# BetDEX Labs

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/betdex-labs

- Industry: Software
- Headquarters: Edinburgh, UK
- Website: www.betdex.com
- Total disclosed funding: $21M
- Latest round: Seed (Nov 17, 2021)
- Investors on record: 8

## About

BetDEX Labs, Inc. is a global sports betting exchange that provides bettors with competitive odds and a streamlined betting experience across various sports, catering to a diverse range of users.Founded in 2021, BetDEX Labs, Inc. operates out of Edinburgh, UK, as a sports betting exchange that allows users to place bets on multiple sports. The company was established by Nigel Eccles and Stuart Tonner, both of whom have backgrounds in the betting industry. BetDEX raised USD 21 mn in Seed funding on November 17, 2021, from investors including Paradigm and FTX Trading Ltd., among others, marking a significant initial funding milestone.BetDEX operates as a global sports betting exchange, designed specifically to provide bettors with competitive odds and a streamlined betting experience. The platform allows users to place bets on a wide array of sports, including football, tennis, ice hockey, and various international leagues, catering to a diverse clientele of sports enthusiasts. BetDEX distinguishes itself by offering low commission rates—set at 3% on net profits—eliminating premium fees and account restrictions associated with traditional bookmakers. The company's services appeal particularly to markets in Europe, Asia, and North America, where sports betting is increasingly popular and regulated.BetDEX's revenue model is based on commission from transactions, generating income from the 3% commission taken on net profits from bets placed on its platform. This structure allows direct engagement with users, facilitating a straightforward revenue flow from customer winnings and differentiating BetDEX from traditional betting platforms.Following the Seed funding raised in November 2021, BetDEX plans to utilize these funds to scale its operations from its base in Scotland, which includes hiring for a range of positions. The company aims to expand its market presence, focusing on further growth within Europe, Asia, and North America, where it anticipates increased demand for its services. Upcoming product features and updates are also in development to enhance user experience and betting options.

## Funding rounds

- Seed, Nov 17, 2021, $21M — Lightspeed Venture Partners, Paradigm, Everblue Management, Multicoin Capital, Hack VC, Solana Labs, Inc., FTX Trading Ltd., Ryze Labs

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Seed
- Paradigm (https://capitalatlas.ai/funds/paradigm) — Seed
- Everblue Management — Seed
- Multicoin Capital (https://capitalatlas.ai/funds/multicoin-capital) — Seed
- Hack VC (https://capitalatlas.ai/funds/hack-vc) — Seed
- Solana Labs, Inc. — Seed
- FTX Trading Ltd. — Seed
- Ryze Labs (https://capitalatlas.ai/funds/ryze-labs) — Seed