Sports Betting Meets Crypto with LEVR Bet

Sports betting is making its entry into the cryptocurrency world with the launch of the decentralized sports book exchange, LEVR Bet, coinciding with the onset of the U.S. football season. Although still in testnet, the application will be deployed on the Ethereum-compatible Layer-1 blockchain, Monad.

> “A major question facing the crypto sector is how to onboard the next billion users by demonstrating Web3’s significant advantages over Web2 and traditional finance,” the team stated in a press release.

The application will not be available to users in the United States, where legalized sports betting has blossomed into a $100 billion industry since 2018, with popular apps like FanDuel and DraftKings.

LEVR Bet aims to stand out from larger sports betting applications by offering features such as leverage. Trading or betting on margin allows users to control larger positions than the capital they stake, though this increases associated risks. Users can take up to 5x leverage on bets.

The team asserts that leveraged sports betting can only be realized through blockchain technology. They will integrate a perpetual swaps order book—a crypto trading innovation—with on-chain oracles that provide real-time information for accurate betting odds. Additionally, betting positions will be tokenized.

LEVR also promises live-game markets and a mixed fee model, which will offer bettors better odds and lower vigs—the fees taken by bookmakers for accepting wagers.

> “Decentralized networks thrive or die based on volumes and usage. LEVR Bet is one of those unique protocols that can create real value and drive mainstream users to adopt decentralized tech,” said Monad co-founder, Keone Hon.

Founded in 2023, LEVR secured a $2 million pre-seed funding round, led by Third Earth Capital and Kobol Fund, with additional support from Big Brain Holdings, Chorus One, L2 Iterative Ventures, Avalaunch, and others.