The Protocol, built on Solana, will serve as a global clearinghouse for sports betting, with fast, low-cost trades available for bettors across a shared liquidity pool.
Fully decentralised, open-source and permissionless, third parties can build their own applications and develop innovations on the Protocol platform.
The BetDex Exchange, the first sports betting application built on the Monaco Protocol, is now in a closed beta with community members and a waiting list of over 80,000 people.
BetDex currently offers football betting services, with plans to introduce additional sports in the future.
BetDex Co-Founder and CEO Varun Sudhakar said: "We believe the future of sports betting is decentralised in nature, and the Monaco Protocol and BetDex Exchange puts us at the forefront of that industry advancement.
“We have a team with deep industry expertise and we're squarely focused on securing the necessary gaming licenses this year, while delivering a superior sports betting experience against an outdated status quo."
BetDex was founded by three former FanDuel executives, Varun Sudhakar, Nigel Eccles and Stuart Tonner.
The three secured a £21m ($24.8m) seed funding round in 2021, led by crypto investment firm Paradigm and cryptocurrency exchange FTX.
Based in Scotland with a New York US office, BetDex is pushing for a range of global licences, with the goal of transforming the consumer sports betting industry.
BetDex Co-Founder and CTO Tonner said: "Sports betting is going to be revolutionised by blockchain technology, and we are firmly ahead of the curve.
“We already have a great team in place that continues to rapidly grow and have a series of exciting product milestones on the horizon before the end of the year."