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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
Among Scotland's most successful innovation groups is beginning once again with a brand-new company - and has actually protected the biggest preliminary financial investment of any British start-up company.
BetDEX is being led by Nigel Eccles, who co-founded dream sports betting website FanDuel in 2009 in Edinburgh.
The brand-new firm has seed funding of $21m.
It intends to release a new open source software 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 - previously named Paddy Power Betfair - in 2018 and is now worth more than $30bn.
However, Mr Eccles and other co-founders remain in legal disagreement with FanDuel's later stage investors over the method which they structured a takeover, which left the Edinburgh group without a share of the rising valuation.
Mr Eccles said that one thing he found out from the FanDuel experience was to choose investors carefully.
He told BBC Scotland: "We took a lot of lessons from that, one of which was the importance of who we select as financiers in this new business, to guarantee their worths are aligned with ours, that they take their fiduciary responsibilities properly, and that they're the right partners for us."
The $21m seed financing for BetDEX includes stakes taken by seven backers of US innovation firms, including two big funds - Paradigm and FTX - which specialise in purchasing business running with crypto-currencies.
Varun Sudhakar, chief executive of BetDEX, stated: "The sports betting market charges high costs for poor products and limitations trades by its most successful users.
"BetDEX is diametrically opposed to this technique. We will effectively contend against incumbents with a noticeably exceptional product and low charges, which is now possible with the of the blockchain technology."
As chairman of the brand-new company, Mr Eccles said it could look familiar to retail punters used to existing online companies.
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'Pool of talent'
However, he states that those who utilize its platform to run their own wagering firms will have the ability to innovate and develop a larger range of sports betting products.
He said the normal share taken by online bookies is 7% to 10% of a stake, however BetDEX needs to permit that to fall listed below 1%.
The company will establish its own wagering apps to operate on the platform.
Mr Eccles stated these would take an "smart, thoughtful" technique to the method they are marketed to safeguard those who have problem with problem gambling.
He stated the team of around 500 software application engineers who helped develop FanDuel from Scotland showed that it remains the location to construct a firm. BetDEX has the very same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was constructed on a highly proficient, very gifted engineering team, that developed this product that might process millions of bets and countless users.
"There's a real talent swimming pool of knowledgeable engineers who helped us construct our item and that's what we wish to utilize for BetDEX as well."
Related topics
Edinburgh
sports betting wagering
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Paddy Power buys dream sports betting website
23 May 2018
FanDuel founder leaves company
Published
20 November 2017
1
Sports Betting Innovator Launches Brand-new Start-up
deweyv83057245 edited this page 2025-01-02 07:24:46 +08:00