LEVR Bet Launches Testnet for First Leveraged Sports Book Exchange

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

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

LEVR Bet, recognized as the first Decentralized Leveraged Sports Book Exchange globally, has announced its testnet launch on Monad, an ultra-high-performance EVM-compatible layer-1 blockchain.

A pressing question in the crypto industry is how to onboard the next billion users by showcasing Web3’s distinct advantages over Web2 and Traditional Finance. Polymarket, a prediction market, is among the few blockchain projects that have achieved mainstream recognition, largely due to its entertainment appeal and efficient blockchain integration that remains unseen by users.

LEVR Bet acknowledges these advantages, applying them to the sports betting industry, which is estimated to be worth over $100 billion globally and continues to grow. Coinciding with the beginning of the NFL season, LEVR Bet aims to offer an enhanced experience featuring leveraged betting, allowing users to potentially modify their risk and returns. This innovative blockchain-enabled feature allows bettors to adjust their positions in ways that can change potential risk and reward – a capability not typically available on traditional sports betting platforms.

“Monad’s unmatched performance positions it as the premier blockchain for DeFi development and establishes a new benchmark for developers,” stated Keone Hon, Co-Founder and CEO of Monad Labs. “Decentralized systems succeed or fail based on user volume and engagement. LEVR Bet is a groundbreaking protocol that can generate real value and encourage mainstream adoption of decentralized technologies.”

LEVR Bet merges the top features of sports betting with Decentralized Finance by fusing a familiar Perpetuals Order Book DEX interface with oracles that supply real-time betting odds from leading sportsbooks. LEVR Bet’s versatile platform allows for unique innovations, including in-game marketplaces where users can modify, enter, or exit their positions while events are still ongoing.

Monad can efficiently handle 10,000 transactions per second with one-second block times and single-slot finality. This remarkable performance is ideal for applications like LEVR that seek to scale to millions of retail users engaged in time-sensitive tasks – such as placing, amending, or closing bets before and during games.

“The most successful Web3 projects marry simplicity with speculative opportunities. In 2023 alone, the U.S. sports betting market generated about $120 billion in wagers,” noted LEVR Founder Mr. Blue. “We are thrilled to partner with Monad, employing cutting-edge blockchain technology to enhance the retail user experience in this high-demand speculative arena.”

LEVR Bet’s Leveraged Sports Book Exchange allows users to leverage their bets in live markets with quicker execution and improved odds (lower vig). Below are some of LEVR’s standout features:

• Tokenized betting positions
• Up to 5x leverage on bets
• Tradable markets during live games
• A mixed fee structure for better odds and lower vigs

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

Sports bettors and DeFi enthusiasts can explore the LEVR Bet platform on Monad by signing up for the Beta: https://levr.bet. (Specific terms and conditions will apply to Beta registration.)

About LEVR Bet

LEVR is the pioneering Leveraged Sports Book Exchange, merging the best aspects of sports betting with on-chain perpetual trading, thus delivering an unmatched Decentralized Finance experience that is a first for both sectors. LEVR is poised to transform the sports betting landscape by launching a groundbreaking feature set of leveraged bets, enhanced odds, and in-game orderbook-based exchanges.

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DISCLAIMER: This press release contains statements of opinion and forward-looking assertions and is issued solely for informational purposes, on an “as is” basis, without any express or implied warranties regarding fitness for purpose or merchantable quality. LEVR.bet is not accessible to Participants in the USA or any other jurisdiction where laws prohibit participation or necessitate licensing or registration for LEVR.bet to occur or where such participation is otherwise restricted or prohibited by the United States of America, the European Union, or the United Kingdom. It is also not available in any jurisdiction or to any individual or group prohibited under the LEVR.bet Terms and Conditions and Policies. LEVR.bet holds no liability for the ramifications of user actions, capital losses, or system malfunctions. Gambling inherently possesses risks, and leverage amplifies these risks. Users may lose some or all of the assets provided to the platform and should engage with the platform responsibly and at their own risk.