BetDEX is a new entrant into the betting exchange market. It is an innovative new platform welcomes winning bettors and provide a fair experience for sports bettors.
In today’s article we are going to take a look at what they are offering:
- Great Odds
- Crypto Friendly Exchange
- Familiar Layout – Feels like a traditional exchange
- No Premium Charge
- Built on innovative new technology (Monaco Protocol)
- Low Commission Structure
- Liquid Markets
- Winning Sports Bettors Welcome Model
- Simple KYC and Withdrawal Process
What is BetDEX?
Table of Contents
BetDEX is a new sports betting platform with great odds, low fees and no premium charge. The product is built on the Monaco Protocol , which is a fully open and transparent sports betting eco system. This ensures transparency and security for its users, making BetDEX an attractive choice for both casual bettors seeking better odds and professionals in search of a platform that supports winning strategies and never bans or limits winning bettors.
Created by execs formerly of Betfair, BetDAQ and FanDuel, BetDEX aims to transform the betting industry by making it fair and accessible for everyone.
How Does BetDEX Work?
If you have ever used any betting exchanges previously then BetDEX will seem very familiar. The platform works exactly like other exchanges such as Betfair and Matchbook, where you are able to place back bet and lay bets. There is also the ability to put orders into the market at your own desired odds, another user can then come and match that order if they chose to. BetDEX also offers a simplified view for users not familiar with exchanges (more on that below).
For example, if we look at the market above on an upcoming basketball game. We can see that there are two sets of odds on offer for both teams. These are the back odds and lay odds
- Milwaukee Bucks can be backed at 1.34
- The lay bet is available at 1..35
What is Back Bet and a Lay Bet?
One of the big advantages of a betting exchange like BetDEX is the ability for people to bet against each other, rather than against a bookmaker. Since BetDEX isn’t acting as the bookmaker, the odds aren’t stacked against you.
Exchanges allow for two main types of bets—back bets and lay bets.
Back Bet:
A back bet is what most people think of when they hear “betting.” You’re betting on an outcome to happen. For example, if you wanted to back the Milwauckee Bucks for $100, you would stake that bet on the blue side of the market.
$100 at 1.34 would return $134 ($34 profit) should it win.
Lay Bet:
A lay bet is the opposite. Here, you’re betting against an outcome happening. For example you are able to lay Milwaukee at odds of 1.35. In this scenario you lay $35 to potentially return $135 ($100 profit) if the Bucks fail to win the game. Essentially, you are acting like the bookmaker.
Offering Bets to the Market
With BetDEX you don’t just have to take the bets on offer. There is also the ability to offer your bets to the market at the odds you desire. If we wanted to put in a back bet at odds of 1.35 for example, then we enter that bet into the market and it is offered to every other exchange user on the site. The same can be done with a lay bet, it can be offered at any odds that you want to make available to other users.
This is how the exchange model works, it a market between backers and layers.
For those that aren’t familiar with exchanges or want a more simplified view, BetDEX just launched a ‘Lite’ mode – which shows a simplified two sided market. This view strips out the ‘lays’ and shows the user the best available odds to ‘back’ a winner. You can easily switch between the two views in the top left section of your account.
BetDEX Commission Structure
One of the most appealing aspects on the BetDEX exchange is their simple commission structure and promise of no additional charges for winning bettors. This differentiates them from other exchanges such as Betfair and Smarkets that increase commission charges for successful bettors.
Betfair for example have a premium charge that at the highest level is 40% on overall winnings. If you reach £25k+ profit on Smarkets, your commission rate becomes 3% on each bet placed (if you wanted to trade a position by backing and laying it would cost 6% commission on the market to do so.)
BetDEX have a very simple commission of 3% on net winnings.
They also regularly run 0% commission periods on their exchange.
BetDEX Sports And Markets
BetDEX are always adding additional sports and markets to their platform, this is what they currently offer:
- Football
- Tennis
- American Football (NFL and NCAA)
- Baseball
- MMA (Mixed Martial Arts – UFC etc)
- Rugby
- Basketball (NBA and NCAA)
- Hockey
- Boxing
- E-Sports (League of legends, COD)
- Snooker
- Cricket (Test and T20)
- Politics
Looking at the market’s today it was football which had the most available markets All major leagues are covered on BetDEX however they also offer markets for lower leagues such as:
- German Bundesliga 2
- Spanish La Liga 2
- Brasileiro Serie B/C
- Italian Serie B
- Plus many more
In terms of market offering within an event, you will the popular markets to bet on such as match odds, Over/Unders and both teams to score. Other markets will be added in the future as liquidity grows on the platform.
Are BetDEX Odds Competitive?
One of the most important factors of a betting exchange is the ability to offer competitive odds in the market. BetDEX odds were usually inline with the likes of Betfair, at times there are gaps in the market where you would need to offer odds in order to get the same price. As BetDEX grows and liquidity increases the odds should become tighter and gaps will be less prominent.
There were occasions however where we saw BetDEX offering better odds then other exchanges and were the best odds available outright (including bookmaker odds). Tennis, Baseball, Basketball and Hockey are where BetDEX usually offer the best odds.
Overall BetDEX offers competitive odds and when offering their 0% promotions, will offer standout prices that are the best available anywhere.
When it comes to sports other then football, all major leagues and tournaments are covered.
BetDEX Liquidity Pool
Currently the liquidity on offer with BetDEX is lower then more established exchanges such as Betfair and Matchbook. This is due to the fact that they are still building their platform and customer base, there is certainly enough money in the market on game day for the average sports bettor.
For those who are looking for larger trades ($1,000+), BetDEX launched a bespoke Brokerage service (more info below).
BetDEX manages liquidity through its innovative Monaco Protocol. The Monaco Protocol is an open and permissionless liquidity pool that any prediction market or exchange can build on to tap into a shared pool of liquidity. Using a decentralized, open-source system, BetDEX keeps markets liquid and accessible. This also means that users can bet directly on Monaco no matter where they are in the world. This is especially interesting for users who are in the UK, or othe jurisdictions that BetDEX are not live in yet.
The Monaco Protocol charges 1% commission on winning trades, so users can trade on an even more favourable commission to BetDEX. To learn more about trading on Monaco, visit MonacoProtocol.xyz.
If we take tonight’s Leganes vs Valencia game for example there is $5.9k in total liquidity available. Across the three outcomes there is $85,$88 and $91 available at the best back odds. Those that are looking to stake larger bets would need to take the available liquidity and offer the rest to the market.
BetDEX Brokerage Service
BetDEX offers a bespoke Brokerage service for large stake bets. Basically they set you up with a private communication channel where you can message one of their brokers to place a bet. Their minimum bet size for this program is $1,000, and they can facilitate bets up to $50,000.
Apply here for a brokerage account
What Countries is BetDEX Available in?
If you want to join BetDEX, you can do so from the following countries:
- Ireland
- Germany
- Brazil
- Canada
- India
- Brazil
- Thailand
- Bali
- Many more across Europe, South America and Africa
Check out BetDEX’s terms and conditions in their footer for a full list.
BetDEX is looking to provide a secure and transparent sports betting platform, thanks to its robust regulatory approvals that assure users of its safety and legitimacy. With a decentralized setup, BetDEX further enhances security and transparency for bettors. It is currently looking to expand its licensing to more regions.
Deposit and Withdrawal Methods: KYC Process
Aware of other bookmakers and exchanges making the deposit and withdrawal process much more difficult then it should be. BetDEX offer a refreshing solution by simplifying withdrawals. Users can easily access their funds without navigating through complex KYC (Know Your Customer). This is especially beneficial for those who prioritize privacy or have experienced delays on other platforms. By ensuring quick and hassle-free access to funds, BetDEX demonstrates its dedication to user satisfaction and sets itself apart in the betting landscape.
BetDEX will implement KYC checks but only after $3000 of transactions have been made. However, KYC checks are never directly tied to withdrawal. Once you KYC, BetDEX won’t ask you for additionally information to take your funds out.
Deposit Options
- Credit Card
- Debit Card
- Paypal
- Apple Pay
- Crypto (USDC Solana)
- ETH, BTC,SOL, USDT and USDC
Other deposit methods are being looked for the future.
When it comes to withdrawing your money, the process is very simple. There is the ability to withdraw your funds via any of the methods you have used for the deposit. They do not ask for bank statements or unnecessary documents.
Is BetDEX a Secure Platform?
BetDEX prioritizes user security by leveraging blockchain technology to safeguard transactions and funds. Utilizing smart contracts through the Monaco Protocol, the platform guarantees that all bets are executed with fairness and transparency.
These smart contracts autonomously match and settle bets according to predefined rules, eliminating any risk of interference or manipulation. This robust level of security differs to that of traditional exchanges. There are some exchange users that believe other exchanges front run orders and directly bet against consumers to their advantage. This can lead to some believing there is lack of transparency with traditional exchanges and can leave users questioning the integrity of the betting process. Due to BetDEX using the blockchain for every market order users would be able to see if this was happening.
BetDEX Review Conclusion
Overall BetDEX is looking like it could make a real impact in the betting exchange market!
A true betting exchange that doesn’t penalize winning sports bettors is something that holds a lot of appeal. It is built on innovative technology and welcomes the use of cryptocurrency, while still acting and feeling like a traditional exchange. There is a need for it to grow in liquidity and offer more markets but this will happen as the customer base increases. The fact that they regularly offer 0% commission periods with some standout odds is in itself a good reason to take a look at the exchange.
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