BetDEX Exchange will be the first fully licensed sports betting exchange on the Blockchain
The exchange is licensed and regulated by the Isle of Man’s Gambling Supervision Commission
EDINBURGH, Scotland, 1 November 2022 /PRNewswire/ — BetDEX Labs Inc. (or “BetDEX”) announced today that the BetDEX Exchange has been licensed and regulated by the Isle of Man Gambling Supervision Commission (GSC), effective immediately. BetDEX Exchange will be the first fully licensed regulated sports betting exchange on the blockchain. In accordance with the Online Gambling Regulation Act (OGRA), BetDEX has received licensed approval for all forms of online gambling and gaming, including online sports betting. BetDEX Exchange is operated by BetDEX Labs, a web3 company founded by former FanDuel executives Varun SudhakarCEO, Stuart TonnerCTO and Nigel EcclesChairman.
Varun SudhakarCEO and co-founder of BetDEX, commented, “Today’s news is an exciting step forward for BetDEX Exchange. With licensing and regulatory approval, BetDEX now boasts the first fully regulated sports betting platform in the web3 space and we” look forward to welcoming players welcome from approved regions. We are confident that this is the start of growing our exchange and continuing the expansion of sports betting into the Web3 landscape.”
Abby Kimberhead of eGaming, Digital Isle of Man confirmed: “It is a pleasure to welcome BetDEX to the island. We are delighted to be at the forefront of technologies such as blockchain, whilst maintaining our reputation as a highly regulated jurisdiction that prides itself on player protection I wish BetDEX every success in their future ventures and look forward to working with them for many years to come.“
BetDEX Exchange recently entered Open Beta, accepting bets from over 12,000 early access members over the past 3 weeks. The exchange, which accepts bets from selected countries everywhere South America, Europe, Asiaand Africa, is a completely non-custodial platform built on the Monaco protocol. BetDEX Exchange currently supports peer-to-peer sports betting on football and plans to introduce more sports in the near future.
For more information on BetDEX Exchange, please visit: https://www.betdex.com/.
About BetDEX
BetDEX Labs Inc. (“BetDEX”), developed by former FanDuel founders and early employees, is a web3 company backed by Paradigm and FTX that builds open source technology for global prediction markets. BetDEX Exchange, powered by BetDEX, is a sports betting exchange built on the Monaco protocol that allows peer-to-peer betting. The exchange is licensed and regulated under the jurisdiction of Isle of Man via the Gambling Supervision Commission. BetDEX is a major contributor to the Monaco Protocol, a permission-free decentralized and open-source protocol built on the Solana blockchain, which supports prediction and betting markets. For more information, visit: https://www.betdex.com/.
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SOURCE BetDEX
