A blockchain-betting exchange BetDEX is going live on Solana mainnet on November 17, the first day of the FIFA World Cup Qatar 2022.
The platform aims to take real-money soccer bets as the first blockchain-based sports betting exchange with a proper license. For the duration of the launch, BetDEX will not impose any fees on bets made on World Cup games.
The platform’s users will be able to wager on football games, while wagers on World Cup games will be charge-free.
In a statement, the exchange’s CEO and co-founder, Varun Sudhakar, said.
“We are thrilled to formally introduce the BetDEX Exchange in a few nations and territories. As the world’s first fully legal web3 sports betting exchange, we’re eager to welcome new members into a burgeoning industry.
The sports betting industry has milked their customers for far too long by providing inferior products and exorbitant prices while limiting their winning players.”
Backed by Paradigm and FTX, BetDEX is the first licensed and regulated blockchain-based sports betting exchange.
The decentralized platform received all online gambling and gaming license in the Isle of Man, which also includes online sports betting under the Online Gambling Regulation Act (OGRA). The platform currently operates in South America, Africa, Asia, and Europe.
BetDEX is working on expanding its offerings and the regions it can serve. In addition to soccer, the BetDEX exchange is anticipated to start taking bets on tennis and cricket in 2023. The platform has already registered 12,000 early-access users since its open beta test began in early October. Although the exchange will still have a “beta” tag until 2023, users can place real money bets as soon as it launches.
BetDEX, a web3 company backed by Paradigm and FTX, was launched by former FanDuel founders. This is a permissionless decentralized and open-sourced protocol developed on the Solana blockchain, facilitating prediction and betting markets, including BetDEX as a significant contributor.