Advent of Web-3 and blockchain technology in the last few years has revolutionised countless industries, helping them to gear up for the future. Similarly, in the sports betting industry, BetDEX has emerged as an early innovator by taking the mantle to bring this change. A company founded by Varun Sudhakar, Nigel Eccles and Stuart Tonner, three former Fan Duel employees, hopes to revolutionise an ever-growing but traditional sports betting industry.
From the old age, betting on sporting events has been prevalent among enthusiasts who hope to profit from the winnings of their first athletes. Be it the early Olympics of the Bronze Age, sometime around 800-700 BC to the recently concluded Wimbledon final, sports betting has grown into an industry of over $80 Billion.
But in these years, sports betting hasn’t seen a drastic change which BetDEX hopes to create with its Web-3 and blockchain capabilities allowing users to participate in a decentralised form of betting that operates on the Solana. A venture created by industry veterans, allowing them to find shortcomings and address them in a user-centric manner.
Background
Founded in 2021, BetDEX managed to secure the largest-ever seed investment round by a UK startup. The $21 million investment round was led by San Francisco-based crypto investment firm Paradigm and Bahamas-based cryptocurrency exchange FTX. Multicoin Capital, Hack VC, Lightspeed Venture Partners, Sino Global Capital, Solana Ventures, and Everblue Management also participated in the round.
Addressing how BetDEX wants to take on the sports betting market, Varun Sudhakar, Co-Founder and CEO, said: “The sports betting industry charges high prices for poor products and limits trades by its most successful users. BetDEX is diametrically opposed to this approach, we will successfully compete against incumbents with a markedly superior product and low fees, which is now possible with the advent of blockchain technology. Winners will always be welcome on our protocol.”
BetDEX Workflow:
The BetDEX exchange is built on Monaco and Solana, two powerful blockchain technologies. The Monaco Protocol creates a decentralized liquidity network, allowing the smooth functioning of exchange-based applications built on the Solana blockchain and allowing BetDEX to create a flawless betting experience with fast and secure transactions.
Whereas Solana allows BetDEX to provide instant transactions at a nominal cost. Similarly, the protocol only charges a fee of less than 1% on net winnings, making it a highly cost-effective option. Additionally, Solana also allows BetDEX to process a large number of transactions in a short amount of time, further creating a seamless experience for the users. These technologies also permit BetDEX users to place bets of any size without any stake limits.
The non-custodial nature of the platform gives its users full control over funds with any-time withdrawal options without any delays. Unlike traditional betting platforms, where the bookmaker provides profit-driven odds with a margin that limits the users, BetDEX allows users to bet against one another directly. These users can set their favourable odds and place back and lay bets.
How to bet on BetDex?
At the same time, creating an account on BetDEX is also a breeze, as users need to feed in their information by clicking the join button on the website. The process starts by entering and verifying the email-id and is followed by connecting the user’s wallet. BetDEX supports Phantom, Solflare, Torus, Ledger and Sollet wallets on the Solana Network. The final step remains to enter final details like name, username, address and date of birth.
BetDEX currently supports a myriad of global sports like football, basketball, cricket, tennis, baseball, etc along with esports like League of Legends and CounteStrike: Global Offensive. Currently, BetDEX only permits pre-match betting and doesn’t allow users to place orders after an event begins. Similarly, BetDEX allows users to place a back bet on the outcome of an event and a lay bet, where the user bets against an event happening.
Back or Bet for the purple boxes show the current best offer available to BACK a selection. Here if a user thinks, the United States will win, he/she will select the purple box to BACK UNITED STATES. Lay or Bet against — The red boxes present the best LAY selection, so if the user thinks the United States will lose then he/she select the red box UNITED STATES.
BetDEX Security:
To secure sensitive user information, BetDEX has a KYC (Know Your Customer) verification. This helps reduce risks of online fraud, money laundering, and terrorist funding, among other suspicious and criminal activities. BetDEX also holds an Isle of Man license, which further legitimises it as a safe and trustworthy platform and authorises them to function in specific markets in a fully licensed manner.
Author’s Take:
After betting on multiple websites, BetDEX emerges as a platform providing a seamless experience with the ease of placing bets and adding or withdrawing funds. Similarly, the ability to choose your odds also adds a new element to the betting experience. These state-of-the-art features with the platform’s Web-3 and blockchain technology make BetDEX one of the best betting platforms on the market.
