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Sports betting 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 effective innovation groups is starting again with a brand-new company - and has actually protected the biggest preliminary investment of any British start-up business.

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

The new company has seed funding of $21m.

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

The company is recruiting personnel from a base in Scotland.

FanDuel was sold 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 conflict with FanDuel's later stage financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the rising appraisal.

Mr Eccles said that one thing he gained from the FanDuel experience was to choose investors thoroughly.

He informed BBC Scotland: "We took a great deal of lessons from that, among which was the significance of who we select as investors in this new organization, to guarantee their values are lined up with ours, that they take their fiduciary tasks responsibly, and that they're the best partners for us."

The $21m seed funding for BetDEX consists of stakes taken by seven backers of US technology companies, consisting of 2 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 costs for poor products and limitations trades by its most successful users.
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"BetDEX is diametrically opposed to this technique. We will effectively contend against incumbents with a significantly exceptional product and low charges, which is now possible with the development of the blockchain technology."

As chairman of the new firm, Mr Eccles stated it might look familiar to retail punters used to existing online firms.

'Pool of skill'

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 series of sports betting products.

He stated the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to permit for that to fall below 1%.

The company will develop its own sports betting apps to run on the platform.

Mr Eccles stated these would take an "smart, thoughtful" technique to the method they are marketed to protect those who deal with issue gambling.

He said the group of around 500 software engineers who helped develop FanDuel from Scotland showed that it stays the place to develop a firm. BetDEX has the very same head of innovation, Stuart Tonner.

"A lot of that [FanDuel] success was built on a highly experienced, really skilled engineering group, that constructed this product that could process countless bets and countless users.

"There's a genuine skill pool of experienced engineers who assisted us construct our item which's what we wish to take advantage of for BetDEX as well."

Related subjects

Edinburgh

Sports betting
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FanDuel creator leaves company

Published

20 November 2017
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