Co-founder of FanDuel Nigel Eccles has announced the open beta launch of the blockchain betting exchange BetDEX.
The BetDEX Exchange has received its license from the Isle of Man government. This makes it the first regulated exchange of its kind.
Under the license, BetDEX was granted approval for all types of gambling and online gaming, including online sports betting, by the Isle of Man Gambling Supervision Commission.
The license was issued under the Isle of Man Online Gambling Regulation Act, and enabled BetDEX to start accepting wagers from more than 12,000 early-access players from a list of countries in Europe, Asia, South America and Africa. Currently only soccer is on offer but more sports are expected to be included on the list.
BetDEX has Eccles as its chairman, and two other FanDuel executives are also filling the company’s top positions. Varun Sudhakar is serving as chief executive officer and Stuart Tonner is the company’s chief technology officer. Sudhakar had climbed to the position of a senior manager back in his FanDuel career days, while Tonner was head of engineering (Glasgow).
“BetDEX now boasts the first fully-regulated sports betting platform in the Web3 space, and we're excited to welcome bettors from approved regions”, Sudhakar said, adding that this is just the start of expanding sports betting into the Web3 space.
The company started out as a UK start-up and back in 2021 it managed to secure an eye-watering $21m in its seed investment round, which was “the largest ever”, as the company put it, when talking UK start-ups.
The recent developments open up the doors to so much potential – not only for the company, but for sports betting on the blockchain in general.
If the company proves to be successful – and it has the makings for it – it could generate a dramatic increase of activity from crypto enthusiasts in the space.