DuelNow, a burgeoning force in the decentralized sports betting arena, proudly announced a significant financial milestone with a $10 million investment from GEM Digital Limited and an additional $1 million from a consortium of influential industry angel investors. This infusion of capital underscores a pivotal moment for the player-first betting marketplace. The investment roster features prominent figures like Charlie Lee of Litecoin, Richard Ma of Quantstamp, and Billy Markus, the brain behind Dogecoin, alongside other notable investors such as Crypto Rand, Mooncat, Marc van der Chijs, and more.
Empowering bettors with blockchain:
This substantial financial backing sends a resounding message across the betting landscape: decentralized sports betting is not just emerging—it’s here to stay. DuelNow leverages the esteemed Ethereum Layer-2 blockchain, Arbitrum, to foster a genuine peer-to-peer betting environment. This technology ensures unparalleled transparency and rapid transaction speeds, effectively removing the traditional ‘house’ element, which results in reduced fees and increased payouts, thus prioritizing the bettor’s experience. The newly acquired $11 million capital will be strategically utilized to fuel DuelNow’s growth, increase its market presence, and consolidate its position as a leader in the market while advocating for the broader adoption of blockchain technology to enhance the sports betting domain.
DuelNow is setting new standards in the crypto gambling and blockchain betting sectors by eliminating burdensome sign-up procedures, unfair odds, financial exclusivity, and poor user experiences. This approach is capturing the attention of disillusioned bettors who demand better from traditional betting shops and websites. Currently, the platform caters to fans of major sports leagues like the NFL, MLB, NBA, and MMA, offering a tailored betting experience that eliminates the house advantage. Plans are underway to expand the sports offerings as the platform evolves.
As GlobeNewswire reports, the on-chain sports betting market is rapidly gaining traction, catalyzed by the success of platforms like Polymarket. Figures like Mike Ippolito, co-founder of Blockworks, and AltcoinPsycho have recently voiced their optimistic views on this burgeoning segment.
Looking forward:
DuelNow is dedicated to introducing a variety of sports and bespoke betting options that allow for personalized competition. This initiative could transform how real-life friends engage in P2P sports betting on their favorite sports. The overarching goal is to cultivate a marketplace where bettors are not only participants but also have a significant say in the proceedings, ultimately feeling a greater sense of control and fairness in their betting activities. Those who engage with DuelNow in the near term are poised to witness a transformative shift in the landscape of crypto sports betting, thanks to the recent financial boost.
DuelNow’s initiative is part of a larger trend of venture investments in Web3 gambling, as demonstrated by the heightened activity on platforms like Polymarket. With Polymarket surpassing $1 billion in trading volume largely due to bets on the U.S. presidential election outcomes, the potential for blockchain to redefine online betting continues to grow. According to industry analyses, the global online sports betting market is set to expand significantly, fueled by blockchain’s ability to reduce transaction costs and enhance transparency.
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Vanja Mitic 2024-08-02 13:24:11
