BetDEX has secured a $21 million seed funding round that will allow them to develop the platform into a decentralised betting exchange, the first for sports betting protocols.
This is being developed by Nigel Eccles, one of the founders of sportsbook FanDuel, and engineering executives Varun Sudhakar and Stuart Tonner. BetDEX will be based in Scotland, and there are already plans to scale and grow the business.
BetDEX will be taking advantage of some of the benefits of the Solana (SOL) blockchain. They aim to develop a decentralised betting exchange with an open-source environment. This will then allow other developers and engineers to build their own applications and innovate the platform further.
Eccles believes that decentralised technologies will disrupt the static tech of the betting industry soon, and will allow for new ventures and revolutions in the global market as it continues to grow.
He said: “blockchain technology is set to revolutionise sports betting and we want to be at the forefront of that. It’s exciting to be founding the business with Varun and Stuart, and to be building it in Scotland.”
Sudhakar added: “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.”
