Menu

Former FanDuel executives to start a blockchain venture for online gambling

When you have a passion for the game, as former FanDuel executives have, you’re always looking for new ways to improve the online gambling industry. And according to them, what the industry needs the most nowadays is a decentralized protocol for the betting exchange market. Thus the ex DFS executives have embarked on a new venture BetDex. What’s more, the legendary trio has also made history in the process by securing the “largest ever seed funding round” for a British company in development. Read all about the new online gambling blockchain venture.

According to a recent press release, the funding round was spearheaded by a San Francisco crypto investment company Paradigm and FTX. Other crypto-related ventures such as Multicoin Capital, Hack VC, Lightspeed Venture Partners, and many more have raised the $21 million the ex-FanDuel leaders needed to get going.

Golden Nugget Online Casino$10 FREE! Bonus Code - OCNJ10
100% Bonus up to $1000!
Get Cashback on your Deposits
Visit Casino
Review
Satoshis Secret - Online Gambling Blockchain Venture

Online Gambling Blockchain Venture – So how will they invest the money?

To put it simply, most of the money will go towards speeding up the creation of this new protocol. The sums gathered will also help scale up the business that hopes to launch its token in the first half of 2022. For the first phase of its release, the company will prioritize the sports betting industry. This is because the team believes that the current products catering to this industry are “poor”. Not to forget, they come with high trading charges. And this essentially makes them not as appealing as they could be.

For the ex-FanDuel leaders, it’s vital to make the product as affordable as possible. But also give its users the feeling of winning. Hence, the company plans to build its blockchain solution on the Solana platform. Using Solana means BetDex can process up to 50,000 transactions every 400 milliseconds.

What is Betting exchange in online casinos?

The savviest sportsbook enthusiasts already know that it’s best to look for betting exchange products to get great odds. The main reason betting exchanges are so favorable to players is that they allow patrons to become bookmakers. Thus, the product lets patrons offer their odds with customizable outcomes.

Did you know that Betfair introduced betting exchange to the online gambling scene in 2001? If you remember well, Betfair (Flutter) is the company that bought FanDuel in 2020 for $11.2 billion.

Crypto here to stay?

For Arjun Balaji, an investment partner of the new venture, it’s evident that cryptocurrency will revolutionize the online sports betting scene imminently. But it’s not just BetDex and its investors who think crypto has its place in iGaming. Indeed, last September, Red Tiger deployed its first NFT slot game, NFT Megaways, in collaboration with Evolution and NetEnt. The Megaways NFT slot was an industry first. And since this game went live, it is still the market leader in the crypto slot vertical.

Online Gambling Blockchain Venture – should you play there?

Few New Jersey Casino players have not stumbled on a Crypto casino. Sure it’s tempting to play there because they have large casino bonuses. But not all shiny things are gold, as the proverb goes. New Jersey recognizes 9 online casinos and their white labels. None of them offer payment in cryptocurrency as of now. This means that even if gambling is legal in NJ Casinos. The DGE has not yet approved any license for crypto casinos. Essentially, playing outside of the DGE’s realm could mean trouble if you win and the operator refuses to pay you so while crypto casinos are enticing. On onlinecasino-nj.com, we cannot recommend you to play there as they are considered illegal casinos in New Jersey. The operators mentioned on this site are, however, totally legal. So, isn’t it best to stay on the right side of the law since you have many options?

Golden Nugget Online Casino$10 FREE! Bonus Code - OCNJ10
100% Bonus up to $1000!
Get Cashback on your Deposits
Visit Casino
Review
Satoshis Secret