BetDEX Labs Inc. today announced that it has been awarded license for all forms of online gambling and gaming, including online sports betting. The BetDEX Exchange now becomes the first fully-licensed, regulated sports betting exchange on the blockchain.
BetDEX is a web3 company building a decentralized sports betting exchange. Built on the Monaco Protocol, BetDEX enables peer-to-peer wagering. Mo0reover, 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.
BetDEX is now the first fully-licensed, regulated sports betting exchange
BetDEX has received the sports betting license by the Isle of Man Gambling Supervision Commission (GSC), under the Online Gambling Regulation Act (OGRA).
BetDEX revealed in a press release shared with AlexaBlockchain that the license will allow it to offer all forms of online gambling and gaming, including online sports betting. The license will allow BetDEX to accept wagers from select countries throughout South America, Europe, Asia, and Africa.
As per the exchange, this is a landmark moment in the blockchain and sports wagering landscape, as the Exchange becomes the first fully-regulated Web3 sports betting application.
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.
Commenting on this development, Varun Sudhakar, CEO and Co-Founder of BetDEX, said:
“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 is a totally non-custodial platform, and currently accepts bets from a few nations in South America, Europe, Asia, and Africa. The exchange currently supports P2P sports wagers on soccer, and plans to add new sports in the future.
The approval was also confirmed by a representative of Isle of Man. Confirming the news, Kimber, Head of eGaming, Digital Isle of Man, said: “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. It is a pleasure to welcome BetDEX to the Island.”
Global online betting to exhibit strong growth driven by favourable conditions
Global online betting space is going through a lot of change right now, which will help it grow in the future. Currently valued at over $80 billion, the market is projected to grow to over $150 billion by 2027.
This development is being driven by two trends. The first is that more of our activities, including betting, are done online.
The second is positive regulatory devlopments. The United States is a great example of a nation with favourable rules. The Professional and Amateur Sports Protection Act was upheld by the U.S. Supreme Court in May 2018 to make sports betting legal on a nationwide level.
While many countries permit offshore gambling, which enables players to interact with gaming organisations located abroad, these businesses may also be governed by regulations, as is the case in many other nations. European nations typically have more lenient casino and gambling laws than other countries.
There are a few distinct categories in which online betting falls. A significant portion of all online betting activity—35%—is in the casino. However, sports betting, which accounts for nearly 43% of the entire online betting market, is by far the most popular online betting category.
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