BetDEX Trades Sports Bets at High Speed with Minimal Costs

Dave Schwab Sports Betting Expert

7 minute read

FanDuel founder Nigel Eccles is looking to revolutionize the sports betting exchange industry with the launch of BetDEX. Using blockchain technology and cryptocurrency, this site will be able to deliver high speed transactions at minimal costs.

CONTENTS

• How BetDEX Works
• BetDEX Features
• How To Join The BetDEX Beta List
• Is BetDEX Safe?
• State by State
• BetDEX Payment Options
• BetDEX FAQ
• Our BetDEX Outlook

HOW BETDEX WORKS

BetDEX is founded on the principle of a sports betting exchange. This involves peer-to-peer betting as opposed to betting against the house at a traditional sportsbook.

Eccles has decided to take things even further with the use of blockchain technology. BetDEX also involves the use of cryptocurrency as the means to perform financial transactions.

These two major points of difference have the ability to create high speed transactions at minimal costs. BetDEX is being marketed as “the world’s first decentralized sports betting exchange.”

The company’s ambitions in this project are stated as follows:

“The goal is to deliver a global sports betting protocol that enables users to trade bets at high speed and minimal cost and zero counterparty risk.”

”Counterparty risk” is equated to the fact that traditional sportsbooks make every effort to hold on to a sports bettor’s funds. This would be in the form of an online betting bankroll. This, in turn, exposes them to more financial risk.

BETDEX FEATURES

As a sports betting exchange, three of the biggest features of BetDEX are actual measurements as follows:

• Average cost per transaction ($0.00025)
• Transactions per second (50,000+)
• Millisecond block times (400)

BetDEX builds its business model with the use of the Solana blockchain. This creates the ability to deliver high speed online transactions at low transaction costs.

Another key feature of BetDEX is a sports betting exchange that revolves around the use of cryptocurrency.

The ability to use cryptocurrency for all online banking transactions adds the decentralized aspect to BetDEX.

When this new sports betting exchange does go live, BetDEX users can expect an online betting app. Since the majority of all sports betting transactions are processed through a mobile betting app, this will be instrumental for the rollout process.

POTENTIAL BETDEX PROMO CODE

While the technology behind BetDEX is next level, the operational end will still resemble a sports betting exchange. This implies that BetDEX will have some kind of welcome offer and a BetDEX promo code.

The welcome offer and accompanying promo code will most likely be geared towards trial use. The concept of peer-to-peer sports betting is still very new. Incentives and promotional offers will most likely be designed to speed up the learning curve.

HOW TO JOIN THE BETDEX BETA LIST

BetDEX is currently in the beta phase of development. The moving target is to go live with the BetDEX sports betting exchange in early 2022.

In the meantime, the site is giving interested parties an opportunity to join the BetDEX beta testing list.

There are three simple steps to joining the beta list at BetDEX as follows:

• Go to the sign-up page at betdex.com/beta.
• Submit a name and valid email address through the online sign-up form.
• Follow any further instructions in the BetDEX introductory email.

IS BETDEX SAFE?

The site itself should be safe to use. With the founder of FanDuel at the helm, this instant credibility makes this a legitimate endeavor.

The concept of a sports betting exchange does involve a certain level of financial risk. Money can still be lost with peer-to-peer sports betting.

New customers unfamiliar with how the entire trading process works may put themselves at a disadvantage in the betting process.

As more and more sports betting exchanges enter the marketplace, the overall concept will begin to gain wider acceptance. This should lead to safer play from a financial risk standpoint.

STATE BY STATE

Preliminary plans did not speculate on which legal betting markets have been targeted for the launch of BetDEX. However, the concept of using cryptocurrency is a limiting factor.

There are more than 30 states offering legal sports betting in some form. However, the use of cryptos to book those bets is limited to Wyoming at this point in time.

The acceptance of cryptos in the legal US sports betting and gaming industry is bound to expand in the future. Yet, the time frame tied to this expansion is still unknown.

BETDEX PAYMENT OPTIONS

It is clear that BetDEX plans to make cryptocurrency a centerpiece of the company’s business model. The only insight into the payment process is the use of SOL native wallets such as Phantom.

SOL is the native token for the Solana platform. Phantom is a customer wallet associated with Solana.

BETDEX FAQ

WHAT IS SOLANA?

This is a web-scale blockchain. It is used to power decentralized apps and marketplaces.

WHY DOES BETDEX USE BLOCKCHAIN TECHNOLOGY?

This is the only way to develop a decentralized sports betting platform. Blockchain also has the ability to connect sports fans on a global scale through the use of a sports betting exchange.

DOES BETDEX HOLD FUNDS LIKE A TRADITIONAL SPORTSBOOK?

BetDEX does not hold any customer funds. All available funds remain in a customer’s wallet. Bets are viewed as a “transparent, auditable escrow contract.”

They are created and settled on the blockchain. Funds are then remitted to the winning customer’s wallet.

OUR BETDEX OUTLOOK

The entire global sports betting industry continues to evolve at an accelerated pace. At the same time, the marketplace for traditional sportsbooks has become overcrowded.

BetDEX is a perfect example of innovators thinking outside the box. The future of legal sports betting could take on many different forms based on these types of innovations.

The fact that FanDuel founder Nigel Eccles is leading this project gives BetDEX some major credibility. However, the mass appeal of sports betting exchanges in general still needs to be established.

The average sports bettor may not be the target customer for BetDEX. This site has the ability to create an entirely new subset of sports bettors in the industry.

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Dave Schwab

Dave Schwab has been covering the sports betting industry for the past 12 years as the main focus of his specialty marketing company for online content. This endeavor followed a previous career in the field of sales and marketing in the wholesaling sector.Most of his weekly pieces focus on the rapidly expanding legal US sports betting industry. However, he still does extensive work covering betting angles that can provide a competitive edge to avid players. Dave believes that it is always a challenge to take past results and current form to try and correctly determine a future result. Sports brings out the unpredictability in what should be a fairly predictable outcome based on the stats, facts and recent trends in a particular matchup. More from Dave Schwab