BetEx is the first B2B event contract exchange built exclusively for state-licensed sportsbooks — merging traditional sports betting with Wall Street–style trading.
State-Regulated
Real-Time Matching
B2B White-Label
AI Trading Engine
Multi-Jurisdictional
Company
B2B platform at the intersection of finance and gaming
BetEx is a B2B platform at the intersection of finance and gaming offering an interconnected, interoperable ecosystem for standardized Exchange Tradeable Bets (ETBs) placed at the state level and traded on a national closed-loop network.
ETBs are a form of prediction market with binary (Yes/No) contracts settling at a value between $0 and $1.00 or more depending on the Prop.
BetEx licenses its technology to sportsbooks to preserve the integrity of the state-regulated sports betting industry in the face of emerging federal prediction market encroachments by platforms such as Kalshi.
BetEx merges traditional sports betting with the sophistication of stock market–style trading by enabling bettors to place wagers with state-licensed sportsbooks and trading them on a multi-jurisdictional exchange.
BetEx is not a peer-to-peer betting exchange — it manages the matching engine layer of a multi-jurisdictional exchange for already-placed standardized Exchange Tradeable Bets (ETBs) offered by licensed operators integrating their wallets to the BetEx platform.
BetEx allows sportsbooks to offer loyalty points to their players for each ETB placed and traded, and empowers operators to offer standardized betting props while allowing bettors to sell their ETBs at competitive prices.
BetEx platform generates additional revenues for operators and the states beyond traditional sports betting offerings.
For more info and to test the app, contact Bruce Merati at: bmerati@BetEx.us
Matching Engine
Real-time, high-performance order matching across all participating sportsbooks on a single national network.
White-Label B2B
Seamless integration for casinos and sportsbooks — your brand, our infrastructure.
Multi-Jurisdictional
Bets placed at the state level, traded nationally across the closed-loop BetEx network.
State-Compliant
Built from the ground up to work within — not around — state-regulated sports betting frameworks.
Loyalty Integration
Operators can award loyalty points for each ETB placed and traded, deepening player engagement.
New Revenue Streams
Additional revenues for operators and states beyond traditional sports betting offerings.
What We License
A multi-jurisdictional sports betting exchange for state-licensed operators to offer ETBs
A white-label B2B platform for casinos and sportsbooks to offer ETBs to their registered users
A seamless multi-operator auctioned market for bettors to trade their already-placed bets
The ability for bettors to place ETBs with a state-licensed sportsbook and trade on an auctioned market exchange
A robust trading matching engine
AI trading for Bookmakers and Market Makers
BetEx also introduces composite bets, which combine multiple events and — unlike Parlays — do not require the bettor to win every event to win the bet.
Similar to a stock exchange, the BetEx ecosystem operates a matching engine to process buy and sell orders, while casino operators manage customer funds, bets, and trade orders. Users leverage their sports knowledge and can become a bet trader!
BetEx proudly sponsors NASBOE — the Network Association of Sports Betting Operators Exchange — a collaborative alliance of licensed sportsbooks working together to shape the future of regulated betting. Learn more and apply to become a founding member →
Modernizing the sportsbook industry with Wall Street–style trading mechanics
$150B+
Wagered across ~40 states in 2025
5×
Potential volume increase with ETB liquidity
40+
States in BetEx network footprint
Secondary Market for Bets
BetEx facilitates buy and sell orders while casino-operators handle cash and customer orders. What gets traded is an already-placed bet with a state-licensed operator — enabling bettors to exit positions before event completion.
A New Era of Sports Betting
BetEx allows sports bets to be traded on a national exchange at competitive prices, providing bettors with greater flexibility and market-driven odds. BetEx enables sportsbooks to offer exchange-tradeable bets (ETBs) through a standardized process.
Composite Bets
BetEx introduces Composite Bets covering multiple events across a period such as an entire season. The wisdom of the crowd trading on BetEx helps establish market prices as results of each event fluctuate from the expected outcome.
Creating a New Asset Class
BetEx is introducing ETBs to create a new asset class for bettors and investors to trade. Bookmakers and Market Makers can use this new asset class to minimize their risks on the outcome of a game.
AI Trading Engine
BetEx introduces AI Trading to empower Bookmakers and Market Makers to leverage advanced algorithms to minimize risks and optimize trading strategies — analyzing market trends, pricing fluctuations, and betting patterns in real-time for maximum profitability and market efficiency.
Why state-regulated sportsbooks need BetEx — not Kalshi
BetEx's model stands in stark contrast to Kalshi's, which operates a peer-to-peer sports wagering exchange using market makers as bookmakers — a structure that violates state laws and the Indian Gaming Regulatory Act. Many states and Attorneys General are pursuing legal action against Kalshi for offering sports event contracts.
In 2020, Kalshi secured CFTC approval to facilitate trading of event-based futures, excluding politics and sports. However, Kalshi struggled with low volumes in traditional commodity and event-based markets. In 2024, it expanded into political betting, and in January 2025 it controversially introduced sports betting markets — directly conflicting with the Supreme Court's 2018 ruling overturning PASPA. This development faces significant legal challenges from states that generate billions in tax revenue from sports wagering.
Kalshi
Federally regulated (CFTC) — bypasses state licensing
Peer-to-peer sports wagering exchange model
Uses market makers as bookmakers
Violates state laws and IGRA
Facing legal action from multiple state AGs
Introduced sports markets in violation of PASPA precedent
Users trade against the market — not state-licensed operators
BetEx
Works within state-regulated sports betting frameworks
B2B exchange for licensed sportsbooks — not P2P
Bets placed with licensed state operators (LBSs)
Fully compliant with state and federal laws
Preserves state tax revenue streams
Supports existing sportsbook business models
Bettors trade through their licensed operator account
An Innovative Exchange
BetEx has developed an innovative exchange that enables licensed sportsbooks to offer Exchange Tradeable Bets (ETBs) to their customers while ensuring full compliance with state and federal laws. As a B2B provider, the platform creates Initial Prop Offerings (IPOs), allowing sportsbooks to offer these IPOs directly to their customers, adjust their initial pricings, and participate in the exchange to minimize their risks.
In 2025, over $150 billion was wagered across about forty states. BetEx believes if bettors are given the ability to sell their bets in an electronic auction-style market — similar to a stock exchange — wagering transaction volumes could increase as much as five-fold compared to the current market structure, where bets are treated as restricted binary assets with no liquidity.
Lawmakers always regarded the financial and gambling industries as separate — but new technologies are narrowing that gap in ways that demand regulatory attention.
Why licensed sportsbooks should create their own sports betting exchange with bets placed at the state level and traded on a multi-jurisdictional exchange.
"Prediction markets" is a general term — what matters is the subject matter. If the subject is the outcome of a sporting event, it's sports betting, well-defined by state and federal laws.