BetDEX Exchange has been licensed and regulated by the Isle of Man Gambling Supervision Commission (GSC), effective immediately.
The BetDEX Exchange becomes the first fully-licensed regulated sports betting exchange on blockchain.
Under the Online Gambling Regulation Act (OGRA), BetDEX has received licensed approval for all forms of online gambling and gaming, including online sports betting.
The BetDEX Exchange is powered by BetDEX Labs, a web3 company founded by former FanDuel executives Varun Sudhakar, CEO, Stuart Tonner, CTO, and Nigel Eccles, Chairman.
Varun Sudhakar, CEO and Co-Founder of BetDEX, commented,
“Today’s news is an exciting step forward for the BetDEX Exchange. 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.”
The BetDEX Exchange recently entered Open Beta, accepting wagers from over 12,000 early access members in the past 3 weeks.
The Exchange, which accepts wagers from select countries throughout South America, Europe, Asia, and Africa, is a fully non-custodial platform built on the Monaco Protocol.
The open-source Monaco Protocol has been built using the Solana blockchain that allows BetDex Exchange service to fully exploit web3 sports betting applications.
BetDEX Exchange currently supports peer-to-peer sports wagers on football and plans to introduce additional sports in the near future.
Abby Kimber, Head of eGaming, Digital Isle of Man confirmed:
“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. I wish BetDEX every success with their future ventures and look forward to partnering with them for many years to come.“