sports betting wagering innovator launches brand-new start-up
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17 November 2021
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By Douglas Fraser
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Business and economy editor, Scotland
One of Scotland's most successful technology teams is beginning again with a new company - and has protected the biggest initial financial investment of any British start-up business.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting site FanDuel in 2009 in .
The new firm has seed funding of $21m.
It intends to launch a brand-new open source software application platform, on which others can innovate in sports betting, in the very first half of next year.
The business is recruiting staff from a base in Scotland.
FanDuel was sold to Flutter - formerly called Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders remain in legal dispute with FanDuel's later stage investors over the method in which they structured a takeover, which left the Edinburgh group without a share of the rising valuation.
Mr Eccles stated that a person 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, one of which was the value of who we pick as investors in this new company, to guarantee their worths are lined up with ours, that they take their fiduciary tasks properly, which they're the ideal partners for us."
The $21m seed funding for BetDEX consists of stakes taken by 7 backers of US innovation companies, including 2 big funds - Paradigm and FTX - which specialise in investing in companies running with crypto-currencies.
Varun Sudhakar, primary executive of BetDEX, stated: "The sports betting market charges high rates for bad products and limitations trades by its most effective users.
"BetDEX is diametrically opposed to this technique. We will successfully complete against incumbents with a noticeably exceptional item and low fees, which is now possible with the introduction of the blockchain technology."
As chairman of the brand-new company, Mr Eccles said it might look familiar to retail punters used to existing online firms.
'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 larger range of sports betting items.
He said the common share taken by online bookies is 7% to 10% of a stake, however BetDEX should permit that to fall below 1%.
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The company will establish its own wagering apps to operate on the platform.
Mr Eccles said these would take an "smart, thoughtful" technique to the way they are marketed to protect those who fight with issue gaming.
He said the team of around 500 software application engineers who assisted develop FanDuel from Scotland revealed that it remains the location to develop a firm. BetDEX has the same head of technology, Stuart Tonner.
"A lot of that [FanDuel] success was constructed on an extremely skilled, really talented engineering group, that constructed this item that could process countless bets and millions of users.
"There's a real skill pool of knowledgeable engineers who helped us construct our product and that's what we want to leverage for BetDEX as well."
Related topics
Edinburgh
sports betting wagering
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FanDuel founder leaves company
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Published
20 November 2017
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Sports Betting Innovator Launches new Start up
brookei1409877 edited this page 2025-01-02 06:37:12 +08:00