When it comes to the world of sports betting, in some manner, the landscape has been altered dramatically. The advent of online and now mobile betting sites is revolutionizing the way people place their bets.
However, the types of bets really aren’t all that different from back in the days when sports betting was done under wraps through bookies in back rooms. The house is still holding a significant edge when it comes to the outcomes of bets.
BetDEX is promising to change all that. Billing itself as the first global decentralized sports betting protocol, they plan to offer a more balanced landscape to sports bettors by utilizing the power of the Blockchain.
Historically, the sports betting industry has charged high prices for weak products with minimal innovation. Sportsbooks like bet365 make every effort to hold on to player funds, exposing users to significant counterparty risk. In 2020, the global sports betting market was valued at USD $203 billion. With the explosion of legal, regulated sports betting across North America, it is forecast to grow to $350 billion by 2024.
Despite the immense size, popularity and potential of the sports betting market, it has been characterized by incumbents charging high fees and delivering minimal product innovation.
“The sports betting industry charges high prices for poor products and limits trades by its most successful users,” Varun Sudhakar, Co-Founder and CEO of BetDEX, said in a statement. “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.”
How BetDEX Works
Created by FanDuel co-founder Nigel Eccles, BetDEX aims to take the opposite approach. They will be offering a betting exchange similar in style to Betfair, in which bettors compete with each other as opposed to against the house. The fee they will charge on winnings will be less than 1 percent. The standard takeout by online sportsbooks on winning wagers is between 2-5 percent.
BetDEX will operate entirely within the realm of cryptocurrency. Their protocol will be built on the public blockchain Solana. BetDEX plans to accept wagers in USDT, SOL and SAMO at launch.
It will offer consumers extremely fast and low-cost trades, while eliminating counterparty risk. The protocol will be fully decentralized and open-sourced, allowing third parties to build their own applications and innovate on top of the platform. BetDEX also plans to build their own sports betting platform.
By building on the Solana blockchain, BetDEX can deliver high speeds and low transaction costs while eliminating counterparty risk. They are promising a fee of just $0.00025 per transaction.
Able to compute 50,000 transactions per second, the BetDEX platform will be able to handle a global market. And with 4000 millisecond block times, they claim to be the fastest blockchain in the world.
Some $21 million was raised in seed investment capital. BetDEX is intending to launch in early 2022.
BetDex Bonus Offers
We expect 100% welcome bonuses to all new customers when BetDex, sports bettign platform, is live via mobile app or online. Free bets, low commissions, offers and more promotions, including valid bonus code, to be announced.
SOL native wallets such as Phantom. By building on a blockchain BetDEX is promosing to create the global decentralized sports betting protocol that connects sports betting professionals and fans around the world, including USA and UK.
Not yet, but with the legal online betting market in Ontario, we can expect this sportsbooks to move to Canada as well in 2023.