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sports betting wagering innovator launches new start-up
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17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
Among Scotland's most effective technology groups is starting once again with a brand-new firm - and has secured the biggest preliminary investment of any British start-up company.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting website FanDuel in 2009 in Edinburgh.
The brand-new firm has seed financing of $21m.
It aims to release a brand-new open source software application platform, on which others can innovate in sports betting wagering, in the first half of next year.
The company is recruiting staff from a base in Scotland.
FanDuel was offered to Flutter - formerly 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 phase financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the rising evaluation.
Mr Eccles stated that a person thing he found out from the FanDuel experience was to choose financiers carefully.
He informed BBC Scotland: "We took a lot of lessons from that, one of which was the value of who we choose as investors in this new company, to ensure their values are aligned with ours, that they take their fiduciary responsibilities properly, which they're the ideal partners for us."
The $21m seed funding for BetDEX consists of stakes taken by 7 backers of US technology firms, including 2 large funds - Paradigm and FTX - which specialise in investing in business running with crypto-currencies.
Varun Sudhakar, primary executive of BetDEX, said: "The sports betting wagering industry charges high costs for poor items and limits trades by its most successful users.
"BetDEX is diametrically opposed to this technique. We will effectively contend versus incumbents with a considerably remarkable product and low fees, which is now possible with the advent of the blockchain innovation."
As chairman of the new company, Mr Eccles stated it could look familiar to retail punters utilized to existing online firms.
'Pool of talent'
However, he says that those who use its platform to run their own sports betting companies will have the ability to innovate and produce a broader range of sports betting items.
He said the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to allow for that to fall below 1%.
The company will develop its own sports betting apps to operate on the platform.
Mr Eccles said these would take an "intelligent, thoughtful" technique to the way they are marketed to secure those who deal with issue sports betting.
He stated the team of around 500 software application engineers who assisted construct FanDuel from Scotland revealed that it remains the place to build a firm. BetDEX has the same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was developed on an extremely knowledgeable, really gifted engineering team, that constructed this product that could process countless bets and countless users.
"There's a real talent pool of skilled engineers who helped us build our product and that's what we desire to utilize for BetDEX as well."
Related subjects
Edinburgh
sports betting wagering
More on this story
Paddy Power purchases dream sports betting site
23 May 2018
FanDuel company
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20 November 2017
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Sports Betting Innovator Launches Brand new Start up
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