Web3 company BetDEX announced Thursday that its BetDEX Exchange is now live on the Solana mainnet, accepting real-money wagers for the first time. BetDEX describes itself as the first fully-licensed sports betting exchange built on the blockchain, and will be accepting wagers on the 2022 FIFA World Cup and additional soccer matches effective immediately.
To celebrate the launch, the BetDEX Exchange will not be charging any fees for wagers placed on 2022 World Cup matches, or any matches throughout 2022, the company announced in a statement.
Varun Sudhakar, CEO and Co-Founder of BetDEX, commented on the news: "The Solana mainnet launch is an incredible milestone for BetDEX and one our community has been patiently waiting for. We are excited for our users to have real stakes in the game, and we couldn't imagine a better time to do so than during the World Cup."
Varun Sudhakar, CEO and Co-Founder of BetDEX
BetDEX has set out to revitalize the $2 trillion sports betting industry by shifting the power from the operators to the players, the company describes its mission. "Current sportsbooks charge double-digit fee margins, remove winning players from their platform, and make it difficult to withdraw your money," BetDEX Labs explained.
The BetDEX Exchange is 100% non-custodial in nature, meaning BetDEX never controls or holds player funds. All wagers are held on transparent, audited, and public smart contracts on the blockchain and upon settlement, the smart contract immediately remits funds to the winner's wallet, the exchange notes. Lastly, BetDEX Exchange never places stake limits or charges on winning players.
The BetDEX Exchange recently became the first fully-licensed regulated sports betting exchange on the blockchain. Under the Online Gambling Regulation Act (OGRA), the BetDEX Exchange received license approval from the Isle of Man for all forms of online gambling and gaming, including online sports betting.
The platform currently accepts wagers from countries throughout Europe, Asia, South America, and Africa. The fully non-custodial exchange is built on the Monaco Protocol. The project is helmed by former FanDuel executives Varun Sudhakar, CEO; Stuart Tonner, CTO; and Nigel Eccles, Chairman.
Since the launch of its open beta in early October, the BetDEX Exchange accepted wagers from over 12,000 early access members, the company noted. A "beta" tag will remain on the exchange until 2023, but customers will be able to wager real money immediately upon launch.
The company has focused on international markets at launch and continues to explore regulatory approval in various additional countries around the world, BetDEX said in a statement.
Mainnet has arrived on @solana !— BetDEX (@BetDEXLabs) November 24, 2022
Earlier this month, Yogonet held an exclusive interview with Varun Sudhakar, in which the BetDEX Labs CEO said that being the first fully licensed sports betting exchange on blockchain will provide the company an advantage.
Sudhakar says the license allows the firm to instill trust in its customers that they are gambling on a platform that has undergone a stringent diligence process, while also paving a path forward for the rest of the industry as to how one might operate a highly regulated business in web3.