Luna Bets IDO Announcement
Amid the COVID-19 crisis, the global market for Gambling grew to an estimated US$711.4 Billion in 2020. Clearly people love to bet — the combination of excitement, potential upside and flow states that gambling enables are all contributing factors in the growth.
But the gambling industry is by no means without it’s problems. The centralised nature of gambling companies means they care about one thing, and one thing only — profit.
Gambling companies further compound the odds in their favour, with complex terms and conditions to get out of paying winners customers. In short, they do everything in their power to ensure the house always wins.
Lunabets exist to solve these issues.
Lunabets is the world’s first decentralised, peerless sportsbook. It aims to make community members ‘the house’ and offers customers the chance to bet on a completely transparent and immutable way, via the blockchain.
You can choose to earn a passive income by staking your liquidity in the house pool, by taking your chances with a bet or both!
The $LNA token underpins the entire ecosystem, giving holders governance rights, ownership, revenue share, and other rewards.
Lunabets solves many problems facing the gambling industry, let’s take a look.
Blockchain as Truth
Blockchain, at its core, is mathematical truth. There is nowhere to hide, and every transaction occurring through Lunabets will be visible at all times. This technology unlocks huge confidence in customers that the bets they are making are fair, and that they will be paid. Gone are the days of having to trust a centralised organisation with questionable motives.
Blockchain as Immutability
Smart contracts will ensure that there is no way to void or manipulate bets that have been accepted by the protocol. The blockchain cannot be tampered with or altered. Bettors will know that any bet they make will be paid in full direct to the customers waller, trust never before heard of in the industry.
One of the issues with regulation in the gambling industry is how local it is. Each nation-state has its own criteria and rules. Lunabets will unlock worldwide access to a fair bookmaker.
Lunabets is a community owned DAO. This means people who use the platforms to gamble, also benefit from an upside of the revenue the platform makes. Imagine walking into a casino and knowing that regardless of whether you won or lost, you would receive a share of the profits from the normal running of the business. This is a completely game-changing approach and flips the exploitative nature of the gambling industry on its head.
One of the reasons we are so excited about Lunabets is the vision of the product they are offering. They are seeking to add value at every stage of the customer journey, creating a platform that is an absolute joy to use. Lunabets initial product will be split out into a few key elements
- Liquidity Pools — Investors can stake USDC/WETH/WBTC and earn profits in the respective token + $LNA rewards for participating in the pool. This pool is the counterparty to bets struck on the protocol.
- Sportsbook — Blockchain-based sportsbook secured by a global decentralized network. Bet anywhere without depositing knowing your funds are secure in the house pool.
- Casino — With the best slots and card games available, you can play on Lunabets safe in the knowledge the platform will always meet payouts.
- ETH & BTC price prediction — User friendly design, focused on a simple interface that allows betting on hourly, daily & weekly ETH & BTC closing prices.
At Lithium, we will never back a project whose token doesn’t offer real utility. Lunabets certainly fits the bill, the $LNA token has more utility than you can shake a stick at!
First and foremost, the $LNA token can also be used to place bets on any of the games, and enter tournaments offered on the Lunbets platform. But the utility doesn’t end here, holders can also stake tokens to access a share of the profits from the platform and also participate in governance.
The founding team is something that holds a big weight in Lithium’s incubation decision-making process. George Porchester, the founder of Lunabets blew us away with his deep, specific knowledge of the gambling industry that has come from over 10 years in the space. As a seasoned entrepreneur, we think George is well placed to guide Lunabets to success.
George has filled the gaps in his knowledge by bringing on a team of experienced operators, including James, running finance and Ali as CTO. You can see the full team on the Lunabets whitepaper.
Lithium x Lunabets
Lithium has invested in the Lunabets pre-seed round, and will be incubating George and his team, helping them navigate the ever-changing landscape of early-crypto, assisting with marketing, tokenomics and partnerships.
Lunabets will be among the first cohort of Polygon companies to launch on the Lithium launchpad, raising in the native $MATIC token
We are incredibly excited to be working with Lunabets, and will keep you updated with further information regarding the product and IDO in due course.