Frontrunner raised $4.75 million in an investment led by Susquehanna Private Equity Investments. It is an unsecured prediction for sports betting built within the Cosmos ecosystem. Frontrunner Unstoppable Sports Policy has raised $4.75 million in funding led by Susquehanna Private Equity Investments.
Other investors in the round include SOMA Capital, Toy Ventures, Ledger Prime and WAGMI Ventures, according to the release.
What is sports forecasting?
Frontrunner is a prediction tool that makes sports betting easy by removing the complexity of betting. Instead, individuals buy and sell shares in teams and players using crypto in sports markets such as the NBA, NFL and others.
A forecast market is like a futures market. In the futures market, customers pay for the future of a commodity. In the prediction market, contracts are priced based on future events. Founder and CEO Neil Zhang was inspired to create Frontrunner when a preseason bet was placed on the NFL team San Francisco 49ers to win the Superbowl.
Even though the team made it to the finals, he realized there was still a good chance he would end up with nothing if they lost. “In this case, the book or the bookmaker has no the incentive to offer the best price to operators depends on the amount of money, it feels like an inefficient market when you only have one source and the ability to buy or sell bets.”
Leave the sales forecast
Frontrunner presents itself as a no-nonsense network with the goal of making sure the house doesn’t always win. It’s not secure, and users interact with the marketplace based on smart contracts, Zhang said.
Zhang said, “each share represents a bet between two parties, opposing parties, adding one dollar.” “And the outcome of the season or the game or whatever is in your favor, $1 goes to the winning side and the other side gets nothing.”
Bettors can trade until the last second or take advantage early, he added. The platform is built using Injective, which is the standard Cosmos ecosystem protocol. “The injectable protocol turned out to be perfect for us,” Zhang said. “The regulation is designed for companies to quickly start the exchange of various assets.”
The startup launched a testnet 15 minutes ago, allowing users to test the platform without using any crypto. Its mobile app should be ready by the end of January, Zhang added.
Susquehanna Bet and Frontrunner
Fundraising ended in May. Cost continued for product development, team growth and licensing, Zhang said.
“We believe that the open platform that Frontrunner is building will bring together gamers and enthusiasts around the world,” said Dean Carlson, Head of Digital Asset Investments at Susquehanna Private Equity Investments. LLP said. Susquehanna originated from sports betting because it was founded by former poker players.
“They basically want to get more exposure to Web3 and cryptocurrency and to be able to get more money and capital in sports betting,” Zhang said. “So, there’s a possibility in the future that Susquehanna could be a marketer or funder of our platform, which is an exciting prospect for us to really make it happen.” is a complete liquid marketing system.”
Frontrunner wants to work as a full-featured platform, Zhang said. It hopes to receive a beach gambling license in the Isle of Man in the first quarter of next year, meaning it will be able to operate legally in various jurisdictions including Canada, Mexico, Africa, Asia and parts of Europe and South America.