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Web3 company BetDEX has launched the first fully-licensed betting exchange built on the blockchain after receiving a licence from the Isle of Man Gambling Supervision Commission.

The BetDEX Exchange was set up by former FanDuel execs Varun Sudhakar, who leads the company as CEO, Stuart Tonner, acting as CTO and former FanDuel CEO Nigel Eccles, who sits on the firm’s board as chairman.

Under the Isle of Man’s Online Gambling Regulation Act, the operator has now been approved to offer all forms of online gambling including sports betting.

At present, the BetDEX Exchange is available to several thousand early access members in its open beta phase and has been accepting wagers for the past three weeks.

The exchange accepts bets from selected jurisdictions across South America, Europe, Asia and Africa.

BetDEX CEO Varun Sudhakar: “With licensing and regulatory approval, BetDEX now boasts the first fully-regulated sports betting platform in the web3 space. We’re excited to welcome bettors from approved regions.”

Built on the Solana blockchain, BetDEX uses the Monaco Protocol liquidity matching programme to allow bettors to place peer-to-peer wagers on football.

The operator plans to introduce additional sports to the exchange in the near future, it said.

“Today’s news is an exciting step forward for the BetDEX Exchange,” said Sudhakar, CEO and co-founder of BetDEX. 

“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.”

Abby Kimber, head of egaming at Digital Isle of Man, 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,” she added.

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