DuelNow has secured $11 million investment for its blockchain-based sports betting platform. The funding was led by a $10 million commitment from GEM Digital Limited and an additional $1 million from notable figures like Charlie Lee of Litecoin, Richard Ma of Quantstamp, and Billy Markus of Dogecoin.
DuelNow’s leverages the Ethereum Layer-2 blockchain, Arbitrum, to facilitate a peer-to-peer sports betting environment. This technology promises to eliminate the traditional “house” element of betting, offering instead a transparent, swift, and user-focused experience.
By removing the intermediary, DuelNow aims to reduce fees and increase payouts, directly benefiting the end users—sports bettors who seek more control and fairness in their betting activities.
DuelNow plans to use the fresh capital to scale operations, boost user awareness, and establish itself as a leader in the market. This move is not just about expansion but is a clear thrust towards reshaping the sports betting landscape with blockchain technology at its core.
With an eye on enhancing user experience, DuelNow is cutting out cumbersome sign-up processes, unfair odds, and the inflexibility often associated with conventional betting shops and websites.
Currently, DuelNow offers its platform to enthusiasts of major leagues such as the NFL, MLB, NBA, and MMA, providing a customizable betting experience that challenges the status quo by removing the house advantage.
The platform’s roadmap includes the introduction of additional sports and betting options, indicating a strategy focused on continuous improvement and responsiveness to user needs.
The sentiment around on-chain sports betting is increasingly positive, as evidenced by comments from figures like Mike Ippolito of Blockworks and AltcoinPsycho, reflecting a broader industry acknowledgment of the potential for decentralized platforms to disrupt traditional betting paradigms.
This enthusiasm is mirrored by the investor excitement around DuelNow, which not only promises to democratize sports betting but also to infuse the sector with much-needed transparency and user empowerment.
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