UBet, a decentralized sports prediction market, announced that it has raised $2.7 million in seed funding. The company, which is focused on improving the customer experience for all parties within the global sports finance market, raised the funds in collaboration with Shima Capital, GSR, Republic Crypto, LD Capital, Old Fashioned Research, Decimus and M6 in raising the funds. In addition, investors from the sports-betting sector have joined the firm. According to the announcement, decentralized finance is an emerging technology, but current decentralized prediction markets are unsuccessful at creating a decentralized finance ecosystem. Existing algorithms are unsuitable for modeling sports outcome probability, and UBet offers the solution. UBet is a peer-to-pool decentralized, free-market economy where odds are algorithmically created based on market demand rather than profit margins. UBet’s autonomous protocol analyzes internal and external market data, as well as market uncertainty, offering probabilities that both sport fans and liquidity providers can benefit from. In addition, the market allows sports fans and liquidity providers to purchase contracts and deposit liquidity in USDC, the crypto equivalent of the U.S. dollar; the platform will also be available on the Polygon blockchain, which is fully compatible with Ethereum (“ETH”). “Sports fans from around the world can benefit from our innovative platform,” said UBet CEO Daniel Im in the press release. “Leveraging a decentralized sports finance system, UBet puts market participants at the forefront and elevates user experience.”
To view the full press release, visit https://ibn.fm/1aArW
About UBet
UBet is a decentralized peer-to-peer sports prediction market. The market eliminates the house and risk aversion that exists within existing sports prediction market products. UBet’s unique system and architecture will allow all sports fans to trade their predictions, when they want, at market-implied odds without friction. For more information about the company, visit https://www.ubetsports.io.
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