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sports betting wagering innovator launches brand-new start-up
17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
One of Scotland's most effective technology groups is starting again with a brand-new firm - and has protected the most significant preliminary investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting wagering site FanDuel in 2009 in Edinburgh.
The new firm has seed financing of $21m.
It intends to introduce a new open source software platform, on which others can innovate in sports betting, in the very first half of next year.
The is hiring staff from a base in Scotland.
FanDuel was offered to Flutter - previously called Paddy Power Betfair - in 2018 and is now worth more than $30bn.
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However, Mr Eccles and other co-founders remain in legal conflict with FanDuel's later phase investors over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing assessment.
Mr Eccles said that a person thing he gained from the FanDuel experience was to pick financiers carefully.
He told BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we pick as investors in this brand-new business, to guarantee their worths are lined up with ours, that they take their fiduciary tasks responsibly, and that they're the best partners for us."
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The $21m seed funding for BetDEX includes stakes taken by 7 backers of US innovation firms, including two big funds - Paradigm and FTX - which specialise in buying companies running with crypto-currencies.
Varun Sudhakar, president of BetDEX, said: "The sports betting wagering market charges high rates for bad products and limitations trades by its most effective users.
"BetDEX is diametrically opposed to this method. We will successfully contend versus incumbents with a noticeably exceptional item and low charges, which is now possible with the arrival of the blockchain innovation."
As chairman of the new firm, Mr Eccles said it could look familiar to retail punters utilized to existing online companies.
'Pool of skill'
However, he says that those who use its platform to run their own wagering companies will be able to innovate and develop a broader series of sports betting products.
He said the normal share taken by online bookmakers is 7% to 10% of a stake, however BetDEX must enable that to fall listed below 1%.
The business will develop its own wagering apps to operate on the platform.
Mr Eccles stated these would take an "smart, thoughtful" method to the method they are marketed to protect those who have problem with issue gambling.
He stated the team of around 500 software engineers who assisted develop FanDuel from Scotland revealed that it stays the location to construct a company. BetDEX has the very same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] success was developed on an extremely experienced, really skilled engineering team, that developed this product that could process countless bets and millions of users.
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"There's a real talent swimming pool of knowledgeable engineers who helped us construct our item and that's what we wish to take advantage of for BetDEX as well."
Related subjects
Edinburgh
Sports betting
More on this story
Paddy Power buys dream sports betting site
23 May 2018
FanDuel founder leaves business
Published
20 November 2017
1
Sports Betting Innovator Launches new Start up
marguerite7850 edited this page 4 months ago