Home NewsE-Sports BetDex is the first blockchain-based betting exchange to be regulated

BetDex is the first blockchain-based betting exchange to be regulated

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Created by FanDuel’s founder Nigel Eccles, the BetDex Exchange has received a license and regulation from the Isle of Man Gambling Supervision Commission. This makes it the world’s first blockchain-based betting exchange to be regulated.

Isle of Man Online Gambling Regulation Act has granted the operator a license for online gambling, which includes online sports betting.

Varun Sudhakar and Stuart Tonner, former FanDuel executives, serve as the CEO, CTO, and Chairman of this new company, founded just over one year ago. BetDex raised $21m in an initial round of investment shortly after its founding.

Varun Sudhakar said, “Today’s announcement is a step forward for BetDex Exchange.” BetDex is now the only fully regulated Web3 sports betting platform. We are excited to welcome all approved bettors.

Abby Kimber is the head of the Isle of Man’s egaming department. She said, “It gives me great pleasure to welcome BetDex on the Island.” We’re excited to have a leading role in the development of blockchain technology, while still maintaining our status as a jurisdiction with rigourous regulations and a reputation for player protection. “I wish BetDex success in their future endeavors, and I look forward to working with them many years from now.”

In the last few weeks, more than 12,000 players from early access have placed bets on this exchange. The exchange accepts bets from selected countries in South America, Europe Asia and Africa. BetDex Exchange offers soccer betting and expects to add more sports soon.

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