Sports Betting Meets Crypto

Sports betting is entering the crypto space with the launch of the decentralized sportsbook exchange LEVR Bet, coinciding with the start of the U.S. football season. Currently in testnet, this application will be deployed on the Ethereum-compatible Layer-1 blockchain Monad.

In a press release, the LEVR team stated, “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.”

However, the application will not be available to users in the United States, where sports betting has flourished into a $100 billion industry since legalization in 2018, with popular platforms like FanDuel and DraftKings leading the market.

LEVR aims to set itself apart from major sports betting apps by offering features like leverage. Leveraged trading or betting enables users to undertake larger positions than their initial capital, although this also elevates risks. Users can leverage their bets up to 5x.

The team claims that leveraged sports betting is uniquely viable through blockchain technology. The protocol will integrate a perpetual swaps order book—a trading innovation from the crypto realm—with on-chain oracles that provide real-time data for accurate betting odds. Additionally, betting positions will be tokenized.

LEVR will also feature live-game markets and a mixed fee model, offering bettors better odds and lower vigs (the fees charged by bookmakers for accepting bets).

“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,” stated Keone Hon, Monad co-founder.

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