DuelNow is the latest in a string of Web3 gambling venture deals amid surging activity on Polymarket.
According to an Aug. 1 announcement, DuelNow, a decentralized sports betting market, closed an $11 million funding round led by GEM Digital Limited. Venture capitalists are placing big bets on Web3 gambling.
Built on Arbitrum, an Ethereum layer-2, DuelNow is the latest in a string of venture investments in Web3 gambling amid surging activity on Polymarket, a crypto-betting platform on the Polygon blockchain network.
Polymarket surpassed $1 billion in trading volume in July, largely driven by users wagering on United States election outcomes. The platform has seen over $430 million wagered on which presidential candidate will clinch an election victory on Nov. 4.
