The Isle of Man Gambling Supervision Commission (GSC) has granted licence approval to BetDEX Exchange, the betting exchange founded by three former FanDuel executives.
BetDEX was founded by FanDuel co-founder and former CEO Nigel Eccles, alongside FanDuel’s former head of engineering Stuart Tonner and senior manager Varun Sudhakar.
The company becomes the Isle of Man’s first fully-licensed and regulated sports betting exchange operating on blockchain.
“Today’s news is an exciting step forward for the BetDEX Exchange,” said BetDEX CEO and co-founder Varun Sudhakar. “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, Digital Isle of Man commented: “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.”
The BetDEX Exchange recently entered Open Beta, accepting wagers from over 12,000 early access members in the past three weeks. The exchange currently supports peer-to-peer sports bets on football, with additional sports to be introduced in the near future.