FanDuel ex employees launch betting exchange BetDEX

As sports betting continues to grow, BetDEX Labs has announced that it is taking another stride in the contested and ever-ratcheting market with BetDEX Exchange, a sports betting exchange that is specifically tailored for players who are looking to bet more freely than what similar existing platforms have to offer.

The company’s credo is fittingly "Built for the Bettor," a promise that will come under heavy scrutiny now that the decentralized betting exchange is live.

The launch of the exchange comes with a plethora of commitments to customers, including flat 3% fees on net winnings and zero discriminatory account restrictions. The exchange is getting underway with popular markets, such as soccer, baseball, basketball, cricket, American football, and more to come.

BetDEX Exchange comes out of beta to conquer the market

BetDEX Exchange further prides itself on the fact that it would never "penalize" players for proving too good at betting and winning and provide customers with the best possible odds across the board, the company said in an X post.

Commenting on the rollout of the exchange, BetDEX CEO and Co-Founder Varun Sudhakar has welcomed the chance to see his company throw its hat in the betting exchanges ring and take on the likes of BetDAQ, BoyleSports, FanDuel, and Betfair, as the company is also tapping into some of the early-day talent of those companies.

"The core of the BetDEX team were early developers and employees at FanDuel, Betfair, BetDAQ and BoyleSports, motivated to democratise access to sports betting," Sudhakar noted.

Yet, a desire to take on the biggest companies in the sector is not the only motivation the company is guided by, as BetDEX, as Sudhakar puts it, also seeks to "democratize" access to sports betting, similar to how Betr and Simplebet are focusing on different markets and looking to tell a compelling story in the process.

"While sports betting is a massive industry with over $2 trillion dollars traded every year, hidden fees and arbitrary limits on winners have created an extremely poor player experience," Sudhakar argues, pointing out to the potential of the industry.

A democratizing force in sports betting

BetDEX goes a step further, as the company is also looking to buck a trend that the executive describes as "penalizing bettors for their success," a trend where someone who has been particularly successful may find themselves in a corner.

BetDEX Exchange is looking to secure a massive place in the sports betting world, seeking to strengthen its presence in major competitions and across various markets worldwide.

BetDEX is an ambitious project that brings significant experience over from other established companies, including FanDuel Co-Founder Nigel Eccles, with the company launching in Ireland following a year of extensive beta testing.

The company also comprises the talent of Stuart Tonner, who is another FanDuel colleague that Eccles has welcomed onboard. BetDEX’s trip to the top has been boosted by frequent financial rounds, with a seed round in November 2021 yielding $21m for the future company.

BetDEX Exchange is now offering 20 times more markets than a year earlier, making it well-equipped to take on the competition.

Image credit: BetDEX