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sports betting wagering 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 technology teams is beginning once again with a new firm - and has actually protected the most significant preliminary investment of any British start-up company.
BetDEX is being led by Nigel Eccles, who co-founded fantasy sports betting wagering website FanDuel in 2009 in Edinburgh.
The brand-new firm has seed financing of $21m.
It aims to introduce a brand-new open source software application platform, on which others can innovate in sports betting wagering, in the first half of next year.
The company is recruiting staff from a base in Scotland.
FanDuel was sold to Flutter - formerly named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders remain in legal dispute with FanDuel's later stage investors over the method which they structured a takeover, which left the Edinburgh team without a share of the increasing valuation.
Mr Eccles said that one thing he discovered from the FanDuel experience was to choose financiers thoroughly.
He told 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 worths are aligned with ours, that they take their fiduciary tasks responsibly, and that they're the right partners for us."
The $21m seed financing for BetDEX includes stakes taken by 7 backers of US innovation companies, consisting of 2 big funds - Paradigm and FTX - which specialise in investing in business operating with crypto-currencies.
Varun Sudhakar, president of BetDEX, stated: "The sports betting market charges high rates for poor products and limits trades by its most effective users.
"BetDEX is diametrically opposed to this approach. We will effectively compete against incumbents with a noticeably superior item and low costs, which is now possible with the introduction of the blockchain innovation."
As chairman of the new company, Mr Eccles stated it might look familiar to retail punters utilized to existing online companies.
'Pool of talent'
However, he says that those who utilize its platform to run their own wagering companies will be able to innovate and create a wider series of wagering items.
He stated the typical share taken by online bookies is 7% to 10% of a stake, however BetDEX should permit that to fall listed below 1%.
The company will establish its own wagering apps to operate on the platform.
Mr Eccles said these would take an "smart, thoughtful" method to the method they are marketed to protect those who deal with problem gambling.
He stated the team of around 500 software engineers who assisted develop FanDuel from Scotland revealed that it remains the location to construct a company. BetDEX has the same head of innovation, Stuart Tonner.
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"A great deal of that [FanDuel] success was built on an extremely competent, really gifted engineering team, that constructed this product that might process countless bets and countless users.
"There's a real skill pool of skilled engineers who helped us construct our product and that's what we desire to utilize for BetDEX as well."
Related subjects
Edinburgh
Sports betting
More on this story
Paddy Power purchases fantasy sports betting site
23 May 2018
FanDuel creator leaves company
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Published
20 November 2017
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Sports Betting Innovator Launches Brand-new Start-up
evaburchell289 edited this page 2025-01-02 04:01:07 +00:00