Blockchain bookie Betdex receives remote betting license in Ireland

UK gambling company Betdex has received a remote betting license in Ireland.

The Betdex exchange is the first fully licensed and regulated sports betting exchange built on blockchain technology. It received an online gambling license from the Isle of Man in October 2022.

Betdex chief executive Varun Sudhakar said: “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.

“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.”

The Betdex exchange is non-custodial, meaning Betdex never controls or holds player funds.

The company said the licensing approval coincides with the introduction of in-play bets for cricket and tennis markets. Industry estimates indicate that more than 50 per cent of global sports betting turnover takes place via in-play markets.

Punters on the exchange will also be able to bet on side markets, including game and set winners in tennis matches, as well as number of goals and goal scorers for the English and European football leagues.

The company is expected to launch betting markets for other leagues and sports including the Rugby World Cup in France later this year, in addition to the ICC Men’s Cricket World Cup in India, as well as cycling.

Betdex chairman Nigel Eccles said: “Ireland has long been a leader in innovation and adoption of new technologies. I am proud to be able to bring the Betdex exchange back to my native country.”