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Sports betting innovator launches brand-new start-up

17 November 2021

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By Douglas Fraser
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Business and economy editor, Scotland

Among Scotland's most successful innovation teams is beginning again with a brand-new firm - and has protected the most significant preliminary investment of any British start-up business.

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

The 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 very first half of next year.

The business is hiring 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 dispute 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 evaluation.
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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 great deal of lessons from that, one of which was the importance of who we choose as financiers in this brand-new company, to guarantee their worths are lined up with ours, that they take their fiduciary tasks properly, and that they're the right partners for us."

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

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

"BetDEX is diametrically opposed to this technique. We will effectively complete versus incumbents with a noticeably exceptional item and low charges, which is now possible with the arrival of the blockchain innovation."

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

'Pool of skill'

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

He said the normal share taken by online bookies is 7% to 10% of a stake, however BetDEX must permit that to fall listed below 1%.

The company will establish its own sports betting apps to operate on the platform.

Mr Eccles stated these would take an "intelligent, thoughtful" method to the method they are marketed to protect those who struggle with issue sports betting.

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

"A great deal of that [FanDuel] success was developed on an extremely proficient, very talented engineering group, that developed this item that could process millions of bets and countless users.

"There's a real skill swimming pool of experienced engineers who assisted us build our item which's what we wish to utilize for BetDEX too."
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Related topics

Edinburgh

Sports betting
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Published

20 November 2017