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Betdex to bring Web3 betting to the World Cup

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The global betting industry sees a user base that bets up to $2 trillion yearly. However, there are a lot of downsides in the industry, and that’s what Betdex was launched to solve. Having been in the sports industry for 20 years and built three betting exchanges, one major challenge in the industry is underfunding, Nigel Eccles, Chairman, and co-founder, Betdex Labs, explained at the Breakpoint event by Solana. 

This underfunding has affected how fragmented the market is, thereby placing limits on capital that certain users can bet with, Nigel added. However, most users can place bets exceeding $10,000, which is a weakness. 

Other downsides are that most products are not mobile-friendly for users, fees are high, and restrictions on withdrawals and deposits especially for winning customers, the expert of betting shared. In certain situations, the websites of these businesses go down and they are not found or penalized because they operate in regions with little or no regulation for betting products and services.

This is one reason we started Betdex to make betting better for users, Nigel explained.

How Betdex works

Varun Sudhakar, CEO, and co-founder, Betdex Labs, said that Betdex is an on-chain, peer-to-peer, non-custodial betting exchange where users can bet and make money in a decentralized way. We launched the close Beta version in July 2022 and the open Beta in October 2022.

Betdex has attracted about 12,000 wallets and was fully licensed by the Isle of Man Gambling Supervision Commission on November 1, 2022 giving it access to 40% of the world’s population, Varun said. In addition, our smart contract which is built on Monaco protocol, is fully audited.

We operate our services in such a way that once matches are over, customers are instantly paid their returns into their wallets as we don’t hold their funds, Varun explained. And on November 17, we will be going live on mainnet as the World Cup starts with commission-free bets.

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