BetDEX secures Isle of Man licence as blockchain exchange enters beta mode.

BetDEX Labs Inc has become the first blockchain betting exchange to be granted a licence by the Isle of Man Gambling Supervision Commission (GSC).

The New York and Edinburgh-based operator hailed the GSC licence approval as a new milestone towards launching online gambling’s first blockchain-built mass market betting exchange under the BetDEX domain.

BetDEX is the new venture of former FanDuel co-founder Nigel Eccles, who has secured $21m in seed funding to launch “gambling’s first decentralized sports betting marketplace”.

Eccles has hired former FanDuel tech lieutenants Varun Sudhakar (CEO) and Stuart Tonner (CTO) to lead the firm’s disruption of sports betting, which promises to deliver “the low-cost, scale-proof and ultra-fast transactional benefits of blockchain to betting consumers”.

Sudhakar 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.”

It was also disclosed that the company has begun open beta phase testing of its blockchain exchange, which has recorded “wagers from 12,000 early access members in the past three weeks”.

Industry observers await BetDEX’s launch, a venture that carries the financial backing of San Francisco crypto fund Paradigm and Bahamas-based cryptocurrency exchange FTX.

Digital Isle of Man Head of eGaming Abby Kimber added: “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.“