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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 successful innovation groups is beginning again with a brand-new firm - and has actually secured the greatest initial financial investment of any British start-up company.

BetDEX is being led by Nigel Eccles, who co-founded dream sports betting wagering website FanDuel in 2009 in Edinburgh.

The new firm has seed funding of $21m.

It intends to introduce a brand-new open source software platform, on which others can innovate in sports betting wagering, in the very first half of next year.

The company is recruiting staff from a base in Scotland.

FanDuel was offered to Flutter - formerly named Paddy - in 2018 and is now worth more than $30bn.

However, Mr Eccles and other co-founders remain in legal dispute with FanDuel's later phase investors over the method in which they structured a takeover, which left the Edinburgh group without a share of the rising assessment.

Mr Eccles stated that a person thing he discovered from the FanDuel experience was to choose investors carefully.

He told BBC Scotland: "We took a lot of lessons from that, among which was the value of who we choose as financiers in this new service, to ensure their worths are lined up with ours, that they take their fiduciary duties properly, and that they're the right partners for us."

The $21m seed funding for BetDEX consists of stakes taken by 7 backers of US innovation companies, consisting of 2 large funds - Paradigm and FTX - which specialise in buying business operating with crypto-currencies.

Varun Sudhakar, president of BetDEX, stated: "The sports betting wagering market charges high prices for poor items and limits trades by its most successful users.

"BetDEX is diametrically opposed to this approach. We will successfully complete against incumbents with a noticeably remarkable item and low charges, which is now possible with the introduction of the blockchain innovation."

As chairman of the brand-new company, Mr Eccles stated it might look familiar to retail punters used to existing online companies.

'Pool of talent'

However, he says that those who utilize its platform to run their own wagering firms will have the ability to innovate and develop a broader variety of wagering products.

He stated the typical share taken by online bookies is 7% to 10% of a stake, but BetDEX must enable for that to fall listed below 1%.

The company will establish its own wagering apps to operate on the platform.
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Mr Eccles said these would take an "smart, thoughtful" technique to the method they are marketed to secure those who deal with problem gambling.

He stated the group of around 500 software engineers who assisted develop FanDuel from Scotland showed that it remains the place to construct a company. BetDEX has the same head of innovation, Stuart Tonner.

"A great deal of that [FanDuel] success was built on an extremely experienced, really skilled engineering group, that constructed this item that could process countless bets and countless users.

"There's a genuine skill swimming pool of knowledgeable engineers who assisted us develop our item which's what we want to leverage for BetDEX also."

Related subjects

Edinburgh

Sports betting

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Published

20 November 2017