Funding slated for modernizing sports entertainment with decentralized finance platform
TORONTO, Ontario, May 17, 2022 (GLOBE NEWSWIRE) — via CryptoCurrencyWire — UBet, a decentralized sports prediction market, is aiming to improve the customer experience for all parties within the global sports finance market and has raised its latest round of funding. UBet is a peer-to-pool decentralized, free market economy where the odds are algorithmically created based on market demand, not profit margins.
There is global demand for a decentralized finance platform that can deliver a simple user interface, improved deposit and withdrawal transactions, and, most importantly, a transparent and fair odds system. UBet is at the cutting edge of the disruption between sports entertainment and the decentralized finance industry by using smart contracts on blockchain technology to set the prices. Creating a “permissionless market,” the platform will allow sports fans to predict the market outcomes at any amount without the need for broker’s approval. The participants will be able to continuously trade contracts at a fair market price, paying a lower fixed transaction fee, without limits imposed upon them.
“Sports fans from around the world can benefit from our innovative platform. Leveraging a decentralized sports finance system, UBet puts market participants at the forefront and elevates user experience,” according to Daniel Im, CEO of UBet.
Led by Shima Capital, GSR, Republic Crypto, LD Capital, Old Fashioned Research, Decimus, and M6, UBet raised $2.7 million in seed funding. Strategic investors from the sports betting industry, including Daniel Hannigan-Daley and David Hong, have also joined the firm.
While decentralized finance is an emerging technology, the existing decentralized prediction markets have failed to create a successful decentralized finance ecosystem. The existing algorithms are unsuitable for modeling sports outcome probability due to their simplicity, resulting in often volatile and inaccurate prices from market implied odds. UBet’s autonomous protocol takes into account internal and external market data, as well as market uncertainty, and provides probabilities that benefit both sport fans and liquidity providers. Sports fans and liquidity providers will be able to purchase contracts and deposit liquidity respectively in USDC – the crypto equivalent of the U.S. dollar. The UBet platform will be on the Polygon blockchain, which is fully compatible with Ethereum (ETH).
UBet is a decentralized peer-to-peer sports prediction market. We eliminate the house and risk aversion that exists within existing sports prediction market products. Our unique system and architecture will allow all sports fans to trade their predictions, when they want, at market-implied odds without friction. Sign up for our beta program here.