Sports Betting Exchange BetDEX is live on the Solana mainnet. The parent company BetDEX Labs Inc. today announced that the betting exchange has now started accepting real-money wagers.
The BetDEX Exchange, powered by BetDEX Labs, is a sports betting exchange built on the Monaco Protocol allowing for peer-to-peer wagering.
BetDEX today announced that it will be accepting wagers on the 2022 FIFA World Cup and additional soccer matches, effective immediately. To celebrate the launch, the BetDEX Exchange will not be charging any fees for wagers placed on 2022 World Cup matches, or any matches throughout 2022.
“The Solana mainnet launch is an incredible milestone for BetDEX and one our community has been patiently waiting for, states BetDEX CEO and Co-Founder, Varun Sudhakar. “We are excited for our users to have real stakes in the game, and we couldn’t imagine a better time to do so than during the World Cup.”
BetDEX Labs Inc., developed by former FanDuel founders and early employees, is a web3 company backed by investors including Paradigm, Multicoin, and Lightspeed, building open source technology for global prediction markets.
BetDEX recently became the first fully-licensed sports betting exchange built on the blockchain. The Exchange is licensed and regulated under the jurisdiction of Isle of Man via the Gambling Supervision Commission.
Under the Online Gambling Regulation Act (OGRA), the BetDEX Exchange received licensed approval from the Isle of Man for all forms of online gambling and gaming, including online sports betting. The platform currently accepts wagers from countries throughout Europe, Asia, South America, and Africa.
BetDEX aims to revitalize the $2 trillion sports betting industry by shifting the power from the operators to the bettors. Current sportsbooks charge double-digit fee margins, remove winning players from their platform, and make it difficult to withdraw your money.
The BetDEX Exchange is 100% non-custodial in nature, meaning BetDEX never controls or holds player funds. According to the exchange, all the wagers are held on transparent, audited, and public smart contracts on the blockchain and upon settlement, the smart contract immediately remits funds to the winner’s wallet.
BetDEX Exchange also claims that it never places stake limits or charges on winning players, but rather encourages their success on the platform.
BetDEX said that a “beta” tag will remain on the exchange until 2023, but customers will be able to wager real money immediately upon launch. The company has focused on international markets at launch, and continues to explore regulatory approval in various additional countries around the world.
BetDEX is a key contributor to the Monaco Protocol, a permissionless decentralized and open-sourced protocol built on the Solana blockchain, supporting prediction and betting markets.
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