Bitcoin-first sports betting exchange launches
Exbet COO David Evans keen to win market share from operators “more focused on short-term gains than the long-term health of the vertical”
A new bitcoin dedicated sports betting exchange has launched boasting a 1% flat rate commission.
Exbet, which has been dubbed the ‘Betfair for bitcoin’, becomes the first licensed betting exchange to use cryptocurrency as its native payment options.
The platform is initially launching with a 1% flat rate commission, which it hopes will significantly undercut rival exchanges.
Exbet users will be able to trade across major global football leagues, as well as the NFL and cricket’s Indian Premier League.
Further sports, including NBA basketball, are set to be added to the exchange in the future.
David Evans, Exbet COO, said betting exchange users had been “neglected” by operators and the launch of Exbet would remedy this.
Evans said: “We are thrilled to launch Exbet, the world’s first fully featured and licensed bitcoin betting exchange. Betting exchange users have, for too long, been neglected by a handful of operators more focused on short-term gains than the long-term health of the vertical.
“We see considerable opportunities at the intersection of blockchain and betting exchanges, with many cryptocurrency users already familiar with exchange mechanics.
“This new audience, combined with a growing number of exchange veterans and market makers switching to bitcoin for our low commission rate, means we can offer strong pre-match liquidity immediately,” he added.