What a journey we have been on here at Ledger! In two months time, we went from an idea to a team of nine and an advisor core of five. It’s true when they say a day in web3 is a week in web2. We have spoken to countless potential customers, surveyed the competition, launched our website, ledgerbets.com, started our community channels, and begun meaningful work on our prototype. To be transparent, since that is what web3 is all about, we don’t have everything figured out yet. We want to make sure our core offerings are what our marketplace users want most, and that will take time and iteration.
After all this, I can confidently say that there is nothing quite like what Ledger will be. First, let’s talk about what we are building again. Ledger will be a decentralized peer-to-peer predictive markets platform. The marketplace will be powered by the blockchain but feel like web2. We will enable anyone to be a Bookmaker or a Bettor. Simplicity will be our middle name. Long term, we will be cross-chain, and our own $LDGR token will be an option for transactions.
We’ve found a couple of “older” (3+ years) competitors out there that started strong but have stumbled for one reason or another.. Then there are more recent competitors in the last 6–8 months that have almost all popped up at the same time, focusing on decentralized sports betting. They have managed to build somewhat sizable communities in a short time. This is both validation and a poke at us to move quickly. While there will be some first-mover advantage, it is the one with sticking power that will win. We can’t give away all our secrets, but we know we can do it.
Let’s quickly categorize a few competitors we see. We are doing this because it’s important to recognize what we are and what they are. We aren’t going to be everything to everyone and so understanding where everyone fits is crucial to learn and build.
- Augur — Actually, the first decentralized predictive markets exchange. Not available in the US, UK, etc. Seems to have had a strong start but difficult UI/UX. Allows market creation on any topic, not just sports. $REP has a $135M market cap. Runs on Ethereum. Uses Dai stablecoin to transact and $REP for reporting staking.
- Dexsport — Pure sports. A lot going on with their interface with potentially too many choices. They’re trying to give the user options, which is great but also complex. Uses Chainlink to validate and run markets. Cross-chain capability for different betting options using different currencies. $DESU has a $17M market cap (only 3.86% distributed).
- Betswap.gg — Started 7 months ago. In testnet currently. Going to be both bet swapping and decentralized betting. Uses an Order Book style method for bets. This is great for experienced bettors but difficult for novices. Runs on Polygon. $BSGG has a $418M market cap.
- LiveDuel — Not launched yet, but looks to be more in-game live betting with social aspects built in. Currently in Techstars program.
- BetDex — Started 7 months ago. Pure sports. Backed by FanDuel former execs. They are building to be both the backend for crypto gaming companies and also a front end to compete with those they are building for. This looks like it will be the most comprehensive to a web2 sportsbook. Building on Solana.
- Other web3 Predictive Market plays: Polymarket, Betmoose
- web2 Options: Simplebet (Playbook), Bettoredge, Wagr, Sleeper, predictit
“With so much competition, why are you still building Ledgerbets.com?”
It’s something I consider often. It comes down to that no one has captured the market, no one is doing it far superior to everything else, and no one has what we have or is building quite like we are. Let’s not forget that web3 betting is JUST BEGINNING, and the market opportunity is incredible. Most of these competitors have just launched or haven’t even launched yet. Is MGM the only web2 option for betting? Is DraftKings the only option for web2 fantasy sports? How do we think beyond sports and into finance, web3 companies, and politics? Sports is the gateway, and the rest of the markets are the trail we plan to build.
We have brought on three experienced operator technical leaders and an amazing all-star cast of advisors. In addition to them, we have full-time resources working on kicking off our community and design efforts.
We are still conducting customer interviews, so if you are interested in sharing your thoughts and getting a sneak peek at our early product designs, please reach out to connect@ledgerbets.com. We plan to begin fundraising and applying to accelerators in the next month. If you are interested in investing, please reach out.
We look forward to continuing to build in public and soon make you all owners.
Cheers,
Jason
Founder and CEO
