sports betting wagering innovator launches new start-up
17 November 2021
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By Douglas Fraser
bet9ja.com
and economy editor, Scotland
Among Scotland's most successful technology teams is beginning once again with a brand-new company - and has actually secured the biggest initial investment of any British start-up company.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting site FanDuel in 2009 in Edinburgh.
The new firm has seed financing of $21m.
It aims to introduce a new open source software application platform, on which others can innovate in sports betting, in the first half of next year.
The company is recruiting personnel from a base in Scotland.
FanDuel 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 are in legal conflict with FanDuel's later phase financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the increasing assessment.
Mr Eccles stated that one thing he discovered from the FanDuel experience was to choose financiers thoroughly.
He informed BBC Scotland: "We took a great deal of lessons from that, among which was the value of who we choose as investors in this brand-new service, to guarantee their worths are lined up with ours, that they take their fiduciary tasks properly, which they're the best partners for us."
The $21m seed funding for BetDEX includes stakes taken by seven backers of US technology companies, including 2 big funds - Paradigm and FTX - which specialise in buying business operating with crypto-currencies.
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Varun Sudhakar, chief executive of BetDEX, stated: "The sports betting industry charges high prices for bad items and limits trades by its most effective users.
"BetDEX is diametrically opposed to this approach. We will successfully complete against incumbents with a markedly superior product and low fees, which is now possible with the arrival of the blockchain technology."
As chairman of the new firm, Mr Eccles said it could look familiar to retail punters utilized to existing online firms.
'Pool of talent'
However, he states that those who use its platform to run their own wagering companies will be able to innovate and develop a larger variety of sports betting products.
He stated the normal share taken by online bookies is 7% to 10% of a stake, but BetDEX ought to enable for that to fall listed below 1%.
The company 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 have problem with problem gaming.
He stated the team of around 500 software application engineers who assisted build FanDuel from Scotland showed that it remains the place to construct a firm. BetDEX has the very same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was built on a highly skilled, very skilled engineering team, that constructed this item that might process countless bets and countless users.
"There's a real skill swimming pool of skilled engineers who assisted us construct our item which's what we wish to leverage for BetDEX too."
Related topics
Edinburgh
sports betting wagering
More on this story
Paddy Power purchases fantasy sports betting site
23 May 2018
FanDuel creator leaves company
Published
20 November 2017
1
Sports Betting Innovator Launches Brand-new Start-up
franksomervill edited this page 2025-01-02 19:00:11 +08:00