Despite the Crypto Winter and other scandals, blockchains appear to be here to stay in the sports betting market ExamPaper

According to Grand View Research, the global sports betting market is expected to grow to $182.12 billion by 2030, up from $76.75 billion last year.

So we see a number of startups crowding around this market. For example, HotStreak, a web3 platform for daily fantasy sports (DFS) matches, is betting that payment decentralization is an ideal solution for DFS platforms.

Meanwhile, you have Polymarket, a global sports betting information market platform; BetDEX, a global decentralized sports betting exchange; Aver, a decentralized betting and prediction exchange; and Divvy, a decentralized gambling protocol. In addition, Super Bowl ads have boosted crypto app downloads by 279%, so there is a fast-growing market.

And so it is that New York-based Frontrunner, a decentralized sports prediction market, has now raised a $4.75 million round of funding from Susquehanna Private Equity Investments LLP. Soma Capital, Gilgamesh Ventures, FBG Capital, Entrepreneurs Roundtable Accelerator, Toy Ventures, Gaingels, Ledger Prime, WAGMI Ventures and NOA Capital participated in the increase.

So what makes Frontrunner different?

One of the tricks is making the improving market look much more like a stock exchange-like experience. So betting odds are presented more like stock prices. Users can buy shares of teams and players in markets such as 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 across teams, favorite ownership groups, and divisions. They will also be able to buy and sell using stablecoins.

Frontrunner is a decentralized zero-cost sports betting market built on the blockchain, using Injective, a protocol built on COSMOS, to support decentralized financial markets and order books, leveraging blockchains such as Ethereum and Solana.

The company launched its testnet last quarter and plans to add the FIFA World Cup 2022 market and expand offerings across its existing NFL, NBA and Premier League leagues by the end of this year.

Neil Zhang, Founder and CEO of Frontrunner said, “Instead of being a generic product for the prediction market, we are launching Frontrunner, which specifically targets sports and esports markets… We believe blockchain will bring the industry closer to what users really want when using a sports prediction market product.”

Speaking to me on a phone call, he added, “Most of our competitors have been in the Solana ecosystem so far. But we’ve really had more of a multi-chain type view of the long-term view of our products. And so we chose to be first in the cosmos ecosystem, which we’re very optimistic about in terms of the interchain operability and some of the multi-chain technologies that are being built there.

“We are extremely excited about the capabilities of the Cosmos ecosystem on which Frontrunner is built and believe it has a great future,” said Dean Carlson, head of Digital Asset Investments at Susquehanna Private Equity Investments LLP, in a statement.

Eventually, next year, Frontrunner says it will give users social features, allowing them to create group funds where they collaborate by pooling capital and investing collectively.

The company is in the process of obtaining an offshore gambling license in the Isle of Man in the first quarter of next year, which will allow it to operate legally in several jurisdictions, including Canada, Mexico, parts of Europe and many more. of South America, Africa and Asia.

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