LEVR Bet Announces Testnet Launch of the First Leveraged Sports Book on Monad

[PRESS RELEASE – San Jose, Costa Rica, September 12th, 2024]

LEVR Bet is the World’s First Leveraged Sports Book Exchange, Backed by Third Earth Capital, FunFair Ventures, Big Brain Holdings, Varys Capital and Other Major Investors

LEVR Bet, the world’s first Decentralized Leveraged Sports Book Exchange, announced the testnet launch of its decentralized platform on Monad, the ultra-high-performance EVM-compatible layer-1 blockchain.

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. Prediction market Polymarket is one of the few blockchain-based projects to break into the mainstream, thanks to its obvious entertainment value and effective utilization of blockchain on the backend, invisible to users.

LEVR Bet recognizes those advantages and applies them to sports betting, a sector that is valued globally at more than $100 billion and growing. Just in time for the start of the NFL season, LEVR Bet will provide a superior experience by offering features such as leveraged betting, an option that allows users to potentially adjust risk and rewards. Leveraged betting, a feature enabled by blockchain technology, allows users to adjust their positions in ways that can modify both potential risk and reward, a feature not traditionally available in conventional sports betting platforms.

“Monad’s unmatched performance makes it the leading blockchain for DeFi development, and sets a new standard for what developers can achieve,” said Keone Hon, Monad Labs Co-Founder and CEO. “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.”

LEVR Bet marries the best features of sports betting with Decentralized Finance, combining the familiar Perpetuals Order Book DEX interface with oracles that provide real-time betting odds from the top sports books. LEVR Bet’s flexibility enables unique features, such as in-game marketplaces where bettors can adjust, enter or exit positions while games are in progress.

Monad has the demonstrated capacity for 10,000 transactions per second with one-second block times and single-slot finality. Its extreme performance is ideally suited for applications like LEVR that aim to scale to millions of retail users executing time-dependent tasks – such as opening, closing and amending betting positions before and during games.

“The most successful projects in Web3 combine simplicity with speculation. In the U.S. alone, the sports betting market accounted for approximately $120 billion in wagers in 2023,” said LEVR Founder Mr. Blue. “We are excited to integrate with Monad to use cutting-edge blockchain technology to improve the retail user experience in this traditional speculation market that has proven demand.”

LEVR Bet’s Leveraged Sports Book Exchange enables users to bet on live markets using leverage, with faster execution and better odds (lower vig). Here are a few of LEVR’s key features:

• Tokenized bet positions
• Potential for up to 5x leverage on bets
• Tradable live-game markets
• A mixed fee model for better odds, and lower vigs

LEVR previously closed a $2 million pre-seed funding round led by Third Earth Capital and Kobol Fund with backing from Hyperithm, Big Brain Holdings, Varys Capital, Dewhales Capital, FunFair Ventures, Chorus One, L2 Iterative Ventures, Avalaunch, and others.

Sports bettors and DeFi users can try out the LEVR Bet platform on Monad by signing up for the Beta: https://levr.bet. (Separate terms and conditions will apply to the Beta sign-up.)

About LEVR Bet

LEVR is the world’s first Leveraged Sports Book Exchange, integrating the best features of sports betting with on-chain perpetual trading, delivering an unmatched Decentralized Finance experience that is a first in both sectors. LEVR is set to revolutionize the sports betting landscape by introducing an unprecedented feature set of leveraged bets, improved odds, and in-game orderbook-based exchange.

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DISCLAIMER: This press release contains expressions of opinion and forward-looking statements and is issued for informational purposes only, on an “as is” basis, without any express or implied warranty, fitness for purpose or merchantable quality. LEVR.bet is not available to Participants in the USA and any other jurisdiction where Laws prohibit participation in or require licensing or registration of LEVR.bet in order for participation to take place or which is otherwise embargoed and/or sanctioned by the United States of America, the European Union or the United Kingdom, and is not available in any jurisdiction or to any person or group of persons which are prohibited under the LEVR.bet Terms and Conditions and Policies. LEVR.bet shall not be liable for the consequences of user actions, loss of capital, or system errors. Gambling is inherently risky, and leverage poses risks compounded thereupon. You may lose some or all of the assets supplied to the platform, and shall use the platform responsibly and at your own risk.