Despite Crypto Winters and Scandals, Blockchain Technology Persists in Sports Betting Market

According to Grand View Research, the global sports betting market is expected to grow to $182.12 billion in revenue by 2030, up from $76.75 billion last year. This surge in growth has attracted numerous startups looking to capitalize on this burgeoning market. One such startup is HotStreak, a web3 platform for daily fantasy sports (DFS) contests, which believes that decentralizing payments is an ideal solution for DFS platforms.

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The Emergence of Decentralized Sports Betting Platforms

However, HotStreak is not the only player in the decentralized sports betting space. Other notable startups include Polymarket, a global information markets platform for sports betting; BetDEX, a global decentralized sports betting exchange; Aver, a decentralized betting and prediction exchange; and Divvy, a decentralized betting protocol. The growing interest in decentralized sports betting is also reflected in the success of crypto app downloads, which were boosted by Super Bowl ads by 279%.

Frontrunner: A Decentralized Sports Prediction Market

Against this backdrop, New York-based Frontrunner, a decentralized sports prediction market, has raised a $4.75M funding round led by Susquehanna Private Equity Investments LLP. Joining the raise were Soma Capital, Gilgamesh Ventures, FBG Capital, Entrepreneurs Roundtable Accelerator, Toy Ventures, Gaingels, Ledger Prime, WAGMI Ventures, and NOA Capital.

What Sets Frontrunner Apart

So, what makes Frontrunner different from other decentralized sports betting platforms? One of its unique features is that it presents betting odds in a way that resembles stock market prices. Users can buy shares of teams and players across markets like NFL, NBA, and Premier League using crypto through a simplified trading interface. The company also plans to roll out ETF-style offerings, allowing users to invest in teams, favorite ownership groups, and league divisions.

A Zero-Gas-Fee Decentralized Platform

Frontrunner is built on the blockchain and employs Injective, a protocol developed by COSMOS, to support decentralized financial markets and order books. The platform’s zero-gas-fee model makes it an attractive option for users looking to participate in decentralized sports betting without incurring high transaction costs.

Expansion Plans

The company launched its testnet earlier this year and has announced plans to expand its services to other sports and markets. Frontrunner is also exploring partnerships with sports teams, leagues, and media outlets to enhance user engagement and provide a more immersive experience.

A Growing Market for Decentralized Sports Betting

The success of Frontrunner and other decentralized sports betting platforms highlights the growing interest in this market. As the global sports betting market continues to expand, it’s likely that we’ll see even more innovation and investment in decentralized sports betting solutions.

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