Sports betting exchange BetDEX Exchange has obtained a sports betting license in Ireland. The platform, developed by former FanDuel founders and early employees, believes the milestone could mark a significant step forward in integrating blockchain technology into the traditional gambling industry.
The license, effective as of July 1, fully approves the BetDEX Exchange to offer all forms of online sports betting in Ireland and helps it establish a presence in the European Union as the exchange seeks to expand its global operations.
BetDEX Exchange has emerged as a pioneering player in the decentralized betting landscape. The company became the first fully licensed and regulated sports betting exchange built on blockchain technology when it received an online gambling license from the Isle of Man in October 2022.
Obtaining a sports betting license in Ireland is a rigorous process that requires strict compliance with regulatory standards, notes BetDEX. The decision to grant BetDEX a license comes as the company had to survive the FTX implosion. The crypto exchange was one of its original investors in 2021, over a year before users lost as much as $8 billion on the platform.
Varun Sudhakar, CEO and Co-Founder of BetDEX, stated: “As a UK-headquartered company with a local presence in Ireland, the BetDEX team is excited to enter a new but familiar territory of operation. Ireland has a rich history of being at the forefront of sports betting advancements.”
“While this license provides Irish citizens with the opportunity to bet using our platform, it also introduces the region to the power and benefits of blockchain and web3 technologies. We’re confident this will continue to advance the adoption of web3 betting platforms across the globe.”
The licensing of BetDEX, launched by former FanDuel executives Nigel Eccles (also FanDuel’s founder), Stuart Tonner, and Varun Sudhakar in Ireland, promises several advantages for sports bettors. Notably, the platform’s decentralized nature ensures that bettors retain complete control over their funds, with no need to trust a centralized entity with their money.
The exchange says 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. Leveraging this technology, BetDEX can offer tighter spreads and fractional fees compared to existing bookmakers, BetDEX Labs explained.
The blockchain technology behind BetDEX guarantees transparency, enabling users to verify the fairness of bets and payout mechanisms. Additionally, the elimination of intermediaries leads to reduced fees, allowing for more competitive odds and higher potential winnings for bettors.
“This licensing is a testament to the country’s commitment to staying on the cutting-edge and I am proud to be able to bring the BetDEX Exchange back to my native country. On behalf of the BetDEX team, we are excited to provide a superior betting experience to the people of Ireland,” added Nigel Eccles, BetDEX Labs Chairman and Co-Founder.
Licensing approval in Ireland also coincides with the introduction of in-play bets, fully available as of July 3 for cricket and tennis markets. BetDEX has also expanded its sports coverage, having launched betting markets on tennis, cricket, UFC, and esports in the last few months.
The company is expected to launch betting markets for other leagues and sports including the Rugby World Cup in France later this year, in addition to the ICC Men’s Cricket World Cup in India, cycling and more.