The world’s first crypto currency peer-to-peer (P2P) sports betting platform has been launched by a team of industry specialists, aimed at disrupting a global online sports betting market now valued at over $50 billion.
Mungoparc, headquartered in Edinburgh, has developed the first ever Blockchain-powered, P2P betting platform where users can now bet on football games in the Premiership, SPL, La Liga, Champions League and Europa Cup among others with a range of cryptocurrencies including Bitcoin and Ethereum.
The launch comes ahead of this summer’s World Cup in Russia and the Mungoparc site is optimised for the growing trend of multi-channel users, particularly those using smartphones which commentators agree will become the dominant channel in the near future, and incorporates functionality popular with fast-growing demographics in online sports betting including millennials who show little regard for more traditional ways of betting.
Founder 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.”
Mungoparc is actively considering adding other sports like cricket, tennis and eSports, which alone is expected to reach over $1.6 billion by 2020, to the site. While UK online consumer spend on sports betting broke through the £3 billion barrier in 2017, with online betting over double that of over the counter (OTC) and football now as valuable as horseracing, international markets like Australia, the US, Singapore and Ireland exceed the UK in overall value and present further growth opportunities for Mungoparc particularly with the regulatory environment opening up in many territories.
Investors in the founding team and product build to date include Galvanise Capital managing partner, Nick Jones, and a £1m 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.