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sports betting wagering innovator launches new start-up
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17 November 2021
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By Douglas Fraser

Business and economy editor, Scotland

One of Scotland's most successful technology teams is starting again with a new company - and has protected the greatest 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 launch a new open source software platform, on which others can innovate in sports betting wagering, in the first half of next year.

The business is recruiting personnel 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 conflict with later phase investors over the method which they structured a takeover, which left the Edinburgh group without a share of the rising evaluation.

Mr Eccles stated that one thing he discovered from the FanDuel experience was to pick investors thoroughly.

He told BBC Scotland: "We took a lot of lessons from that, one of which was the importance of who we choose as investors in this brand-new company, to guarantee their values are lined up with ours, that they take their fiduciary responsibilities properly, which they're the ideal partners for us."

The $21m seed funding for BetDEX includes stakes taken by 7 backers of US innovation companies, including two large funds - Paradigm and FTX - which specialise in purchasing companies running with crypto-currencies.

Varun Sudhakar, president of BetDEX, stated: "The sports betting industry charges high prices for poor products and limitations trades by its most effective users.

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

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

'Pool of talent'

However, he says that those who utilize its platform to run their own wagering firms will be able to innovate and produce a wider range of wagering products.

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

The business will develop its own wagering apps to run on the platform.

Mr Eccles stated these would take an "intelligent, thoughtful" approach to the way they are marketed to safeguard those who have problem with problem gaming.

He said the team of around 500 software application engineers who assisted construct FanDuel from Scotland showed that it remains the place to construct a company. BetDEX has the very same head of technology, Stuart Tonner.
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"A great deal of that [FanDuel] success was developed on a highly competent, extremely gifted engineering team, that developed this product that might process countless bets and millions of users.

"There's a genuine talent swimming pool of skilled engineers who helped us construct our product which's what we desire to utilize for BetDEX also."

Related topics

Edinburgh

Sports betting

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Published

20 November 2017
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