BetDEX grows global footprint, secures license in Ireland

The web3 company backed by investors such as Multicoin, Lightspeed and Paradigm that delivers open-source technology for global prediction markets, BetDEX Labs Inc., announced that BetDEX Exchange continues to expand its footprint around the globe by securing a remote betting intermediary license in Ireland. Although the announcement came earlier this week, the company explained that the license is effective as of July 1, 2023. Thanks to the recent license, the BetDEX Exchange continues its expansion on the Old Continent and grows its global footprint.

It was last year in October when the BetDEX Exchange secured an online gambling license from the Isle of Man, designating it as the first fully licensed and regulated sports betting exchange built on blockchain technology. Now, thanks to the recently secured license in Ireland, customers in the country can tap into the benefits that the BetDEX Exchange brings.

Currently, the bets via the exchange platform are 100% non-custodial. This means that BetDEX doesn't hold or control players' funds, making wagers auditable and transparent via public smart contracts. Those contracts, facilitated via the blockchain, enable speedy transfers upon settlement of wagers. According to a statement released by BetDEX, this innovative technology allows it to "offer tighter spreads and fractional fees compared to existing bookmakers."

The latest licensing in Ireland coincided with the exchange's expansion of in-play bets for tennis and cricket markets. The expansion comes at a time when in-play markets were identified for their potential, considering they are responsible for more than 50% of the global sports betting turnover.

Nigel Eccles, BetDEX Labs' Chairman and Co-Founder, explained: "Ireland has long been a leader in innovation and adoption of new technologies." He added that the recent licensing reaffirms the country's commitment to innovative technologies and pointed out that it is exciting to see the BetDEX Exchange continue to expand. Finally, Eccles added: "On behalf of the BetDEX team we are excited to provide a superior betting experience to the people of Ireland."

Varun Sudhakar, BetDEX's CEO and Co-Founder, was similarly excited and pointed out: "As a UK-headquartered company with a local presence in Ireland, the BetDEX team is excited to enter a new but familiar territory of operation." Last but not least, he said: "Ireland has a rich history of being at the forefront of sports betting advancements, and while this license provides Irish citizens with the opportunity to bet using our platform, it also introduces the region to the power and benefits of blockchain and web3 technologies. We're confident this will continue to advance the adoption of web3 betting platforms across the globe."

Besides expanding its global footprint, the BetDEX Exchange continues to grow its sports coverage by delivering new betting markets for cricket, UFC, tennis, as well as esports in the last few months. Additional expansion of the sports coverage is expected soon, with markets for leagues and sports, including ICC Men's Cricket World Cup in India, the Rugby World Cup in France and more.

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