“BetDEX’s focus for 2023 is to expand our sports coverage and launch our in-play market offering.”

BetDEX Labs’ quest to revolutionize online sports betting ended on a high note in 2022. In November, just days before the FIFA World Cup, the Web3 company announced that it would launch its BetDEX exchange Launch on the Solana mainnetaccepting real money bets for the first time.

BetDEX, the first fully licensed sports betting exchange based on the blockchain, has a clear mission: revitalize the $2 trillion sports betting industry by shifting power from operators to players. “Current sportsbooks charge double-digit margins in fees, remove successful players from their platform and make it difficult to withdraw your funds,” the company claims. led by former FanDuel executives Varun Sudhakar, CEO; Stuart Tonner, CTO; and Nigel Eccles, Chairman.

In contrast, the BetDEX exchange is 100% non-custodial, meaning BetDEX never controls or holds player funds. All bets are held on transparent, audited and public smart contracts on the blockchain, and after settlement, the smart contract immediately transfers funds to the winner’s wallet, the bills of exchange. Finally, BetDEX Exchange never imposes betting limits or fees on winning players.

Yogonet spoke with Varun Sudhakar on what sets this offering apart and how BetDEX has pushed its vision forward over the past year. He also explains what to expect from the company in 2023.How do you assess the development of the gaming industry and especially sports betting in 2022? What role did BetDEX play in this context?

We see crypto becoming an increasingly important payment gateway for the industry, which offers alternative and cheaper payment solutions for sports betting. Second, in both the betting and crypto markets, we see the risks associated with centralized sportsbooks and exchanges.

As a non-custodial exchange, BetDEX never processes client funds and offers an exciting alternative to having to entrust your money to an offshore company.

The BetDEX exchange closes the year by going live on the Solana mainnet and accepting real money bets for the first time. What can you tell us about this groundbreaking achievement? What are your first impressions since the exchange went live?

In 2020 we built and launched a fully licensed and regulated sportsbook based on an open source, permissionless protocol (called Monaco).. While BetDEX is currently the only exchange built on top of Monaco, we have seen significant interest from other operators looking to use the protocol and expect to see a significant number of launches in 2023.

When BetDEX launched, we were very pleasantly surprised at how quickly developers recognized the opportunity to build on a common infrastructure and liquidity. Unlike a centralized exchange, Monaco is free to use and does not discriminate against who can use it.

BetDEX started with World Cup markets and we have been very happy with the organic demand from users. The biggest request from our customers has been to expand our coverage to offer markets in additional leagues and sports.BetDEX aims to revitalize the sports betting industry by shifting power from operators to players. What opportunities do you see in Web3 for the betting industry? Where do you see the development of Web3 betting going in the next year?

Sports betting is rampant with operators each having their own discrete and fragmented pools of liquidityresulting in an ecosystem where you have to charge high fees and limit winners in order to run a sustainable business.

Now imagine a world where liquidity is pooled globally, leading to fee compression and tighter spreads; In this environment, sports betting companies would be forced to compete by developing the best product and ultimate user experience. This is not as crazy as it might sound – it is the current state of the financial markets. And Web3 provides the perfect rails to build this ecosystem publicly, transparently, and without permission.

What can we expect from BetDEX in 2023? Are there any new plans or announcements you could share with us?

Our focus is on expanding our sports coverage and launching our in-play market offering. 2023 will be a year of continuous product improvement. Additionally, we plan to make it easier for non-crypto users to get started with the product.

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