Edinburgh-based BetDEX Labs has confirmed that its BetDEX Exchange has been licensed and regulated by the Isle of Man Gambling Supervision Commission (GSC).
This means it becomes the first fully-licensed regulated sports betting exchange on blockchain.
Under the Online Gambling Regulation Act (OGRA), BetDEX has received licensed approval for all forms of online gambling and gaming; including online sports betting.
The BetDEX Exchange is a web3 company backed by Paradigm and FTX, building open source technology for global prediction markets, founded by former FanDuel executives Varun Sudhakar (chief executive), Stuart Tonner (chief technology officer) and Nigel Eccles (chairman).
Sudhakar commented: “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 e-gaming at 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.“
The BetDEX Exchange recently entered Open Beta, accepting wagers from more than 12,000 early access members in the past three weeks.
The exchange, which accepts wagers from select countries throughout South America, Europe, Asia and Africa, is a non-custodial platform built on the Monaco Protocol - a permissionless and open-sourced protocol built on the Solana blockchain, supporting betting markets.
It currently supports peer-to-peer sports wagers on soccer and plans to introduce additional sports in the near future.
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