Decentralized Sports Prediction Market, UBet, Raises Capital and Invests in Toronto Region
UBet Seeks to Modernize Sports Entertainment with Decentralized Finance Platform
TORONTO, May 17, 2022 – UBet, a decentralized sports prediction market, has raised its latest round of funding to establish operations in the Toronto Region, aiming to improve the customer experience for all parties within the global sports finance market. UBet is a peer-to-pool decentralized, free market economy where the odds are algorithmically created based on market demand, not profit margins.
There is global demand for a decentralized finance platform that can deliver a simple user interface, improved deposit and withdrawal transactions, and most importantly, a transparent and fair odds system. UBet is at the cutting edge of the disruption between sports entertainment and the decentralized finance industry, by using smart contracts on blockchain technology to set the prices. Creating a “permissionless market,” the platform will allow sports fans to predict the market outcomes at any amount without the need for broker’s approval. The participants will be able to continuously trade contracts at a fair market price, paying a lower fixed transaction fee, without limits imposed upon them.
“Sports fans from around the world can benefit from our innovative platform. Leveraging a decentralized sports finance system, UBet puts market participants at the forefront and elevates user experience. With this industry growing, there is no doubt that Toronto is a great landing spot for UBet, as a rapidly growing tech hub for global sports entertainment,” according to UBet.
Currently located in Toronto and Vancouver, UBet is planning to grow its tech team and scale its operations in the Toronto Region. The Toronto Region is widely recognized as a centre for blockchain and AI talent. UBet carefully selected Toronto, with the goal of developing a state-of-the-art decentralized sports prediction market with a pipeline of top academic researchers and blockchain technology experts.
Founded by two University of Toronto graduates, UBet raised $2.7 million in seed funding, led by Shima Capita, GSR, Republic Crypto, LD Capital, Old Fashioned Research, Decimus, and M6. Also, strategic investors from the sports betting industry, like Daniel Hannigan-Daley and David Hong, joined the firm. UBet has been working closely with Toronto Global, a team of experienced business advisors assisting global businesses to expand into the Toronto Region.
“The Toronto Region is drawing the attention of the world for its artificial intelligence and blockchain ecosystems, dynamic sports and financial technology space, and diverse and welcoming community,” said Toronto Mayor John Tory. “I’m determined to keep attracting more investment and jobs to our city and I’m thrilled that UBet will call Toronto home and contribute to our reputation as a global centre for innovation, technological advancement, and economic growth.”
While decentralized finance (DeFi) is an emerging technology, the existing decentralized prediction markets have failed to create a successful DeFi ecosystem. The existing algorithms are unsuitable for modeling sports outcome probability due to their simplicity, resulting in often volatile and inaccurate prices from market implied odds. UBet’s autonomous protocol takes into account internal and external market data, as well as market uncertainty, and provides probabilities that benefit both sport fans and liquidity providers. Sports fans and liquidity providers will be able to purchase contracts and deposit liquidity respectively in USDC – the crypto equivalent of the US dollar. The UBet platform will be on the Polygon (MATIC) blockchain, which is fully compatible with Ethereum (ETH).
About UBet
UBet is a decentralized peer-to-peer sports prediction market. We eliminate the house and risk aversion that exists within existing sports prediction market products. Our unique system and architecture will allow all sports fans to trade their predictions, when they want, at market-implied odds without friction. Sign up for our beta program here.