World’s First Blockchain Powered P2P Betting Platform Launches
Edinburgh based tech betting company Mungoparc aims to disrupt the online betting market now valued at over $50 billion with a block-chain powered cryptocurrency P2P sports wagering platform.
The newly developed platform will allow users to bet on football games in the Premiership, SPL, La Liga, Champions League and Europa Cup among others using a range of cryptocurrencies such as Bitcoin and Ethereum. The launch has been timed so that it will be available for sports fans ahead of this summer’s World Cup in Russia.
Investors in the founding team and product build to date include Galvanise Capital managing partner, Nick Jones, and a £1 million seed funding round is now in process. The investment will fund accelerated product development to maintain first mover advantage as well as marketing and UX.
This new venture could potentially sound the death knell of the traditional book-maker, which millennials are eschewing in favour of more modern methods. The site has been optimised for multi-channels users, particularly those using smartphones, which commentators agree will become the most dominant channel.
Last year, UK online consumer spending on sports betting broke the £3 billion barrier, with online betting over double that of over the counter, with football betting now as valuable as horseracing. The company is already actively considering adding additional sports such as cricket, tennis and eS-ports, an area predicted to be worth $1.6bn by 2020.
Betting on Block Chain
Mungoparc Founder and Director, Paul Roach said: “We provide our players with an exciting and secure platform on which to challenge other users’ knowledge of sport but with a big difference – on the world’s first Blockchain-powered, peer-to-peer betting exchange. We are positioned for a new, younger type of sports better and one who wants a gaming experience to be part of the offering.”
“We’re literally betting big on Blockchain and all the metrics point towards an upwards trajectory in both crypto currency use and sports betting. Rather than launching yet another coin, we accept all crypto coins and tokens. We know there are a massive amount of people unsure of how to spend their crypto and we think Mungoparc is going to give them a great destination.”