Fanduel Execs bet that crypto can disturb the sports game

Fanduel Execs bet that crypto can disturb the sports game

Bitdex, which claims to be the first decentralized sports betting protocol, tries to disturb the old gaming industry, which, according to the startup, urgently needs lower fees and better user experience.

Live in the developer test network of Solana, The Monaco-Protokoll act.

BEGEX, one of several important participants in the protocol, is the first sports bet Application built on it on Wednesday. Hundreds have given football betting as part of the beta test, and according to Bitdex there are more than 80,000 on the waiting list.

Traditional sports betting, which according to Bettdex had a value of $ 250 billion in 2021, are plagued by poor user experience and high fees between 5 % and 40 %, CEO Varun Sudhakar told Blockworks. Bettdex fees will not be more than 1 %, he added and rejected details.

Other problems are the risk of opponents and corresponding payout problems, such as: B. Delays in the payment.

"We will never have control over customer money," said Sudhakar. "Someone could come in through our stock exchange and place a bet. This bet is based on a smart contract and automatically paid out to the winner immediately after billing."

While sports betting on the blockchain is nothing new, the stock exchange will compete in the coming months of receiving licenses in various jurisdiction-Sudhakar refused to indicate them-and to actually go live in the Solana-Mainnet. In 2023, the company based in Scotland will try to add further places and sports.

Bettdex secured a starting value of $ 21 million round in November 2021, led by the crypto investment company Paradigm and the FTX.

ftx-CEO Sam Bankman-Fried said at the time: "It is astonishing that sports betting on stock exchanges no longer take place."

Bitdex was founded by former managers at Fanduel, a company for online sports betting, including the former CEO Nigel Eccles, the chairman of Bettdex. Sudhakar spent three years with Fanduel.

The senior software developer Eoin Murphy was previously head of sports betting technology at Fanduel. Other high -ranking new settings are Product Director Aidan Maughan and Legal Director Kevin Kreuser, who came to Bettdex from Boylesports or Twilio.

Sudhakar pulled a parallel between gambling and the aviation industry and said that there is a wealth of players who have the same core products at generally high prices - a confluence of factors that the startup sees as a scaffolding for disruption by digital assets.

"In my view, the most important opportunity for sports betting is a global clearinghouse for sports betting that can drive the fee-related compress in all these different front-end operators around the world," said Sudhakar.

"This would really force you to compete with the product and the user experience and not who necessarily spend the most risk capital and win over."

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The contribution Fanduel Execs Bet Crypto Can Disrupt Sports Gambing is not a financial advice.