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sports betting wagering innovator launches brand-new start-up
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17 November 2021
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By Douglas Fraser

Business and economy editor, Scotland

Among Scotland's most successful technology teams is starting again with a brand-new firm - and has secured the biggest 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 financing of $21m.

It aims to release a new open source software platform, on which others can innovate in sports betting wagering, in the first half of next year.

The is recruiting personnel from a base in Scotland.

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

However, Mr Eccles and other co-founders are in legal conflict with FanDuel's later phase financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing valuation.
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Mr Eccles stated that a person thing he found out from the FanDuel experience was to select investors thoroughly.

He informed BBC Scotland: "We took a great deal of lessons from that, one of which was the importance of who we choose as investors in this brand-new business, to ensure their worths are lined up with ours, that they take their fiduciary tasks responsibly, which they're the best partners for us."

The $21m seed financing for BetDEX consists of stakes taken by seven backers of US innovation companies, including 2 big funds - Paradigm and FTX - which specialise in investing in companies operating with crypto-currencies.

Varun Sudhakar, president of BetDEX, stated: "The sports betting industry charges high prices for poor products and limitations trades by its most successful users.

"BetDEX is diametrically opposed to this approach. We will effectively compete against incumbents with a significantly exceptional item and low costs, which is now possible with the development of the blockchain innovation."

As chairman of the brand-new firm, Mr Eccles said it could look familiar to retail punters utilized to existing online firms.

'Pool of talent'

However, he says that those who utilize its platform to run their own sports betting firms will have the ability to innovate and produce a larger variety of wagering items.

He said the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX ought to allow for that to fall listed 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 protect those who fight with issue gambling.

He stated the group of around 500 software engineers who helped construct FanDuel from Scotland revealed that it remains the location to construct a firm. BetDEX has the same head of technology, Stuart Tonner.

"A lot of that [FanDuel] success was built on an extremely proficient, very skilled engineering team, that built this product that might process countless bets and countless users.

"There's a real skill pool of experienced engineers who assisted us develop our item which's what we wish to utilize for BetDEX as well."

Related topics

Edinburgh

sports betting wagering

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23 May 2018

FanDuel founder leaves business

Published

20 November 2017