We know Solana isn’t just a digital currency but is used to make Dapps. One of the Solana-based sports betting applications that recently raised $21 million from a UK Startup in funding, BetDEX, is planning for Sports based betting protocol.
Sports betting is a very profound startup idea these days. People all across the world are actively participating in legalized betting and are making a fancy amount of money out of it.
Scotland-based Betdex Solana 21m Ftx Paradigmtancoindesk Trends – What’s Straightaway?
Scotland based betDEX Solana 21m is using the Solana blockchain for making its protocol in order to be a global player in sports betting.
Well, beyond this, the smartest thing is that BetDEX also offers third parties to use their protocol who can enjoy the low fee and speedy transactions. Scotland based betDEX Solana 21m came up with this smartest way to kill competition from other global players like FanDuel and DraftKings.
Also, the big and global player charges between 2% and 5% on net winning, whereas BetDEX plans to charge as low as 1% of net winning.
The company will be making its betting platform through this protocol, and betDEX will also accept digital currencies as wagers at the beginning. Initially, as per announcements, Scotland based betDEX Solana 21m will accept USDT, SOL, and SOMA for a bet.
The strength of the company is based on three minds, Namely Nigel Eccles, Varun Sudhakar, and Stuart Tonner, former executives of FanDuel, who used to hold 36% of the market share of the company, and also Nigel Eccles who was co-founder of FanDuel and served as CEO of a company. In betDEX, Nigel isn’t chairing as any executive in the company.
Betdex Raise £21m To Launch ‘First Decentralized Betting Platform’
Ready for a launch in mid-2022, betDEX will be based in Scotland and will pinpoint employing positions as per the scope and capacities. The fascinating factor behind this startup is the benefit of low-cost expenses exchange and quick service. Solana’s infrastructure is the key and fundamental source in getting decentralized blockchain protocol which seems to be a prime advantage for the triplet (Founders)
As per the spokesperson of Scotland based betDEX Solana 21m, the US is yet to be a great market for the crypto betting market, and that is why betDEX doesn’t feel the US is their choice for initial targeting and promotions.
As far as the target audience is concerned, Scotland based betDEX Solana 21m targets Asian and European people as these markets have been into betting for quite a time, and sports betting is not unfancy in the market. There are many regional sports betting platforms already available in these markets.
In BetDEX’s press release, FTX CEO Sam Bankman-Fried said, “It is mind-boggling that more sports wagering does not occur on exchanges, We firmly believe in giving consumers the ability and control to set their own price and are excited to partner with BetDEX to bring this vision to fruition.”
Unveiling more about the funding of 21m for Scotland based betDEX Solana 21, the fundings were from top crypto trade FTX in organization with Paradigm.
This isn’t the first-time FTX CEO Sam is putting his money into igaming and betting. Being the youngest and a pretty wealthy person, Sam, in the year 2020, has a part in wagers of the year 2020 USA presidential election. Which, based on the possibility of winning and the market’s impression, people can exchange using FTX.
Also known as SBF, Sam, in a blog mentioned how the new framework of Scotland-based betDEX Solana 21m can help in quick and cost-effective transactions which will definitely lead to the apex in the future to come.
He also states about the issue of charging or, say commission by the forecast companies. With the example of ‘Predictit’, he states that ‘The well-known US predict market charges 10% of reward and more to it, 5 % of withdrawal which seems 10 fold as high as FTX expense.
He further discusses liquidity with an example of the same company. He states, “You can trade about 80,000 TRUMP contracts inside $0.02 of the market at this moment… Predictit, as a matter of fact, restricts you to only 800 agreements for every market! FTX has no restrictions.” And lastly, with an example of Betfair, he talked about the volume.
