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Sports betting innovator launches brand-new start-up
17 November 2021
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By Douglas Fraser
Business and economy editor, Scotland
One of Scotland's most successful innovation teams is starting again with a brand-new company - and has secured the greatest preliminary 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 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 business is recruiting staff from a base in Scotland.
FanDuel was sold to Flutter - previously 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 stage investors over the method which they structured a takeover, which left the group without a share of the rising valuation.
Mr Eccles stated that a person thing he gained from the FanDuel experience was to pick investors carefully.
He told BBC Scotland: "We took a lot of lessons from that, among which was the significance of who we pick as investors in this brand-new organization, to guarantee their worths are aligned with ours, that they take their fiduciary responsibilities properly, and that they're the ideal partners for us."
The $21m seed financing for BetDEX consists of stakes taken by seven backers of US innovation firms, consisting of 2 big funds - Paradigm and FTX - which specialise in investing in companies running with crypto-currencies.
Varun Sudhakar, president of BetDEX, stated: "The sports betting wagering market charges high costs for bad items and limitations 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 fees, which is now possible with the development of the blockchain innovation."
As chairman of the new company, Mr Eccles said it could look familiar to retail punters utilized to existing online firms.
'Pool of talent'
However, he states that those who utilize its platform to run their own sports betting firms will have the ability to innovate and create a wider variety of sports betting items.
He stated the common share taken by online bookmakers is 7% to 10% of a stake, but BetDEX should allow for that to fall below 1%.
The company will establish its own wagering apps to run on the platform.
Mr Eccles said these would take an "smart, thoughtful" technique to the way they are marketed to safeguard those who have a hard time with problem gambling.
He stated the team of around 500 software application engineers who helped develop FanDuel from Scotland revealed that it stays the location to build a firm. BetDEX has the exact same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was built on a highly skilled, very skilled engineering team, that developed this product that could process countless bets and countless users.
"There's a genuine talent pool of knowledgeable engineers who helped us develop our item and that's what we wish to utilize for BetDEX too."
Related subjects
Edinburgh
Sports betting
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