What Degens does

Degens is a private, for-profit company founded in 2017 and headquartered in Los Angeles, United States, that operates a peer-to-peer sports betting exchange on the Ethereum blockchain. The firm positions itself within the crypto-native "degen" subculture, targeting cryptocurrency traders and speculators who engage with high-risk, speculative projects, as a horizontal segment.

The company's core product is a marketplace where users can offer and accept sports bets directly with one another on-chain, intermediated by Ethereum smart contracts rather than a traditional centralized sportsbook. Underlying technology centers on Ethereum-based settlement, peer-to-peer order/bet matching, and integration with the broader on-chain ecosystem (wallets, tokens, DeFi primitives). No deeper architecture, smart contract specification, oracle stack, or off-chain components are disclosed in the available data.

The business model is not explicitly disclosed. No pricing model, take-rate, fee schedule, or revenue mechanics are documented in the supplied inputs, and there is no app listing, customer roster, or distribution channel mapping. The firm's scale is small (11–50 employees) and only one capital event—a 2020 funding round led by Draper Goren Holm with no disclosed dollar amount—is on record, leaving monetization, unit economics, and current operating posture largely unspecified.

Name

Degens

Website

https://degens.com

Company type

Private

Founded year

2017

Headcount range

11–50 employees

Short description

Degens operates a peer-to-peer sports betting exchange on the Ethereum blockchain, targeting crypto-native speculators and degen traders. Founded in 2017 in Los Angeles, it is a private company with 11–50 employees.

Ownership category

akta.pro rank

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Core offering

Degens is a peer-to-peer sports betting exchange that operates on the Ethereum blockchain. The platform enables individual users to bet against one another on sports outcomes with blockchain-based settlement, rather than wagering against a centralized bookmaker.

Differentiator

Problem solved

Functional benefit

Products and services

• Peer-to-peer sports betting exchange An online exchange on the Ethereum blockchain that enables individual users to wager against each other on sports outcomes, with blockchain-based settlement replacing the traditional bookmaker counterparty. Intended for crypto-native individual bettors.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves1 record

Expansion highlights1 record

Direct peers

• BetDEX: Decentralized peer-to-peer sports betting exchange built on Solana, directly competing with Degens in the on-chain sports betting exchange category. Most direct comparable by product, customer, and business model.
• Overtime Markets: Crypto-native sports prediction market offering peer-to-peer wagering on sports outcomes. Competes directly with Degens for the same degen crypto trader audience and operates on similar exchange mechanics.
• Azuro Protocol: Decentralized liquidity protocol for sports betting and prediction markets, enabling peer-to-pool wagering on-chain. Comparable to Degens in offering blockchain-based sports betting infrastructure targeting similar Web3 audiences.
• Polymarket: Peer-to-peer prediction market on blockchain where users trade on event outcomes including sports. Comparable technology stack (on-chain order book exchange) and target crypto-trader persona.
• Augur: Decentralized prediction market protocol originally built on Ethereum, allowing users to create and trade on event outcomes. Shares the Ethereum heritage and peer-to-peer wagering model with Degens.

Broad incumbents

• Betfair: Established online betting exchange offering peer-to-peer sports betting, the dominant incumbent in the betting exchange category. Comparable business model (exchange rather than sportsbook) at significantly larger scale.
• Smarkets: Peer-to-peer betting exchange offering sports and political event markets. Direct exchange-model competitor to Degens but operates via traditional fiat rails and centralized technology.
• DraftKings: Leading U.S. sports betting operator offering retail and online sports wagering. While not a peer-to-peer exchange, it competes for the same sports betting wallet share and represents the regulatory-compliant incumbent model.

Emerging players

• Cloudbet: Crypto sportsbook and casino offering Bitcoin-based sports betting. Comparable crypto-native sports betting offering, though operates as a sportsbook rather than peer-to-peer exchange.
• Sportsbet.io: Crypto-first online sportsbook accepting Bitcoin and other cryptocurrencies. Targets a similar crypto-enthusiast sports betting audience but uses traditional bookmaker margins rather than peer-to-peer matching.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights4 records

Customer concentration

• Xx.com/DegensBet

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Degens