sports betting wagering innovator launches brand-new start-up

17 November 2021
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By Douglas Fraser
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Business and economy editor, Scotland

Among Scotland's most successful technology groups is beginning once again with a new firm - and has actually secured the greatest preliminary financial investment of any British start-up company.
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BetDEX is being led by Nigel Eccles, who co-founded dream sports betting wagering website FanDuel in 2009 in Edinburgh.

The brand-new firm has seed funding of $21m.

It intends to introduce a new open source software application platform, on which others can innovate in sports betting wagering, in the very first half of next year.

The business is recruiting personnel from a base in Scotland.

FanDuel was offered to Flutter - previously called Paddy Power Betfair - in 2018 and is now worth more than $30bn.

However, Mr Eccles and other co-founders are in legal dispute with later stage investors over the method which they structured a takeover, which left the Edinburgh team without a share of the increasing evaluation.
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Mr Eccles stated that a person thing he gained from the FanDuel experience was to pick financiers thoroughly.

He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we choose as financiers in this brand-new business, to guarantee their worths are lined up with ours, that they take their fiduciary responsibilities responsibly, which they're the right partners for us."

The $21m seed financing for BetDEX consists of stakes taken by seven backers of US technology companies, consisting of 2 large funds - Paradigm and FTX - which specialise in purchasing companies operating with crypto-currencies.

Varun Sudhakar, chief executive of BetDEX, stated: "The sports betting wagering industry charges high prices for bad items and limitations trades by its most effective users.

"BetDEX is diametrically opposed to this method. We will effectively complete against incumbents with a markedly exceptional product and low fees, which is now possible with the introduction of the blockchain technology."

As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters used to existing online firms.

'Pool of talent'

However, he says that those who use its platform to run their own sports betting companies will be able to innovate and produce a broader variety of sports betting items.

He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to permit that to fall listed below 1%.

The business will establish its own wagering apps to run on the platform.

Mr Eccles said these would take an "smart, thoughtful" technique to the method they are marketed to protect those who struggle with problem sports betting.

He stated the team of around 500 software application engineers who helped construct FanDuel from Scotland showed that it remains the location to develop a firm. BetDEX has the very same head of innovation, Stuart Tonner.

"A lot of that [FanDuel] success was built on a highly proficient, extremely talented engineering team, that developed this product that could process millions of bets and millions of users.

"There's a genuine skill pool of skilled engineers who helped us construct our item and that's what we wish to leverage for BetDEX too."
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Related subjects

Edinburgh

sports betting wagering

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Published

20 November 2017