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sports betting wagering innovator launches brand-new start-up

17 November 2021

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By Douglas Fraser

Business and economy editor, Scotland
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Among Scotland's most effective technology groups is beginning again with a new company - and has actually protected the most significant initial 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 company has seed financing of $21m.

It intends 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 dispute with FanDuel's later phase investors over the method which they structured a takeover, which left the Edinburgh group without a share of the increasing valuation.

Mr Eccles said that a person thing he learned from the FanDuel experience was to pick financiers thoroughly.

He told BBC Scotland: "We took a great deal of lessons from that, one of which was the significance of who we choose as investors in this new company, to ensure their worths are aligned with ours, that they take their fiduciary responsibilities responsibly, which 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 two large funds - Paradigm and FTX - which specialise in purchasing business running with crypto-currencies.

Varun Sudhakar, president of BetDEX, said: "The sports betting wagering market charges high prices for poor items and limitations trades by its most effective users.

"BetDEX is diametrically opposed to this approach. We will effectively compete against incumbents with a markedly remarkable product and low charges, which is now possible with the introduction of the blockchain innovation."
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As chairman of the new company, Mr Eccles stated it could look familiar to retail punters utilized to existing online firms.

'Pool of skill'

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

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

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

Mr Eccles said these would take an "smart, thoughtful" method to the way they are marketed to protect those who have problem with issue sports betting.

He said the team of around 500 software engineers who assisted construct FanDuel from Scotland showed that it remains the place to develop a firm. BetDEX has the exact same head of technology, Stuart Tonner.

"A lot of that [FanDuel] success was developed on a highly skilled, really skilled engineering team, that constructed this item that might bets and millions of users.

"There's a real talent swimming pool of skilled engineers who helped us build our item which's what we wish to take advantage of for BetDEX too."
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Related topics

Edinburgh

sports betting wagering

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FanDuel creator leaves business

Published

20 November 2017