DuelNow paves way for decentralized betting to go mainstream
Published: Aug 6, 2024 - Last Updated: Aug 7, 2024
DuelNow is a new betting platform, recently boasting flashy new headlines after securing over $11 million in funding. With industry leaders placing their trust in DuelNow, what should you know about this up-and-coming blockchain betting platform?
“Bookie-Free” Sports Betting
Before we dive into the money side of things, we need to answer the question – what is DuelNow?
As a betting platform, the following terms have been associated with DuelNow with a focus on “decentralized betting” which is the redundancy of bookmakers:
- “Blockchain-based” – introduction of a secure, transparent and super fast processing of bets, eliminating the need for intermediaries such as bookmaker.
- “Peer-to-peer” – individuals can bet directly against one another without needing a betting site.
Accordingly, the slogan “win on your terms” aims to liberate its users while also allowing users to place cryptocurency betting over conventional currency. Within the esports betting community, many are calling this new approach to betting potentially “game-changing” and “revolutionary”. For the time being though, it may be a little early to confirm such claims.
GEM Digital, Litecoin & Dogecoin – $11 Million
GEM Digital supports DuelNow with a staggering $10 million of funding. As a digital asset investment firm based in the Bahamas, it’s clear that this company sees the potential in DuelNow as the new face of modern betting.
Alongside GEM Digital, who is the primary investor, the founders of Litecoin (Charlie Lee), Dogecoin (Billy Markus) and Quantstamp (Richard Ma) are all aboard the hype train, dropping a combined million dollars of their own in funding as “angel investors”.
Currently aiming to offer bets on traditional sports based in North America, such as the NBA and MMA, DuelNow aims to use this investment to dive into further markets such as esports betting. Right now, DuelNow has an Early Access waitlist available for anyone interested in joining – first invites are being sent in Q2 2024.
If the concept of decentralized betting with very little bookmaker fees takes root, we may be in for a wholly new way of operating in the esports betting space.
