BetDEX Becomes First Fully Regulated and Licensed Sports Betting Exchange on Blockchain

By Matt Speakman,
Betting Expert at online-gambling.com

Matt Speakman Betting Expert at online-gambling.com

A die-hard fan of the Patriots, Matt Speakman is an expert on everything related to sports betting and DFS sites. Over the years, he has proven a valuable asset for our team at online-gambling.com. You can find Speakman's professional tips and tricks in any of his many articles on the website.

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Last updated: November 2, 2022

BetDEX, which is a sports betting exchange, is now licensed and regulated by the Isle of Man GSC (Gambling Supervision Commission). With this, the BetDEX Exchange has become “the first fully-licensed regulated sports betting exchange on blockchain”.

BetDEX has received the licensed approval that allows it to carry out all forms of online gaming and gambling, with the inclusion of online sports betting. The company BetDEX Labs, which was created by former FanDuel executives Varun Sudhakar, Stuart Tonner, and Nigel Eccles, powers the BetDEX Exchange.

Co-Founder and CEO of BetDEX, Varun Sudhakar, said that the news is a positive development for the BetDEX Exchange. He stated further that BetDEX is now the first fully-regulated platform for sports betting in the web3 space and that they are thrilled to welcome bettors from regions that are approved. Additionally, he said they are confident that this is the beginning of expanding their exchange and pushing sports betting farther into the Web3 landscape.

Abby Kimber Says She Is Looking Forward to Working with BetDEX for Many Years

Abby Kimber, who is the Head of eGaming at Digital Isle of Man, said that it is a great pleasure to welcome BetDEX to the Island. She said they are thrilled to be at the forefront of emerging technology like blockchain while still maintaining their reputation as a regulated jurisdiction that takes pride in player protection.

Abby Kimber further said that she’s excited to work with BetDEX for many years and wishes them great success in their future ventures.

BetDEX Exchange accepts wagers from some countries in South America, Africa, Asia, and Europe. The Exchange is a totally non-custodial platform that is developed on the Monaco Protocol. It presently supports peer-to-peer sports betting on soccer, and more sports will be added soon.

Varun Sudhakar said the fact that they had 12,000 unique crypto wallets that were connected to the BetDEX Exchange within a few weeks was beyond their expectations. He said it proved that there is a need in web3 for a sports betting platform. Varun Sudhakar further said that users have generally expressed satisfaction with the platform, the user interface, and the current functionalities. He said they are anxious to see new product features developed and markets offered.

BetDEX Marks the Return of Nigel Eccles to the Sports Betting Industry

BetDEX marks the return of former FanDuel CEO and co-founder Nigel Eccles return to the sports betting industry. According to him, the Exchange will leverage the advantages of Web3 to bring high speed and lesser transaction costs. It will also eliminate counterparty risk.

Eccles stated last year that BetDEX aims to introduce crypto to sports betting and to revolutionize the sports betting industry for consumers. In November 2021, BetDEX completed a $21 million seed investment round. The investment round was led by crypto exchange FTX and crypto investment firm Paradigm.

Earlier this year, BetDEX announced the Monaco Protocol, dubbed the “first decentralized sports betting protocol” in the world. This protocol is live on the Solana devnet, and it is open for developers to create complementary tools and products with the BetDEX Exchange.