August 1, 2024
DuelNow, a decentralized sports betting marketplace built on the Arbitrum layer-2 blockchain, announced the closing of an $11 million funding round led by GEM Digital Limited.
This investment highlights the growing interest of venture capitalists in Web3 gambling solutions.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
DuelNow | $11M | Aug 1, 2024 | Seed | $11M | GEM Digital | Gambling |
DuelNow joins a wave of recent investments in Web3 gambling platforms, mirroring the surge in activity on Polymarket, a crypto-betting platform on the Polygon network. Polymarket surpassed $1 billion in trading volume in July, driven largely by user wagers on US election outcomes.
DuelNow positions itself as a peer-to-peer betting platform that utilizes blockchain technology to eliminate intermediaries, resulting in lower fees and higher payouts for users. Currently, the platform caters to fans of major sports leagues like NFL, MLB, NBA, and MMA, with plans to expand its offerings in the future.
The announcement also reveals prominent investors in DuelNow, including Litecoin founder Charlie Lee and Dogecoin creator Billy Markus.
This funding round underscores the significant potential of Web3 technologies within the online sports betting market, currently valued at nearly $60 billion and projected to grow by over 10% annually. Blockchain adoption is increasingly viewed as a means to reduce transaction costs and enhance transparency within the industry.
DuelNow's funding follows a series of similar investments in the Web3 gambling space. In July, Maincard.io, a Web3 fantasy sports platform, launched on the TON blockchain network after securing funding from the Ton Foundation. Ixia Capital also recently raised $20 million specifically to invest in online and Web3 gambling startups, targeting the launch of 25 new betting ventures over the next five years. Another example is Web3 betting platform Shuffle, which closed a $2.5 million seed round in February.
About DuelNow
DuelNow is a Peer-to-Peer Sports Prediction Marketplace. It allows you to take Complete Control & Predict Sport Outcomes by offering bookie-free sports betting. Create crypto bets, set your odds, and win on your terms
Website: https://duelnow.com/
X Account: https://twitter.com/getduelnow
X Followers today: 679
About Investor
Investor: GEM Digital
Description: GEM Digital Limited is a digital asset investment firm based in the Bahamas. They actively source, structure and invest in utility tokens listed on over 30 CEXs and DEXs globally.
Location: Bahamas
Website: https://www.gemdigital.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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