The Isle of Man Gambling Supervision Commission (GSC) has granted a licence to the blockchain betting exchange BetDEX Labs.
With the announcement, the operator said that a new milestone has been achieved in its march towards creating the online gambling’s first blockchain-built mass market betting exchange under the BetDEX domain.
The project is led by FanDuel Co-Founder Nigel Eccles with a secured seed funding of $21m to launch “gambling’s first decentralised sports betting marketplace”.
Part of the Eccles team is former FanDuel tech lieutenants duo Varun Sudhakar and Stuart Tonner, who are in charge of BetDEX Labs’ disruption of sports betting and promise betting consumers “the low-cost, scale-proof and ultra-fast transactional benefits of blockchain”.
Sudhakar, who is the CEO of BetDEX Labs, 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 launch is financially backed by San Francisco-based crypto fund Paradigm, as well as the Bahamian crypto exchange FTX, with many other investors awaiting to see results.
BetDEX Labs also shared that it has started the open beta testing phase of its blockchain exchange, which so far has recorded “wagers from 12,000 early access members in the past three weeks”.
Abby Kimber, Head of eGaming at government-owned executive agency Digital Isle Of Man, commented: “ 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.I wish them every success with their future ventures and look forward to partnering with them for many years to come.“