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sports betting wagering innovator launches new start-up
17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective innovation groups is starting again with a brand-new firm - and has actually secured the most significant preliminary investment of any British start-up company.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting site FanDuel in 2009 in Edinburgh.
The new firm has seed financing of $21m.
It intends to release a brand-new open source software platform, on which others can in sports betting, in the very first half of next year.
The business is hiring staff 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 remain in legal disagreement with FanDuel's later stage financiers over the way in which they structured a takeover, which left the Edinburgh group without a share of the increasing appraisal.
Mr Eccles said that one 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 select as investors in this brand-new organization, to ensure their worths are aligned with ours, that they take their fiduciary responsibilities responsibly, which they're the right partners for us."
The $21m seed funding for BetDEX includes stakes taken by seven backers of US technology companies, including 2 big funds - Paradigm and FTX - which specialise in buying companies running with crypto-currencies.
Varun Sudhakar, chief executive of BetDEX, stated: "The sports betting wagering industry charges high prices for poor items and limits trades by its most successful users.
"BetDEX is diametrically opposed to this technique. We will successfully compete against incumbents with a markedly superior 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 companies.
'Pool of skill'
However, he says that those who utilize its platform to run their own wagering firms will have the ability to innovate and create a broader variety of wagering products.
He stated the normal share taken by online bookies is 7% to 10% of a stake, but BetDEX ought to enable that to fall below 1%.
The business will establish its own wagering apps to run on the platform.
Mr Eccles stated these would take an "intelligent, thoughtful" approach to the way they are marketed to safeguard those who have a hard time with problem sports betting.
He stated the group of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it stays the place to build a company. BetDEX has the same head of technology, Stuart Tonner.
"A great deal of that [FanDuel] success was constructed on an extremely knowledgeable, really gifted engineering group, that built this item that could process countless bets and countless users.
"There's a real talent pool of knowledgeable engineers who helped us develop our product and that's what we wish to take advantage of for BetDEX also."
Related subjects
Edinburgh
sports betting wagering
More on this story
Paddy Power purchases dream sports betting site
23 May 2018
FanDuel founder leaves company
Published
20 November 2017
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Sports Betting Innovator Launches new Start-up
mattbundy0120 edited this page 2025-01-02 18:56:45 +08:00