sports betting wagering 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 technology teams is beginning once again with a new firm - and has actually protected the biggest preliminary financial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting FanDuel in 2009 in Edinburgh.
The brand-new company 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 company is recruiting personnel from a base in Scotland.
FanDuel was sold to Flutter - previously named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders are in legal dispute with FanDuel's later stage financiers over the method in which they structured a takeover, which left the Edinburgh group without a share of the rising valuation.
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Mr Eccles said that one thing he discovered from the FanDuel experience was to choose investors thoroughly.
He informed BBC Scotland: "We took a lot of lessons from that, one of which was the significance of who we pick as financiers in this brand-new business, to ensure their worths are aligned with ours, that they take their fiduciary responsibilities responsibly, which they're the best partners for us."
The $21m seed funding for BetDEX includes stakes taken by 7 backers of US technology companies, including two large funds - Paradigm and FTX - which specialise in investing in companies running with crypto-currencies.
Varun Sudhakar, primary executive of BetDEX, stated: "The sports betting wagering market charges high rates for bad products and limits trades by its most effective users.
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"BetDEX is diametrically opposed to this approach. We will successfully complete against incumbents with a significantly remarkable product and low charges, which is now possible with the advent of the blockchain innovation."
As chairman of the brand-new firm, Mr Eccles said it might look familiar to retail punters utilized to existing online firms.
'Pool of talent'
However, he states that those who utilize its platform to run their own sports betting companies will have the ability to innovate and develop a larger range of sports betting products.
He stated the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to permit for that to fall listed below 1%.
The company will establish its own wagering apps to operate on the platform.
Mr Eccles said these would take an "smart, thoughtful" approach to the method they are marketed to safeguard those who have problem with issue gambling.
He said the team of around 500 software engineers who assisted construct FanDuel from Scotland revealed that it stays the place to develop a firm. BetDEX has the very same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was developed on a highly experienced, really gifted engineering group, that built this item that could process countless bets and millions of users.
"There's a genuine skill pool of knowledgeable engineers who helped us build our item which's what we want to utilize for BetDEX also."
Related subjects
Edinburgh
Sports betting
More on this story
Paddy Power purchases dream sports betting website
23 May 2018
FanDuel creator leaves company
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Published
20 November 2017
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Sports Betting Innovator Launches new Start-up
chong34z05395 edited this page 2025-01-02 00:36:56 +02:00