Per the GSC licence, BetDex has received approval for all forms of online gambling, including sports betting. All GSC licences are held to account under the Online Gambling Regulation Act.
The BetDex Exchange is powered in-house by BetDex Labs, a web3 company founded by former FanDuel executives Varun Sudhakar, Stuart Tonner and Nigel Eccles.
BetDex CEO and Co-Founder Varun Sudhakar said: "Today's news is an exciting step forward for the BetDex Exchange.
“With the licensing and regulatory approval, BetDex now boasts the first fully regulated sports betting platform in the web3 space, and we're excited to welcome bettors from approved regions.
“We're certain this is the start of growing our exchange and continuing the expansion of sports betting into the Web3 landscape."
Digital Isle of Man Head of eGaming Abby Kimber added: "It is a pleasure to welcome BetDex to the Island.
“We are excited to be at the forefront of technologies like blockchain while maintaining our reputation as a highly regulated jurisdiction that prides itself on player protection.
“I wish BetDex every success with their future ventures and look forward to partnering with them for many years to come."
BetDex says its exchange recently entered an Open Beta phase, accepting wagers from over 12,000 early access members in the past three weeks.
It already accepts wagers from select countries throughout South America, Europe, Asia and Africa.