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Sports betting innovator launches brand-new start-up
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17 November 2021
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By Douglas Fraser

Business and economy editor, Scotland

One of Scotland's most effective innovation groups is starting once again with a brand-new company - and has secured the most significant initial investment of any British start-up business.

BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting website FanDuel in 2009 in Edinburgh.

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

It aims to launch a brand-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 hiring staff from a base in Scotland.

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

However, Mr Eccles and other co-founders remain in legal conflict with FanDuel's later phase investors over the way in which they structured a takeover, which left the Edinburgh group without a share of the increasing assessment.

Mr Eccles said that one thing he gained from the FanDuel experience was to choose investors thoroughly.

He BBC Scotland: "We took a lot of lessons from that, one of which was the value of who we choose as financiers in this new organization, to guarantee their worths are lined up with ours, that they take their fiduciary responsibilities properly, which they're the best partners for us."

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

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

"BetDEX is diametrically opposed to this technique. We will effectively compete versus incumbents with a markedly remarkable product and low fees, which is now possible with the arrival of the blockchain innovation."

As chairman of the brand-new company, Mr Eccles stated it could look familiar to retail punters utilized to existing online firms.

'Pool of skill'

However, he states that those who use its platform to run their own sports betting firms will have the ability to innovate and create a wider range of wagering products.

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

The company will develop its own sports betting apps to run on the platform.

Mr Eccles stated these would take an "smart, thoughtful" method to the method they are marketed to secure those who have problem with issue gaming.

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

"A lot of that [FanDuel] success was built on a highly skilled, really talented engineering team, that built this item that could process countless bets and countless users.

"There's a genuine talent swimming pool of knowledgeable engineers who assisted us develop our item and that's what we desire to take advantage of for BetDEX too."

Related topics

Edinburgh

sports betting wagering

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Published

20 November 2017
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