DuelNow, a decentralized sports betting market, recently closed an $11 million funding round led by GEM Digital Limited. Venture capitalists are showing interest in Web3 gambling, with DuelNow being built on Arbitrum, an Ethereum layer-2 solution. This investment trend in Web3 gambling is on the rise, evident from the success of Polymarket, a crypto-betting platform on the Polygon blockchain network that surpassed $1 billion in trading volume in July. DuelNow aims to offer a decentralized peer-to-peer betting platform with lower fees and higher payouts by eliminating the traditional house advantage. Notable investors in DuelNow include Charlie Lee, the founder of Litecoin, and Billy Markus, the creator of Dogecoin. The global online sports betting market, valued at nearly $60 billion, is projected to grow over 10% annually, with blockchain technology playing a crucial role in reducing costs and enhancing transparency. Read more AI-generated news on: https://app.chaingpt.org/news