BetDex launches first regulated blockchain betting exchange
BetDex has received a licence from the Isle of Man Gambling Supervision Commission.
Isle of Man.- BetDex has picked up a licence from the Isle of Man Gambling Supervision Commission, becoming the first regulated blockchain betting exchange. Its licence also covers online gaming and online sports betting.
It has launched Open Beta and has been accepting wagers from more than 12,000 early access players from countries in South America, Europe, Asia, and Africa. It offers peer-to-peer sports wagers on football and plans to add more sports soon.
The betting exchange was founded just last year by FanDuel co-founder Nigel Eccles, who serves as chairman. Varun Sudhakar and Stuart Tonner serve as CEO and CTO. A year ago, the business raised $21m in an investment round led by San Francisco-based crypto investment firm Paradigm.
Sudhakar said: “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.”
Abby Kimber, head of egaming at the Isle of Man Government, said: “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.”
Built on the Solana public blockchain, BetDex describes itself as the world’s first decentralised sports betting protocol. It says it will offer extremely fast and low-cost trade while eliminating counterparty risk. The protocol will be fully decentralized and open-source, allowing third parties to build their own applications and innovate on top of the platform.
Plans revealed for new Isle of Man casino complex
Plans will be put forward for a new casino complex in Douglas, on the Isle of Man. The property development company Altostratus Limited will propose the construction of a three-storey entertainment centre, car park and offices.
If the proposal gets the go-ahead, it’s expected that Sefton Group’s Palace Hotel & Casino, which is located on the Douglas Promenade, would become the main tenant, moving its gaming operations from its current location.
