BetDex, a blockchain operator founded by Nigel Eccles, recently announced that it got a licence from the Isle of Man Gambling Supervision Commission. BetDex is now the first licensed and regulated betting exchange based on crypto and blockchain technology.
BetDex Licence Explained
The BetDex is now licensed and regulated by the Isle of Man Gambling Supervision Commission government and covers casino gambling and online sports betting.
BetDex claims to be the world’s first decentralized sports betting protocol built on the Solana public blockchain. In addition to offering swift and low-cost trades, it also claims to eliminate counterparty risk. On top of the platform, third parties can build their applications and innovations.
With the launch of the Open Beta phase, over 12,000 early access players have placed wagers from countries in Europe, South America, Asia, and Africa. A peer-to-peer sports betting platform for football is now available, and more sports are planned in the future.
Nigel Eccles, also the co-founder of FanDuel, founded this betting exchange last year. On the other hand, Varun Sudhakar and Stuart Tonner serve as CEO and CTO of BetDex, respectively. Together with the crypto investment company from San Francisco, Paradigm, they led an investment last year amounting to $21 million.
BetDex Exchange took an exciting step forward with this announcement. It has now become the first fully-regulated sports betting platform in the WEB 3.0 space, welcoming bettors from all approved regions.
The head of e-Gaming at the Isle of Man Gambling Commission, Abby Kimber, also expressed her satisfaction regarding this achievement. She is very proud of BetDex being at the forefront of blockchain technologies, maintaining good practices regulated by prominent jurisdictions and protecting online players.
Plans for Isle Man Complex Building
After the BetDex licensing on the Isle of Man, there are plans for a new casino complex. The construction company known as Altostratus Limited will propose a three-story entertainment center, a car park, and offices. On the Douglas Promenade, Sefton Group’s Palace Hotel and Casino are expected to move its gaming operation from its current location if the proposal is approved.