BetDEX CEO Varun Sudhakar: “We Look Forward to Leading the Revolution in Sports Betting and Web3

BetDEX Exchange has made news today with the aspiring sports betting/web3 platform securing a license from the Isle of Man Gambling Commission. Reuniting top industry talent in the face of Varun Sudhakar, CEO, Stuart Tonner, CTO, and Nigel Eccles, Chairman, we have had the opportunity to catch up with one of them. Varun walked us through what BetDEX is and how web3 technology plays a crucial part in what BetDEX does.

We understand that the recent licensing by the Isle of Man Gambling Supervision Commission was a comprehensive process. Can you describe the criteria and objectives BetDEX had to meet to be granted the license?

The Isle of Man Gambling Supervision Commission (GSC) is one of the premier global regulatory bodies for sports betting. BetDEX underwent comprehensive diligence as part of the licensing application and approval process. In particular, BetDEX provided detailed information to the GSC on the following areas:

  • Corporate entity structure
  • Business model & operating plan
  • Player protection processes and procedures
  • Platform exchange operations
  • Regulatory compliance

How does it feel to become the first fully licensed regulated sports betting exchange on the blockchain?

It’s difficult to describe in words how proud we are of achieving this milestone. This is just the start of our journey, but the team has built an incredible product. We are very much looking forward to leading the revolution of sports betting in web3. In other words, we’re really excited about what the future holds for BetDEX and the online sports betting industry.

What are the key advantages of BetDEX Exchange?

Number one, winners are welcome on our platform. We do not close accounts nor limit your player activity just because you are a ‘smart’ bettor. Number two, we never hold back your money, in fact, we never touch your money. BetDEX never holds any player funds, all wagers are held on public smart contracts and automatically disbursed directly to winners upon settlement. Lastly, because BetDEX is decentralized and built on public infrastructure we can charge the lowest fees in the industry.

What global iGaming markets hold the biggest potential for the BetDEX Exchange?

Geographically our initial focus is on the international markets, particularly we are focused on Asia, South America, Africa and Europe. In terms of product, we are launching football as the first sport. We plan to expand our offering in 2023 in high-liquidity markets such as tennis, basketball and cricket.

Do you predict further growth within the sports betting vertical?

Definitely, we expect to drive growth through adding new users but also through adding new sports and products. Initially, we plan to focus mainly on the major pre-game markets but later we want to focus on in-play and the smaller betting markets.

We understand that the BetDEX Exchange has seen tremendous growth in a short period of time – accepting more than 12,000 wagers from early access members in the first three weeks. What has been the most popular sport among the bettors?

Football was the only sport that was offered in our beta environment and is the sport we intend to launch with. However, feedback from our users is that they want us to quickly add other sports like NBA, cricket, golf and tennis.

Will BetDEX be making any additional announcements before the end of the year? What are BetDEX’s near-term objectives?

Successfully launch the product and accept real money wagers.

How about long-term objectives for BetDEX?

We want to be the world’s largest sports betting exchange with market-leading customer satisfaction.

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