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sports betting wagering innovator launches new start-up

17 November 2021

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By Douglas Fraser

Business and economy editor, Scotland
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One of Scotland's most effective innovation groups is beginning once again with a new company - and has secured the biggest preliminary financial investment of any British start-up company.

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

The brand-new firm has seed funding of $21m.

It aims to release a brand-new open source software application platform, on which others can innovate in sports betting wagering, in the very first half of next year.
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The business is hiring staff from a base in Scotland.

FanDuel was sold to Flutter - formerly named Paddy Power in 2018 and is now worth more than $30bn.
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However, Mr Eccles and other co-founders are 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 valuation.
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Mr Eccles said that a person thing he gained from the FanDuel experience was to select financiers thoroughly.

He told BBC Scotland: "We took a great deal of lessons from that, one of which was the value of who we choose as financiers in this new business, to guarantee their values are lined up with ours, that they take their fiduciary responsibilities properly, and that they're the ideal partners for us."

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

Varun Sudhakar, president of BetDEX, said: "The sports betting wagering market charges high costs for bad products and limits trades by its most successful users.

"BetDEX is diametrically opposed to this method. We will successfully compete against incumbents with a noticeably exceptional item and low costs, which is now possible with the arrival of the blockchain innovation."

As chairman of the brand-new company, Mr Eccles said it might look familiar to retail punters used to existing online firms.

'Pool of skill'
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However, he states that those who use its platform to run their own sports betting firms will be able to innovate and produce a wider variety of wagering items.

He said the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX should enable that to fall listed below 1%.

The company will establish its own wagering apps to operate on the platform.
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Mr Eccles said these would take an "smart, thoughtful" method to the way they are marketed to protect those who fight with problem gambling.

He said the team of around 500 software engineers who assisted build FanDuel from Scotland showed that it stays the location to develop a company. BetDEX has the same head of technology, Stuart Tonner.

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

"There's a genuine skill swimming pool of skilled engineers who assisted us develop our item and that's what we desire to take advantage of for BetDEX as well."

Related subjects

Edinburgh

sports betting wagering

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Paddy Power buys fantasy sports betting site

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FanDuel founder leaves business

Published

20 November 2017