**News Flash: Web3 Betting Platforms Attract Major Investments**

DuelNow, a decentralized sports betting market, has secured $11 million in a funding round led by GEM Digital Limited, as announced on August 1. Built on Arbitrum, an Ethereum layer-2, DuelNow aims to offer lower fees and higher payouts by eliminating the traditional "house."

This investment is part of a broader trend in Web3 gambling, with platforms like Polymarket on the Polygon blockchain seeing significant activity. Polymarket surpassed $1 billion in trading volume in July, driven by wagers on U.S. election outcomes.

Notably, DuelNow's backers include Litecoin founder Charlie Lee and Dogecoin creator Billy Markus. The global online betting market, valued at nearly $60 billion, is projected to grow over 10% annually through 2032, according to Zion Market Research.

Blockchain technology is increasingly integral to sports betting, enhancing transparency and reducing transaction costs. Other Web3 betting platforms, like Maincard.io and Shuffle, have also attracted significant investments, signaling a robust future for blockchain-based gambling.