Arbitrum-based DuelNow secures $11M funding as Web3 betting surges
In a notable financial maneuver, DuelNow, a decentralized sports betting platform built on Arbitrum, an Ethereum layer-2 network, has successfully closed an $11 million funding round. The announcement made on August 1 reveals that GEM Digital Limited spearheaded this investment, signaling a robust interest in the burgeoning Web3 gambling sector.
Web3 Gambling on the Rise
The funding for DuelNow is part of a broader trend of increased venture capital investment in Web3 gambling platforms. This surge in investments coincides with a significant uptick in activity on Polymarket, a crypto-betting platform operating on the Polygon blockchain. In July alone, Polymarket exceeded $1 billion in trading volume, driven predominantly by wagers on U.S. election outcomes. This trend underscores a growing market appetite for decentralized betting solutions.
A New Dawn in Betting Platforms
DuelNow distinguishes itself as a decentralized peer-to-peer betting platform that promises lower fees and higher payouts by eliminating the traditional “house” from the equation. Catering currently to fans of the NFL, MLB, NBA, and MMA, the platform has ambitions to expand its betting products further. The global online betting market, valued at nearly $60 billion, is projected to grow at an annual rate of 10.5% through 2032, according to Zion Market Research.
Notable Investors and Market Projections
Among DuelNow’s investors are prominent figures in the cryptocurrency world, including Charlie Lee, the founder of Litecoin, and Billy Markus, the creator of Dogecoin. The investment underscores the increasing integration of blockchain technology in the sports betting industry, which aims to reduce transaction costs and enhance transparency. The Business Research Company supports this view, noting blockchain’s role in transforming betting platforms.
Recent Developments in Web3 Betting
The Web3 betting sector has seen several significant developments recently. In July, Maincard.io, a Web3 fantasy sports game, launched on the TON blockchain network after securing approximately $2 million from the Ton Foundation’s accelerator program. Similarly, Ixia Capital raised $20 million in June with plans to invest in online and Web3 gambling, intending to launch around 25 betting startups over the next five years. Earlier in February, Web3 betting platform Shuffle closed a $2.5 million seed round, attracting investors like Mechanism Capital’s Andrew Kang.
Future of Web3 Betting
The trajectory of Web3 betting platforms like DuelNow suggests a promising future for decentralized gambling. By leveraging blockchain technology, these platforms can offer more transparent, cost-effective, and user-friendly betting experiences. As the global online betting market continues to expand, and with increasing venture capital interest, the Web3 betting sector is poised for significant growth.
In conclusion, DuelNow’s recent $11 million funding round marks a pivotal moment in the evolution of Web3 betting platforms. With the support of major investors and the growing integration of blockchain technology, DuelNow and similar platforms are set to redefine the future of online sports betting. As the market continues to grow, the potential for innovation and expansion in the Web3 betting sector appears boundless.
