is 99,500,000 LBT.
  • Bounty, Audit, Affiliate Program — 20%, which is 39,800,000 LBT.
  • Third-party developers — 15%, which is 29,850,000 LBT. These tokens are reserved for bookmakers and gaming providers.
  • LBT Team — 15%, which is 29,850,000 LBT. Tokens will be frozen for 3 years.

Smart contract platform: Libertas Chain

Token: LBT


Private Sale:

Total number of tokens: 9,500,000 LBT

$937,334 was raised by private sale.



Pre-Sale Start date: January 20, 2018

Pre-Sale End Date: 14 February 2018

Total number of tokens: 20,000,000 LBT

Token Price: The token value at the Pre-Sale stage will range from $0.4 to $0.6.


Number of tokens

Token value










Minimum amount for one transaction: 100 LBT

Maximum amount for one transaction: 20,000,000 LBT

Accepted currencies: BTC, ETH

Bonus: 0.1 LBT will be available to the first users of the platform (the first thousand people).

All unsold tokens will be allocated to the ICO.



Start Date: February 25, 2018

ICO End Date: March 24, 2018

Total number of tokens: 20,000,000 LBT

Soft Cap: No

Hard cap: $74,900,000

Token Price:

The token value at the ICO stage will range from $0.8 to $1.5.


Number of tokens

Token value



















Minimum amount of one transaction: 100 LBT

Maximum amount of one transaction: 20,000,000 LBT

Accepted currencies: BTC, ETH


After the ICO is finished, all unsold tokens will be burned.

The funds received during all stages of the crowdsale are planned to be distributed as follows:

Description of the services and scope of the project

The platform is currently operating and offers the following online games:

  • SportBet

  • Slot Machine (Beta)

  • Roulette (Beta)

With the development of the platform according to the presented roadmap, the following categories will be added in this order:

  • SportBet Tennis, Basketball

  • SportBet In-Play Bet

  • SportBet PreMatch

  • Jackpot Slot Machine

  • Poker

  • Live Casino

  • P2P SportBet

The LetBet ecosystem includes the following participants:

  • Users — end users of games available on the platform.

  • Hoster — a person who provides single player game hosting for players.

  • Operators — bookmakers or game operators participating in the platform and providing betting games (on the platform or provided by third-party developers through the platform) for users.

  • Game Provider — a person who provides games for an Operator who chooses to manage a game.

  • Investor is an early ICO member who receives profit from the sale of tokens.

  • Government — provides a license, receives taxes.

  • Indie Developer is an independent developer who provides a game for the platform.

The interaction of platform participants is clearly presented in the following image:

For betting on the platform LBT are used (for large bets), but one can also use Felix units (for small bets), 1 LBT = 1000 Felix. All bets are secured with smart contracts that guarantee privacy and payouts.

Consider the interaction of a user with the platform using the example of the Jackpot Slot Machine:

  1. A user chooses their desired game.

  2. With the help of the LBT wallet they deposit their funds through the smart contract.

  3. The user plays the game.

  4. Transfers any funds to their wallet.

At all stages of interaction the user remains anonymous.

The online gambling system will provide the user with an opportunity to place sports bets on external platforms such as Bet365, William Hill and BetFair:

In addition to its own games, Letbet will enable one to conclude P2P smart contracts with third-party developers to launch proprietary games on the platform.

The main components of the platform are as follows:

  • User Wallet — one or more crypto wallets for a user.

  • Decentralized game — a game using the decentralized LetBet system.

  • Smart Contract-Based Game — a third-party game launched through a P2P smart contract.

  • Transaction Explorer — a tool that enables a user to monitor transactions in the LetBet system.

  • Agency Wallet is an extended version of the user wallet for bookmakers, complemented by features such as Multisign, Push Notification, etc.

  • Integration Module is a developer tool that enables one to explore data from traditional online gambling and other service providers (lottery results, betting odds, etc.).

The rapid development of blockchain technologies enables them to be introduced into more and more industries and the online gambling industry is no exception. Smart contracts that guarantee anonymity and payments to players, a possibility to track each transaction, a system that enables one to launch games from third-party developers, as well as monetization opportunities (for bookmakers, game operators and hosters) — in our opinion, all these features could help attract potential customers to the LetBet platform.

Engineering features of the project

According to information received from the project’s representatives, about 20 people are engaged in its development. There are 9 repositories available on the GitHub site, including the game smart contract repository:

Smart contracts are written on Pragma Solidity, at the time of writing we can see the code for the following contracts:

LetBet has additional components:

For mutual settlements on the platform the project wallet (LBT wallet) is used. In addition to paying for games and platform services, a user can transfer LBT tokens to other LetBet members. Code on Github.

LetBet uses its own blockchain, Libertas Chain, which is a fork of Ethereum. Due to the fact that the chain of blocks was created "from scratch", transactions are executed quickly.

Market review

In recent years the global gambling industry has grown at a high rate. If the CAGR growth rate at the current level of 5.7% is maintained (a rate observed over the last decade), by 2022 the total volume of the market will be $635 bln [GlobeNewswire], which according to IMF statistics, would be comparable to the GDP of countries such as UAE, Colombia or Iraq. Technavio’s analysts forecast an even more impressive growth of CAGR at a level of 8% [technavio].

Such positive dynamics for the market are primarily facilitated by an increase in consumer spending in most countries, governments’ efforts to increase tax revenues, as well as trends in society (more and more people perceive gambling as one of the ways to spend a pleasant holiday). This trend is mainly observed in developed countries: The USA and a number of European countries. At the same time in recent years, analysts have noted growth in the Asia-Pacific regional market, where local religious beliefs have not always contributed to favorable development of this sphere. However, the growth of tourism leads to an increasing number of countries removing legislative restrictions for these types of businesses.

Below are statistics on the volume of the gambling market from 2008 with a forecast to 2018.

The online gaming market is one of the fastest growing segments of the gambling industry. The dynamic development of the global online gambling market over the last 10 years has led to its volume reaching $45.86 bln by the end of 2016. According to analysts' expectations, the size of this market will be able to approximate $100 bln by the end of 2024. These rates of growth correspond to an indicator of CAGR at the level of 10.81%. The growth of this segment above average value is explained by the increased penetration of smartphones and tablets, as well as by the constant expansion of the capabilities of these devices.

Online games include poker, casino, sports betting and lotteries. The largest share of the market is made up of casino games and sports betting. According to research at the end of 2015 sports betting occupied the largest share in the global online gaming industry, with a market share of 48 percent [statista].

We believe that the trends in the gambling market will contribute to the successful implementation of the project. In addition to the above, there are other factors contributing to the expansion of the market, such as the growth of tourism, implying even more removal of legislative restrictions, constant increase in the population, and the popularization of gambling.

Competitors and competitive advantages of the project

Online gambling appeared more than 20 years ago. In this industry there are many companies with large numbers of clients and years of experience. Here are some of them:

The main centralized competitors for LetBet are:

GVC Holdings – Online gambling operator founded in 2004. Provides online betting on sports and games, has licenses in over 18 countries, owns some of the leading consumer brands in the online gambling industry. As of 2016 its annual income was more than €840m, according to Wikipedia.

888 Holdings is an Israeli company that manages several gambling websites, offering players an opportunity to play and bet. According to information on LinkedIn it was founded in 1996 and has more than 1300 employees worldwide. According to information from open sources, its annual income as of 2016 was $520.8m.

William Hill is a British company founded in 1934. It is licensed in 5 regulated gambling markets and has offices in 10 countries worldwide. In 2016, the company earned £1,603.8 mln.

Among direct competitors of LetBet on blockchain we note the following:

Gambica is an international online casino. Advantages:

  • Security — all funds will be stored on a Multisignature Wallet requiring 4 signatures.

  • Multifactor model PRNG — a random number is computed by the cryptographic algorithm RSA, which works on the basis of unilateral hash functions.

Edgeless – Online casino based on Ethereum currently under development. At this stage Black Jack is available and a casino license has been obtained. The following games will be added later: Dice, Sports Betting and Poker.

There are many other online gambling platforms based on blockchain – vDice, DAO.Casino, BotGaming, FunFair, and this list is growing.

LetBet has the following main advantages:

  • Zero-chain – avoids transaction fees, and also provides transaction processing speed –  Ethereum does not have these advantages.

  • Advantages over platforms not based on blockchain are obvious – anonymity, transparency, reliability (protection against hacking as opposed to centralized platforms), guarantee of payments is provided by smart contracts.

  • The proprietary blockchain Libertas Chain was developed with the possibility for using a Random Number Generator.

  • Platform players will be able to play third-party games without being limited to games that are available on the platform.

As we can see, LetBet is not a pioneer in the online gambling market, nor in the market segment based on blockchain. There are other platforms that compete with LetBet. However, LetBet stands out among the competitors reviewed here, due to the advantages outlined above which, in our opinion, will allow the project to win some time and could help attract users to the platform.


One of the most important risks, in our opinion, is the high competition in this market. The pace of the introduction of new technologies into the market may not give a significant advantage as the number of gaming platforms on blockchain is already high and constantly rising. Major market players will implement all the useful innovations discovered by projects such as LetBet at the nearest opportunity. For them it is more feasible to develop and implement new technologies independently.               

Lately there is a trend where exchanges tend to deny the placement of tokens to projects related to online gambling. There has been a case of tokens being removed from trading. Thus, even in the event of successful placement of the tokens on an exchange there is a risk that in relation to this issue the project might face some difficulties.

And finally, the fact that only 50% of the entire token issuance is distributed at the ICO might influence the price of the token and constitute another risk. Whether these tokens are intended for sale on an exchange or for platform support, they will be in trading, and they might cause a supply overhang and thus a market risk for current token holders.

In terms of the LetBet project’s risks, firstly this is a project creating a business in the gaming industry, thus legal risks (expressed as regulations concerning gambling in different countries and as legislation changes) may arise at any time.

All the aforementioned risks do not allow us to assign the project a higher rating.


The LetBet team consists of 23 members, among them there are 9 developers. Leading positions are occupied by:

Khoa Trương — Core Software Developer

Khoa currently works for Amazon and has over six years of experience as a software developer. He has experience at ESG in the field of software development for online casino games. 2 sets of online games that can handle up to 50,000 players were developed, as well as design and development of the game server from scratch. Has the knowledge of back-end and front-end development, using C# programming languages, Javascript and all related technologies. He has been in the LetBet team as a developer since February 2017.


Jitendra Rathod - Advisor - Content Manager

Jitendra is an advertising and content developer in the field of B2B and B2C. He is currently a content manager for several companies. He has been a member of the LetBet team since December 2017. He is responsible for the creation of content in marketing activities and deals with its strategy. Writes content on various LetBet platforms.


Bill Healey - Casino Advisor - Business Development Manager

Bill is a well-known international journalist with more than thirty years of experience in the field of hospitality, casino games and recreation. Bill provides editorial content on technology issues related to casino, spa and golf for well-known journals: Casino Life Magazine, Gaming for Africa, Hotelier Indonesia, Wellness Today Korea, the Thai Spa Association, Spa China magazine.


Aleksey Batishev - Online Gambling Advisor and European Expansion Manager

Alexey is a marketing and business development manager in the field of online gaming and gambling. He has been working in the online gaming industry for more than 11 years. He is an international moderator of the Gambling Portal Webmasters Association (GPWA). Currently he is a business development manager at LetBet and helps to expand business for LetBet in the Russian and Eastern European markets.

The LetBet team also employs more than 12 developers, designers and UX experts. They are all professionals who have experience in the online gambling industry.

We should also note the strengths of the team: This is marketing, with experienced marketers specializing in content and advertising as well as an experienced lawyer on staff. Managers are actively interacting with the community; they give full answers to the questions. However, we note that the team does not have financial specialists nor any customer service support. In addition, for some reason there is no information about the founders of the project. According to company representatives, it is planned to update this information in the near future.

We believe that the LetBet staff is composed of experienced specialists; this will help to achieve the project's goals. With the increase in the number of network users, good customer support will be an essential requirement.

Development strategy and the Roadmap

The roadmap for the LetBet platform is as follows:

The LetBet platform is an already functioning decentralized platform, which was launched only recently - in January 2018, simultaneously with the start of its private sale. More than 1700 active users registered on the platform in just over 20 days.

Players can already bet on football matches and receive their winnings.

Slot machines and roulette are in the testing stage.

According to the collected statistics at the time of writing in the last 24 hours, bets for more than 1 mln LBT were made via 3 games.

As seen on the roadmap illustration, almost every month throughout 2018 the platform will be launching a new type of betting, slot machines, various online games, as well as updates.

According to project representatives, the LetBet team has sufficient funds allocated to the development of the platform according to the roadmap, and the planned development for the platform will not depend on the results of the ICO.

However, LetBet expects to attract bookmakers using funds raised at the ICO. Their number is directly related to the success of the token sale:

  • < 5 mil - Find 1 Bookmaker - Develop Platform
  • < 10 Mil - Find 3 Bookmaker ( 2 regions - 1 UK, 1 Sing)
  • < 30 Mil - Find 5 Bookmaker ( 2 more regions)
  • > 30 Mil - Expand Online Gambling + VR + 10 Bookmakers

This development plan was drawn up for the year 2018. According to the developers, in subsequent years they will also be engaged in expanding the market, filling the platform and marketing. However, no details were reported.

Summing up, we wish to mention a few positive aspects for the development of the platform. Firstly, LetBet is an already functioning platform, where players have the opportunity to play 3 games, 2 of which are in the beta stage of development. Secondly, we believe the lack of binding the development targets to success at the token sale to be a plus.

Marketing strategy

The following activities were developed by the project managers when creating a marketing strategy:

  • Referral program. The main purpose of the referral program is to attract as many users and promoters as possible. Promoters are those users who have contributed to the creation of the community, the network and the promotion of LetBet.

The program consists of two phases:

  • ICO phase.

  • Post-ICO phase.

The referral program functions in the following way: The first user (promoter) receives a reward in the form of 4% (8% for promoters) of LetBet income at the ICO stage by attracting two users (promoters). In turn, the attracted users (promoters) receive 3% (6% for promoters) of LetBet income at the ICO stage for two new attracted players (promoters). Rewards are distributed to users and promoters at the post-ICO stage.

  • Partner Network. The purpose of this stage is to acquire a base of partner users who are included in the bookmakers and game providers’ top 10. The first partner was Live Tech Asia, which is the leading gaming provider in Southeast Asia.

  • Loyalty program. This is designed for overall results of all the games played. After each game, the player will accumulate points, which can be exchanged for an equivalent number of LBT tokens. This kind of program is attractive to users.

  • Digital marketing (AdWords Search, AdWords Display).

In compiling and implementing its marketing strategy, LetBet uses Double Click platform machine learning, which provides information about user behavior and actions. Thanks to such modern and advanced marketing mechanisms, the developers expect to attract more than 2m users to their platform.

To attract investors, the LetBet developers are using the following channels:

  • The team interacts with the community via the Bitcointalk thread, which has more than 30 pages of messages with questions and quick responses from the team. Communication also occurs via Telegram chat, where the project is being discussed between thousands of interested potential investors and users.

  • The team maintains accounts on popular social media such as Facebook and Twitter.

  • It has a popular YouTube channel. The number of views for videos posted exceeds 1500.

  • Press releases about the LetBet project have been published via the following news sources: SBC News, CCN, Cointelegraph.

  • The bounty program, for which a separate thread on Bitcointalk has been created.

According to the plan for allocation of funds raised during the ICO to the betting development, the main component is marketing for which up to 20% of all proceeds are allocated.

Following its marketing strategy, management allocates a budget for marketing from the start of the private sale:

  • 2% of the funds raised during the private sale, equalling $18,747 from the $937,334 raised. As a result, 1710 users were attracted in 20 days.

  • 15% of the Pre-ICO and ICO funding raised, which will be $1,485,000 and $11,235,000 respectively (if the hard cap is reached).

In our opinion, the team effectively uses various marketing tools to attract users to the platform. Instead of spending a lot of money on advertising, management focused its resources primarily on a referral program with attractive terms, motivating the creation of a network of referrals. This program, according to developer expectations, should ensure the result of increasing the number of LetBet platform users to 2 mln over the first year of operation.

Economy of the Project

The economy of LetBet is based mainly on 3% commission from operators such as bookmakers, game hosters, game operators, etc. In addition to this commission, the platform will generate revenue from the following sources:

  • Receive <1% of winnings.

  • Subscription based income - The Cost Per Subscription for the Bookmaker/ Game Provider who uses LetBet 's game to operate business on the platform.

  • Ads - calculated by adsinventories generated from LetBet traffic and sessions.

  • One-time Charge - the cost for exclusive purchase of games developed by LetBet.

Since the main revenue for the platform is commissions from operators, it is directly related to the number of users on the platform, and therefore to the results of marketing activities.

Knowing the number of new users and the marketing budget, the project team builds its economic model based on statistical data. Thus, the cost of attracting one user based on the results of the first sales period is $11. If investment goals are reached at the pre-ICO and ICO to the maximum amount, then according to calculations the cost of attracting each user will be $8 during the period of the pre-ICO and $6 at the ICO stage.

User cost according to ICO stage:

ICO Stages

Marketing cost per user

Launching & Private Sale






Number of users for each ICO stage:

ICO Stages

Marketing cost per user

Launching & Private Sale






Thus, by using marketing tools and allocating 15% of attracted funds for this purpose, the management intends to increase the number of users on its platform from 1710 to 2 million and more.

In compiling the platform's financial forecasts, the developers rely on the results of a UK Gambling Commission survey, in which a group of players joining bookmakers in the last 4 weeks of the 1st quarter of each year from 2014 to 2017 demonstrated the following statistics:

From the chart we see that there are more active users gambling more than 2 times a week. There are also more users playing once a month. In the course of research, details were compiled showing that each player will bet at least 47 times a year. This value is defined by the term Life Time Value (LTV).

In their forecasts, the founders consider the worst-case scenario for development where the income stream is formed from commission from operators alone and amounts to 3%.


Private Sale & Launch Stage



Total Fund Raising




Marketing Budget




Total Marketing Budget








Number of active users




Betting Value/Users (LBT)




Betting times/User/Year




Life Time Value (LBT)




Total Yearly Predicted Value (LBT)




LBT Value ($)




Total Value ($)




Yearly LetBet Revenue from Game (3%)




Gross Income/User/Year




In their calculations the developers used a formula that determined the expected revenue for each token sale period. Details as follows:

User Volume x Bet Value (LBT) x Frequency x 3% Commission = Revenue

Thus, we see that in the worst-case development scenario the project founders predict potential revenue generation of $37 mln per year with 2 mln users on the platform. However, since the number of platform users was calculated on the basis of reaching the maximum at all stages of the token sale, almost $85 mln, we do not believe that the investors are providing their worst-case development plan. In our opinion, the bar of $85 mln is overstated, so if the hard cap is not reached, the amount of funds allocated to marketing will be smaller, and therefore forecasts about number of users that would be attracted may be overestimated. This will clearly result in the reduction of generated income on the LetBet platform.

Token investment attractiveness

The LBT token is a utility token, and in the current model the main reason for its price increase would be the network effect. All further development and continuation for LetBet will be directly related to the number of users on the platform.

The project does not provide any additional mechanisms to increase investment attractiveness in the long term, but short-term investors as well as current and potential platform members are offered a bonus system.

50% of tokens will be distributed during the ICO, and the remaining 50% will be used for other purposes. We believe that this distribution structure could put pressure on the exchange rate of the token for some time after the launch of the platform.

In assessing the potential for token price growth, investors should take into account the fact that there are now several platforms created using blockchain technology offering users payments in fiat currency, which is a more convenient and clear way of making payments. The project management provides no forecasts for growth rate of the number of users after the crowdsale in the long term, so to assess the investment attractiveness we can use comparative data on competitors. For example, the largest player in the gambling market, GVC Holdings, according to information provided on their site, had an EBITDA of €206 mln with 79 mln registered accounts in 2016, which is an average of approximately $3.2 per user annually. The founders of the same project base their economic model on the calculation of a net profit of $18.1 per user annually. For this reason, we believe that the turnover for the LetBet platform, even assuming 2 mln users are attracted, could be much more modest than predicted.

Given all the above facts, we believe that participation in the LetBet ICO may be of interest:

  • To future platform users. Taking into account the bonus program, the ICO may be of interest to this segment.

  • To investors with a long-term investment horizon accepting the risks identified in this review, to those betting on growth in the number of users, and to those who have independently assessed the skills and experience of the project team.

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $12260 from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.