DuelNow, a decentralized sports betting platform, has secured $11 million in funding led by GEM Digital Limited, marking a significant investment in the growing Web3 gambling sector.
This move comes as the industry experiences a surge in activity, particularly on platforms like Polymarket, a crypto-betting site on the Polygon blockchain.
Built on Arbitrum, an Ethereum layer-2 solution, DuelNow aims to revolutionize sports betting by offering a peer-to-peer platform that eliminates traditional intermediaries.
By “taking the house out of the equation,” DuelNow promises lower fees and higher payouts for users betting on NFL, MLB, NBA, and MMA events. The platform plans to expand its betting options in the future.
The funding round included notable investors such as Charlie Lee, the founder of Litecoin, and Billy Markus, the creator of Dogecoin.
Their involvement underscores the growing interest and confidence in blockchain-based betting solutions.
The global online sports betting market, valued at nearly $60 billion, is projected to grow at an annual rate of over 10% through 2032.
Blockchain technology is becoming integral to this growth, offering reduced transaction costs and enhanced transparency.
According to The Business Research Company, blockchain’s role in sports betting platforms is expected to expand significantly in the coming years.
Polymarket, another major player in the Web3 betting space, reported over $1 billion in trading volume in July, driven by bets on the upcoming U.S. presidential election.
The platform saw $430 million wagered on election outcomes alone, highlighting the increasing popularity of crypto-betting.
DuelNow is not alone in attracting significant investment in Web3 gambling.
In July, Maincard.io, a Web3 fantasy sports game, launched on the TON blockchain network after receiving $2 million from the Ton Foundation’s accelerator program.
Additionally, Ixia Capital raised $20 million in June to fund online and Web3 gambling ventures, planning to launch 25 betting startups over the next five years.
Earlier this year, Web3 betting platform Shuffle secured $2.5 million in seed funding with backing from Mechanism Capital’s Andrew Kang.
