Sports betting innovator launches new start-up
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17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
One of Scotland's most successful innovation teams is beginning once again with a new company - and has actually protected the greatest preliminary 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 financing of $21m.
It aims to introduce a 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 hiring personnel from a base in Scotland.
was offered 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 disagreement with FanDuel's later phase investors over the method which they structured a takeover, which left the Edinburgh group without a share of the rising assessment.
Mr Eccles said that a person thing he gained from the FanDuel experience was to select investors carefully.
He informed BBC Scotland: "We took a great deal of lessons from that, one of which was the value of who we select as investors in this brand-new service, to ensure their values are lined up with ours, that they take their fiduciary duties responsibly, which they're the right partners for us."
The $21m seed financing for BetDEX includes stakes taken by 7 backers of US technology companies, consisting of two big funds - Paradigm and FTX - which specialise in purchasing companies running with crypto-currencies.
Varun Sudhakar, president of BetDEX, stated: "The sports betting wagering market charges high costs for bad products and limits trades by its most effective users.
"BetDEX is diametrically opposed to this method. We will effectively compete against incumbents with a markedly exceptional item and low charges, which is now possible with the development of the blockchain innovation."
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As chairman of the new firm, Mr Eccles stated it could look familiar to retail punters utilized to existing online firms.
'Pool of skill'
However, he says that those who use its platform to run their own sports betting firms will be able to innovate and develop a wider series of wagering items.
He stated the common share taken by online bookies is 7% to 10% of a stake, however BetDEX must enable that to fall below 1%.
The business will develop its own sports betting apps to run on the platform.
Mr Eccles said these would take an "intelligent, thoughtful" approach to the method they are marketed to secure those who deal with problem gambling.
He said the team of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it stays the location to develop a firm. BetDEX has the very same head of technology, Stuart Tonner.
"A lot of that [FanDuel] success was developed on a highly knowledgeable, really talented engineering group, that built this item that could process countless bets and countless users.
"There's a real talent swimming pool of skilled engineers who assisted us build our item which's what we want to take advantage of for BetDEX as well."
Related subjects
Edinburgh
sports betting wagering
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Sports Betting Innovator Launches Brand new Start up
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