Decentralised betting exchange BetDEX secures Isle of Man licence
Web3 startup founded by ex-FanDuel chiefs reveals 12,000 early access members placed wagers during recent testing phase
BetDEX has become the first fully licensed sports betting exchange on the blockchain after receiving regulatory approval from the Isle of Man Gambling Supervision Commission.
Under the Online Gambling Regulation Act, BetDEX has been awarded licensed approval across all forms of online gambling and gaming, including sports betting.
The licence award comes after the betting exchange recently entered into an open beta phase where it accepted wagers from more than 12,000 early access members during a three-week period.
The platform is built on the Monaco Protocol – a permissionless, decentralised protocol built on the Solana blockchain – and currently supports peer-to-peer sports wagers on football, with plans to introduce additional sports in the near future.
BetDEX is powered by BetDEX Labs, a web3 company founded by former FanDuel executives Varun Sudhakar as CEO, Stuart Tonner as chief technology officer and Nigel Eccles as chairman.
Sudhakar said: “With the licensing and regulatory approval, BetDEX now boasts the first fully regulated sports betting platform in the web3 space, and we’re excited to welcome bettors from approved regions.
“We’re certain this is the start of growing our exchange and continuing the expansion of sports betting into the web3 landscape,” he added.
Abby Kimber, Digital Isle of Man head of egaming, commented: “It is a pleasure to welcome BetDEX to the Island. We are excited to be at the forefront of technologies like blockchain while maintaining our reputation as a highly regulated jurisdiction that prides itself on player protection.”
Sudhakar recently spoke to EGR to discuss his vision for BetDEX as part of three-part series on igaming startups disrupting the sector.