The BetDex Exchange – created by FanDuel founder Nigel Eccles – has announced that it has been licensed and regulated by the Isle of Man Gambling Supervision Commission, making it the first regulated blockchain betting exchange.

The operator has received licensed approval for all kinds of online gaming, including online sports betting, under the Isle of Man Online Gambling Regulation Act.

Former FanDuel executives Varun Sudhakar, Stuart Tonner and Nigel Eccles serve as CEO, CTO and chairman of the new business, which they founded just over a year ago. Soon after founding, BetDex announced an initial investment round, raising $21m.

Varun Sudhakar, CEO and co-founder of BetDex said: “Today’s news is an exciting step forward for the BetDex Exchange. With the licensing and regulatory approval, BetDex now boasts the first fully-regulated sports betting platform in the Web3 space, and we’re excited to welcome bettors from approved regions.”

Abby Kimber, head of egaming with the Isle of Man government, said: “It is a pleasure to welcome BetDex to the island. We are excited to be at the forefront of technologies like blockchain while maintaining our reputation as a highly regulated jurisdiction that prides itself on player protection. I wish BetDex every success with their future ventures and look forward to partnering with them for many years to come.”

The exchange just entered Open Beta, accepting wagers from more than 12,000 early access players in the past weeks. It accepts wagers from select countries throughout South America, Europe, Asia and Africa. The BetDex Exchange currently offers peer-to-peer sports wagers on soccer and is expecting to announce additional sports in the near future.

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