BetDEX is the brainchild of former FanDuel executives who wanted to create a decentralized sports betting protocol that combines blockchain with sports betting. This is the largest ever seed investment round that a UK startup has ever been granted and the aim of the company is to make sure that the sports betting experience is forever transformed.
The seed money for this exciting new sports betting protocol amounts to $21 million. Crypto firm Paradigm and cryptocurrency exchange FTX have been major investors in the effort to bring this new protocol to fruition. The company will be based in Scotland as it launches and is already looking for hire for a full range of positions.
The team behind BetDex has stated that, “the sports betting industry charges high prices for poor products and limits trades by its most successful users”. “The access to sports wagering on exchanges will streamline and improve every aspect of the betting experience, including odds in the future”, according to analysts of British Gambler, UK-focused betting aggregator.
Blockchain is becoming increasingly used as mainstream currency, and this kind of connection was long overdue in the sports betting and iGaming world. The CEO and Founder of FTX has made it clear that they are thrilled that they are working with a team with lots of industry experience to totally transform the betting experience for everyone.
Being able to offer an open-source platform will also allow BetDEX to be used by third parties who want to create their own innovative offerings on top of this basic foundation. This is a technology that will be perfect for all kinds of uses and different kinds of betting and BetDEX wants to be at the center of the revolutionary change that this could offer the betting industry as a whole.
Consumers have been demanding the ability to control and determine their own prices for almost everything these days. Why not sports betting? Being forced to accept unfair contracts or less-than-ideal betting practices will be a thing of the past once BetDEX is rolled out for use by consumers everywhere. The market will change in many significant ways and all of them will be better for the person placing the bets.
The blockchain that will be used for betting is Solana and this offers up low-cost trades as well as really fast transactions. The blockchain portion of this equation has to be responsive and has to operate seamlessly or the benefit of the use of this kind of betting is erased. This unique and carefully-designed betting style will fit perfectly with the needs of the gaming industry as a whole and is very forward-thinking in a regressive business world.
The BetDEX team plans to roll out this new and exciting betting method in 2022. They are guiding the way forward toward fair and equitable betting practices that are centered on the needs of the consumer for the first time.