Frontrunner, a prediction market for decentralized sports betting, has raised a $4.75 million in the seed round!
About Funding
Susquehanna Private Equity Investments led the seed round, while Soma Capital, Gilgamesh Ventures, FBG Capital, Entrepreneurs Roundtable Accelerator, Toy Ventures, Gaingels, Ledger Prime, WAGMI Ventures, and NOA Capital were among the other investors. The amount collected at the end of the tour will be used to expand the Frontrunner team, develop products and achieve the goals of becoming a licensed platform. Dean Carlson, head of digital asset investments at Susquehanna Private Equity Investments LLP said:
“We believe that the open and decentralized platform Frontrunner is building will bring together sports fans and betting enthusiasts from all around the world.”
About Frontrunner
Frontrunner is a decentralized sports prediction market created using Injective, a protocol in the Cosmos ecosystem. The platform eliminates the complexity of sports betting and provides users with the opportunity to buy shares of their favourite teams and players using crypto money in sports markets such as NBA, NFL and Premiere League through a simple interface. Co-founder and CEO Neil Zhang said;
“The way that sports betting is, you’re basically having this relationship where the sports betters are competing against the book directly. And in that case the book or the bookie is not incentivized to give users the best price based on liquidity, it really seems like a much more inefficient market when there’s only a single source of your odds and your ability to buy or sell bets.”
In general, one of the betting problems in the real world is the idea that the house always wins. That is why Frontrunner is built on a decentralized network. The platform aims to serve users as a fully licensed platform in the coming years. In addition, Frontrunner has goals such as adding E-sports betting of popular games such as League of Legends, CS:GO and DOTA2 to its platform and launching a mobile application in the first quarter of 2023. Co-founder and CEO Neil Zhang said;
“Every share essentially represents a bet between two parties, opposite sides, adding to a dollar. And the outcome of a season or a game or whatever prop were betting on, the $1 goes to the winning side and the other side is going to have nothing. Bettors can trade to the very last second or take profits early.”
Leave a comment