sports betting wagering 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 beginning once again with a new firm - and has actually secured the greatest preliminary investment of any British start-up business.

BetDEX is being led by Nigel Eccles, who co-founded dream sports betting wagering site FanDuel in 2009 in Edinburgh.

The new company has seed financing of $21m.

It intends to launch a brand-new open source software platform, on which others can innovate in sports betting wagering, in the very first half of next year.
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The company is recruiting personnel from a base in Scotland.

FanDuel was offered to Flutter - previously 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 financiers over the method which they structured a takeover, which left the Edinburgh team without a share of the rising assessment.

Mr Eccles said that a person thing he gained from the FanDuel experience was to choose financiers carefully.

He told BBC Scotland: "We took a lot of lessons from that, one of which was the significance of who we select as financiers in this new service, to guarantee their worths are aligned with ours, that they take their fiduciary duties responsibly, which they're the ideal partners for us."
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The $21m seed financing for BetDEX consists of stakes taken by seven backers of US innovation companies, consisting of two big funds - Paradigm and FTX - which specialise in buying companies running with crypto-currencies.

Varun Sudhakar, primary executive of BetDEX, said: "The sports betting market 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 considerably superior item and low costs, which is now possible with the introduction of the blockchain innovation."

As chairman of the brand-new firm, Mr Eccles stated it might look familiar to retail punters utilized to existing online companies.
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'Pool of skill'

However, he states that those who use its platform to run their own wagering firms will be able to innovate and produce a broader variety of wagering items.

He stated the typical share taken by online bookmakers is 7% to 10% of a stake, but BetDEX must enable that to fall below 1%.

The business will develop its own sports betting apps to operate on the platform.

Mr Eccles said these would take an "smart, thoughtful" method to the method they are marketed to secure those who deal with problem gaming.

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

"A great deal of that [FanDuel] success was constructed on an extremely skilled, very team, that built this product that could process millions of bets and millions of users.

"There's a genuine talent pool of experienced engineers who helped us construct our product which's what we wish to utilize for BetDEX also."

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20 November 2017
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