DuelNow Company Profile

Background

DuelNow is a decentralized sports betting marketplace that operates on the Ethereum Layer-2 blockchain, Arbitrum. The platform offers a peer-to-peer betting experience, eliminating the traditional house advantage found in conventional betting systems. DuelNow's technology enables users to create custom predictions, set odds, and compete directly with other bettors. This approach results in lower fees and higher payouts for users. The platform prioritizes transparency, speed, and a bettor-centric experience. As of August 2024, DuelNow supported betting on NFL, MLB, NBA, and MMA events, with plans to expand to additional sports in the future. The company aims to disrupt the betting industry by removing heavy sign-up requirements, disadvantageous odds-making, financial exclusivity, inflexibility, and poor user experience often associated with traditional betting platforms.

Key Strategic Focus

DuelNow's strategic focus centers on revolutionizing the sports betting industry by leveraging blockchain technology to provide a decentralized, peer-to-peer platform. Key objectives include:

Eliminating the House Advantage: By removing traditional intermediaries, DuelNow offers users the ability to set custom odds and engage directly with other bettors, fostering a fairer betting environment.

Enhancing User Experience: The platform emphasizes user control and flexibility, allowing for customizable bet creation and a variety of odds formats to cater to diverse user preferences.

Expanding Market Reach: Initially targeting fans of major sports leagues such as the NFL, MLB, NBA, and MMA, DuelNow plans to broaden its offerings to include additional sports and global events, thereby appealing to a wider audience.

Financials and Funding

In August 2024, DuelNow secured an $11 million investment to drive growth for the company.

Pipeline Development

DuelNow has outlined several key developments to enhance its platform:

Introduction of the $DNOW Token: Launched in February 2025, the $DNOW token introduces a tiered membership system, offering users benefits such as reduced platform fees and increased referral earnings.

Platform Enhancements: Recent upgrades to the user interface have streamlined the process of creating and joining predictions, featuring a more intuitive layout and a prediction slip for quicker transactions.

Expansion of Betting Options: Plans are underway to include 'Custom bets' by the end of 2024, allowing users to wager on global events beyond sports, such as political elections.

Technological Platform and Innovation

DuelNow's technological infrastructure is built upon:

Arbitrum Integration: Utilizing the Ethereum Layer-2 solution, Arbitrum, the platform ensures enhanced scalability, faster transaction speeds, and reduced costs, all while maintaining the security and decentralization of the Ethereum network.

Web3 Authentication (W3A): This feature enhances user security and privacy, allowing seamless and secure access to the platform without traditional login credentials.

Customizable Betting Features: Users can create bespoke predictions, set personalized odds, and choose from various odds formats, including American Moneyline, European Decimal, and British Fractional, among others.

Leadership Team

Simon Yu, CEO: Simon Yu leads DuelNow with a vision to revolutionize the sports betting industry through blockchain technology. His leadership focuses on creating a decentralized, transparent, and user-centric platform.

Competitor Profile

Market Insights and Dynamics

The global online sports betting market is valued at nearly $60 billion, with an expected growth rate of over 10% annually. The integration of blockchain technology is becoming increasingly significant, offering enhanced transparency and reduced transaction costs.

Competitor Analysis

Polymarket: A crypto-betting platform on the Polygon blockchain network, Polymarket surpassed $1 billion in trading volume in July 2024, driven largely by users wagering on U.S. election outcomes.

Maincard.io: A Web3 fantasy sports game launched on the TON blockchain network in July 2024, following a $2 million investment from the Ton Foundation’s accelerator program in 2023.

Shuffle: A Web3 betting platform that closed a $2.5 million seed round in February 2024, with investors including Mechanism Capital’s Andrew Kang.

Strategic Collaborations and Partnerships

DuelNow has attracted investments from notable figures in the cryptocurrency space, including:

Charlie Lee: Creator of Litecoin.

Billy Markus: Creator of Dogecoin.

Richard Ma: Founder & CEO of Quantstamp.

These partnerships not only provide financial backing but also strategic insights into blockchain technology and its applications in the betting industry.

Operational Insights

DuelNow's decentralized model offers several competitive advantages:

Transparency: Blockchain technology ensures that all transactions and bets are recorded on a public ledger, fostering trust among users.

User Empowerment: By allowing users to set their own odds and create custom bets, DuelNow provides a level of control not typically found in traditional betting platforms.