Grand View Research predicts that the global sports betting market will increase from $76.75B in revenue last year to $182.12B in revenue by 2030. Blockchain-based solutions address fundamental problems that exist in conventional sports betting markets. Users can manage their money independently with the help of decentralised, open platforms, which also encourage user-friendly rules while easing restrictions.
Frontrunner, a decentralised sports prediction market, has secured a $4.75M funding round by Susquehanna Private Equity Investments LLP, Soma Capital, Gilgamesh Ventures, FBG Capital, Entrepreneurs Roundtable Accelerator, Toy Ventures, Gaingels, Ledger Prime, WAGMI Ventures, and NOA Capital.
The funds will be used to expand Frontrunner‘s product and engineering team, as well as to streamline product development and licencing.
ETF-style offerings
The company intends to launch ETF-style offerings that will allow users to invest in their favourite city teams, ownership groups, league divisions, and more.
Frontrunner is working to obtain an offshore gaming licence in the Isle of Man. It will be permitted to operate legally in a number of countries, including Canada, Mexico, parts of Europe, and much of South America, Africa, and Asia.
Frontrunner includes a stock market-like experience designed for today’s sports fan, in which complex betting odds are converted into simple stock prices. Users can buy shares of their favourite teams and players in markets such as the NFL, NBA, and Premier League using cryptocurrency via a simple trading interface. In fully transparent markets, they can then easily track their performance and changes in odds.
“Rather than being a generalized prediction market product, we are launching Frontrunner focusing specifically on sports and esports markets, areas where there is clear demand for new and innovative betting markets,” said Neil Zhang, Founder and CEO of Frontrunner. “We believe that blockchain brings the sector closer to what users truly want when using a sports prediction market product, and we are working to align our platform with such desires. Frontrunner is able to provide an innovative, user-centered experience, where the focus is purely on bets and profits.”
“We believe that the open and decentralized platform Frontrunner is building will bring together sports fans and betting enthusiasts from all around the world,” said Dean Carlson, Head of Digital Asset Investments at Susquehanna Private Equity Investments LLP. “We are particularly excited about the possibilities of the Cosmos ecosystem that Frontrunner is built upon and believe it has a great future.”
Founded in 2020 by Neil Zhang, Frontrunner is a decentralised sports prediction market in which users can purchase shares of sports propositions and trade them like stocks or options. Unlike traditional sportsbooks, where users place a bet and wait for the odds to change, Frontrunner gives users complete control over their portfolios, allowing them to buy and sell positions as the odds change.
