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Sports betting 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 teams is beginning once again with a new firm - and has actually secured the biggest preliminary financial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting site FanDuel in 2009 in Edinburgh.
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The brand-new firm has seed financing of $21m.
It intends to release a brand-new open source software 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 sold to Flutter - formerly named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders are in legal disagreement with FanDuel's later stage financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the increasing evaluation.
Mr Eccles stated that one thing he discovered from the FanDuel experience was to pick financiers carefully.
He told BBC Scotland: "We took a great deal of lessons from that, among which was the significance of who we choose as investors in this new service, to ensure their worths are lined up with ours, that they take their fiduciary duties responsibly, which they're the ideal partners for us."
The $21m seed funding for BetDEX consists of stakes taken by seven backers of US innovation companies, including two large funds - Paradigm and FTX - which specialise in purchasing business operating with crypto-currencies.
Varun Sudhakar, primary executive of BetDEX, stated: "The sports betting market charges high rates for poor items and limits trades by its most effective users.
"BetDEX is diametrically opposed to this method. We will successfully complete versus incumbents with a significantly superior item and low fees, which is now possible with the development of the blockchain technology."
As chairman of the new firm, Mr Eccles said it might 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 produce a broader series of wagering products.
He said the normal share taken by online bookies is 7% to 10% of a stake, but BetDEX needs to enable that to fall 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" technique to the way they are marketed to secure those who deal with problem sports betting.
He stated 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 same head of innovation, Stuart Tonner.
"A great deal of that [FanDuel] was developed on an extremely skilled, extremely talented engineering team, that constructed this item that could process countless bets and countless users.
"There's a genuine talent pool of skilled engineers who helped us develop our product and that's what we desire to take advantage of for BetDEX also."
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Related subjects
Edinburgh
sports betting wagering
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FanDuel founder leaves business
Published
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1
Sports Betting Innovator Launches new Start-up
eulawasson413 edited this page 2025-01-02 08:15:55 +08:00