• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
    • Guide To ‘Risk-Free’ Bets
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
    • Guide To ‘Risk-Free’ Bets
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

BetDEX Now Available On Open-Sourced Monaco Protocol

It's unclear as to when -- or how -- crypto-centric exchange will gain U.S. access

Matt Rybaltowski & Mike Seely by Matt Rybaltowski & Mike Seely
August 24, 2022
in Industry
Shutterstock

Shutterstock

Share on FacebookShare on Twitter

On Wednesday, the blockchain-based Monaco Protocol, dubbed “the world’s first decentralized sports betting protocol,” went live, offering “bettors fast, low-cost trades across a shared liquidity pool,” according to a press release. 

Of particular note to industry observers is the fact that the BetDEX Exchange, a well-financed, crypto-centric sports betting venture featuring former FanDuel CEO Nigel Eccles as co-founder and chairman, is being launched on the Monaco Protocol, which, according to the same release, “will be fully decentralized, open-sourced and permissionless,” allowing “third parties to build their own applications and innovate on top of the platform.”

The key words here are “open-sourced” and “permissionless,” meaning anyone, be it Joe Six-Buck or a major mobile sportsbook, is free to access the code available on the protocol — including that authored by BetDEX. The exchange currently supports only soccer wagering and is not yet licensed to legally operate in any global jurisdiction, although plans to offer more sports and get properly licensed in international markets outside the U.S. are high on BetDEX’s list of priorities, according to a corporate spokesperson.

“U.S. sportsbooks will be able to build on the Monaco Protocol,” the spokesperson told Sports Handle. “In regards to the BetDEX Exchange, the team’s immediate focus is in obtaining licensing for international markets. The U.S. is not a priority for this year.”

DraftKings-Simplebet deal instructive

But while BetDEX may not be seeking independent licensing in the U.S. anytime soon, could an enterprising American sportsbook or state-run sports betting apparatus make use of its platform before then? Given the public library-esque nature of open-sourced technology, yes — at least in theory. However, in order to lift any BetDEX wagering out of the murky crypto waters and into the legal light, there are still the requisite regulatory hoops to jump through.

“Anyone can build on the protocol [and] its open-sourced code,” the BetDEX spokesperson told Sports Handle in an email. “It will be up to each builder/operator to follow the laws and obtain licensing based upon the product they build and the jurisdictions they operate in.”

A helpful frame of reference might be DraftKings’ micro-betting partnership with Simplebet, which was announced exactly a year ago and bore fruit in the second quarter of this year, when DraftKings began offering a Major League Baseball market wherein bettors can wager on the velocity of each pitch, among other results. Simplebet supplied the technology to make micro-betting possible on DraftKings’ platform, but it was up to DraftKings to seek state-by-state permission to take the market live.

Mountain West states poised to pounce

So far, the only U.S. jurisdiction to fully approve cryptocurrency as a funding mechanism for sports betting accounts is Wyoming. However, Nevada is currently considering allowing crypto betting, while Colorado — where Barstool Sportsbook customers can make crypto deposits through a third-party provider — seems poised to head down that path as well.

Wyoming, in particular, appears to be a viable candidate for approving the exchange if BetDEX explores further expansion into the U.S. At last month’s National Council of Legislators from Gaming States conference in Boston, Wyoming Gaming Commission Executive Director Charles Moore touted the state as the most aggressive in the nation in considering crypto payments for gaming activities.

Colorado, too, appears as another possibility, given that the state will soon become the first in the nation to accept cryptocurrency for tax payments. In addition, Gov. Jared Polis made headlines earlier this year when he became the first Democratic gubernatorial candidate to receive campaign donations in crypto. As a result, the Colorado Division of Gaming remains in lockstep with the governor’s office when it comes to exploring creative options for utilizing digital currencies.

Still, some states may be reluctant to take a laissez-faire approach on crypto wagering when financial watchdog agencies on the federal level continue to scrutinize the digital currency so closely. On Tuesday, billionaire Dallas Mavericks owner Mark Cuban criticized SEC Chairman Gary Gensler for his lack of clarity on crypto, urging him to publish “bright line guidelines” for crypto lending firms to follow. At the same time, Minnesota Rep. Tom Emmer accused the SEC of acting as a “shakedown authority” with its burdensome regulations on the crypto industry.

Come in and talk to who ? Set up an appointment how ? You using Calendly these days ? Since you understand crypto lending/finances, why don't you just publish bright line guidelines you would like to see and open it up for comments ? https://t.co/N3KQAnutl9

— Mark Cuban (@mcuban) August 22, 2022

ShareTweetShare
Matt Rybaltowski & Mike Seely

Matt Rybaltowski & Mike Seely

Related Posts

© Scott Sewell-USA TODAY Sports
Promotions

FanDuel Promo Code: $3000 No Sweat First Bet for No. 7 Kansas State at No. 8 Kansas

January 31, 2023
Shutterstock
Industry

DraftKings, FanDuel Executives Plead For Lower Taxes In New York

January 31, 2023
Load More

Top Stories

garnett mgm springfield

Sports Betting Launches In Massachusetts, Giving Three Retail Books A Head Start

January 31, 2023
rob gronkowski adam vinatieri

Rob Gronkowski Goes Training Montage Route In Latest FanDuel Spot

January 17, 2023
fanatics-grand-opening

Fanatics Sportsbook At FedEx Field Offers Unique Retail Option In Maryland

January 23, 2023
Shutterstock

Missouri Legislators Lament Exodus Of Bettors To Neighboring States

January 27, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – Where To Play, Bonus Offers And Promo Codes

by Brian Pempus
January 31, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
February 1, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
January 17, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
October 20, 2022

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
October 6, 2022

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

gambling therapy
ncpg
igaming ontario
If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL). Gambling problem? Call 1-800-GAMBLER (MI/NJ/OH/PA/WV), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), 1-888-532-3500 (VA) or call/text TN REDLINE 1-800-889-9789 (TN).
19+. Please play responsibly. Terms and conditions apply. 
Individuals must be 19 years of age or older to participate in igaming in Ontario. Gambling can be addictive, please play responsibly. If you, or someone you know, has a gambling problem in Ontario and wants help, please visit ConnexOntario or call their helpline at 1-866-531-2600. Operators on this website operate pursuant to an Operating Agreement with iGaming Ontario.

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
    • Guide To ‘Risk-Free’ Bets
  • News

loading

Please wait while you are redirected to the right page...

Please share your location to continue.

Check our help guide for more info.

share your location