GENERAL INFORMATION & GAMBLING ONLINE PROBLEMS
This segment will focus on assessing the online gambling industry in conjunction with the well-known challenges facing the online betting industry.
GENERAL INFORMATION
Online betting (or Web bets) includes games like poker, clubhouse and other conventional games played over the internet.
In 1994 when online gambling became popular, many countries restricted online betting while some others interpreted it as illegal or practice. However, some areas in Canada, some European countries, and some Caribbean islands allow online gambling as a business or legal practice.
Since then, the online gambling industry has grown to what it is today, worth 500 billion USD. It continues to rise at a steady rate, with some indication that it will grow With the development of internet and mobile technology, the online gambling industry is predicted to experience an explosion in the near future.
The online gambling industry consists of many business and technology models, which include:
Sports betting: Betting on sporting events (soccer, horse racing, hound racing for example)
* Online Poker: Service providers receive the benefits of betting.
* Casino Game: Slots and roulette machines are operated in a manner similar to a traditional land-based casino.
* Bingo Online: Online ageold game version
* Online Lottery: Same as regular lottery, but operated online.
Key vendors in the Online Gambling Industry include: 888 Holdings, GVC Holdings, UniBet groups, William Hill and many others, operating from traditional business models. According to statistics, William Hill is a market dominator in the UK with a 15% market share.
GAMING ONLINE PROBLEMS
Despite the significant growth of the online gambling industry, the initial issues that some countries accept, and others deny the idea of online gambling, are still lurking inside. This, from time to time, formed into a major problem facing the industry. Some of them are highlighted below
RELATED CONCEPT CONCEPTS:
The online gambling industry is filled with the many perceptions and views of both players and regulators who closely watch the industry. Some of these perceptions will be discussed below, as well as how LetBet will fix the problem with the introduction of our peer-to-peer system, eliminating unfair and questionable belief systems.
ILLEGAL TAX LAW:
Illegal tax evasion is one of the reasons why some countries refuse online gambling, especially those with no mechanism to monitor or unwilling to check the activities of the online gambling industry.
Similar to illegal tax evasion claims, some see the online gambling industry as a means to easily launder cash.
PLAYER EXAMINATION:
Player sharpness is another problem in the online gambling system. The sharpness of players mostly occurs in games played from remote locations. A player, playing games with other players he does not see, may doubt whether he is playing with a real person.
Players communicate with others through the GUI, which interacts with complex betting site servers. For the main reason that players from the end have no trust from other players on the other side, is the reason that makes players differentiate significant problems with online gambling, with every player having the perception that they are being manipulated.
In an online study of 10,838 online clubs and poker players, more than 96 respondents in the country expressed unusual amounts of doubt in online betting.
SECURITY:
Security is an important part of the challenges faced by the online gambling industry. Traditional online gambling providers operate through centralized computer networks. The main problem with this method is: when there is a system hacking incident, users will lose their money including information relating to bank account details and other confidential information. Despite the fact that security platforms evolved from the client and server side to improve the level of public security through the internet, vulnerabilities with centralized online gambling administration methods make it difficult to obtain error free systems. This is one of the major loopholes that LetBet's system aims to plug to revolutionize the online gambling industry.
TRUST
The online gambling industry works through code generated from close-source systems. A group of developers can change the code inside the system.
Reasons like this are evident for games like poker, where both sides start and play games remotely make confidence issues important in online gambling.
Payment: Deposit and Withdrawal is always a big problem for players. Payment issues have long been an issue of online gambling because the law imposes very low transfer and deposit limits on fiat cards. There is also another situation where a claim is filed against the defaulters. Such issues are positioned to be eliminated from the industry with blockchain-powered online bets.
SLOW
Possible steps in traditional online gambling systems are numerous because traditional online gambling providers are very interested in getting a lot of information about players who are less focused on games per se. They are forced to do this in order to protect their systems against unauthorized intruders. This is not so with the LetBet system that deploys blockchain technology through smart contracts with participants. Therefore, there is little concern for intruders, because, it is almost impossible to hack the blockchain system used through intelligent contracts compared to traditional centralized authorities. The reason for this is that senders and recipients have no trace of information about themselves, which makes it more like a physical cash transfer in which the participants have no backlash after making the transaction. As a result, there is little chance of a hacking system.
UNRELIABILITY
There is a case where the game host server is turned off and then the player must be abandoned because of the mercy of the host as he has to initiate a rigorous process to ensure a refund of his game. But with the LetBet system, from the point where you choose your game, to the point of payment, everything is based on a supported smart contract
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