Shantel
Key Takeaways:
- BetDEX has secured a remote betting intermediary license in Ireland, further expanding its global presence.
- The company pioneers a blockchain-based sports betting exchange, providing enhanced speed, cost-effectiveness, and flexibility.
- BetDEX has seen rapid growth, with over $1.5 million in matched wagers this year.
- The company is set to offer in-play bets for various sports and is launching betting markets for new leagues and sports.
About BetDEX
Formed by early FanDuel founders and employees, BetDEX Labs Inc., or simply BetDEX, is a web3 company backed by prominent investors such as Paradigm, Multicoin, and Lightspeed. The company’s key product, the BetDEX Exchange, is an innovative sports betting exchange based on the Monaco Protocol that enables peer-to-peer wagering. It is licensed and regulated under the jurisdiction of the Isle of Man via the Gambling Supervision Commission. The exchange has been pivotal in leveraging open-source technology for global prediction markets, standing at the forefront of the intersection of betting and blockchain technology.
Expanding the Frontier of Online Sports Betting
On July 1st, BetDEX announced that it has secured a remote betting intermediary license in Ireland, signifying an important milestone in the company’s expansion. With this license, BetDEX now has the official endorsement to offer all forms of online sports betting in Ireland, establishing a strong presence in the European Union.
Varun Sudhakar, CEO and Co-Founder of BetDEX, expressed the team’s excitement about this development, “Ireland has a rich history of being at the forefront of sports betting advancements, and while this license provides Irish citizens with the opportunity to bet using our platform, it also introduces the region to the power and benefits of blockchain and web3 technologies.”
A Step Ahead in Sports Betting Technology
The BetDEX Exchange isn’t your typical betting platform. It’s built on blockchain technology, ensuring transparency and safety while providing distinct advantages over legacy competitors. The company prides itself on its non-custodial policy, meaning that it never controls or holds player funds. All wagers are held in transparent, audited, and public smart contracts on the blockchain, which instantly remits funds to the winner’s wallet upon settlement.
Betting Innovation: In-play Bets and Expanded Coverage
With the new licensing, BetDEX is set to introduce in-play bets for cricket and tennis markets from July 3. In-play markets constitute over 50% of the global sports betting turnover, and BetDEX’s inclusion of this popular feature is expected to significantly boost user engagement.
The company has also expanded its sports coverage, offering betting markets on tennis, cricket, UFC, and esports in recent months. Upcoming plans include introducing betting markets for leagues and sports such as the Rugby World Cup in France and the ICC Men’s Cricket World Cup in India, among others.
BetDEX’s continuous growth and expansion are reflected in its matched wagers figures, which have exceeded $1.5 million in the past six months.
“Ireland has long been a leader in innovation and adoption of new technologies”, noted BetDEX Labs Chairman and Co-Founder Nigel Eccles. “This licensing is a testament to the country’s commitment to staying on the cutting-edge and I am proud to be able to bring the BetDEX Exchange back to my native country.”
To find out more about BetDEX and its revolutionary approach to online sports betting, visit: https://www.betdex.com/
