DuelNow has recently announced a significant $11 million investment for its innovative blockchain-based sports betting platform. The primary contribution of $10 million came from GEM Digital Limited, with an additional $1 million from notable personalities like Charlie Lee of Litecoin, Richard Ma of Quantstamp, and Billy Markus of Dogecoin.
DuelNow utilizes the Ethereum Layer-2 blockchain, Arbitrum, to create a peer-to-peer sports betting environment. This advanced technology aims to eliminate the conventional “house” element in betting, providing users with a transparent, efficient, and user-centric betting experience.
By eliminating intermediaries, DuelNow plans to decrease fees and enhance payouts, directly benefiting sports bettors seeking more control and fairness in their activities.
The company intends to utilize the new funds to expand operations, increase user awareness, and establish itself as a market leader. This strategic move is not solely about growth but also about revolutionizing the sports betting industry with blockchain technology at its core.
With a focus on improving user experience, DuelNow is streamlining sign-up processes, eliminating unfair odds, and addressing the rigidity associated with traditional betting platforms.
Currently, DuelNow offers its platform for major leagues such as the NFL, MLB, NBA, and MMA, offering a customizable betting experience that challenges the industry norm by removing the house advantage.
The platform’s future plans include introducing more sports and betting options, demonstrating a commitment to continual enhancement and responsiveness to user needs.
The enthusiasm for on-chain sports betting is growing, as indicated by endorsements from industry figures like Mike Ippolito of Blockworks and AltcoinPsycho, reflecting broad industry recognition of decentralized platforms’ potential to disrupt traditional betting norms.
This optimism is echoed by the investor enthusiasm for DuelNow, which aims to democratize sports betting and bring much-needed transparency and empowerment to the sector.
Read Also: How Blockchain Betting Is Empowering The Bettors?