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 teams is beginning once again with a brand-new company - and has secured the greatest 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 new firm has seed financing of $21m.
It to introduce a new open source software platform, on which others can innovate in sports betting wagering, in the very first half of next year.
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The company is hiring staff 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 are in legal dispute with FanDuel's later phase financiers over the method which they structured a takeover, which left the Edinburgh group without a share of the rising appraisal.
Mr Eccles said that a person thing he discovered from the FanDuel experience was to select investors thoroughly.
He informed BBC Scotland: "We took a great deal of lessons from that, one of which was the value of who we pick as investors in this new business, to ensure their worths are aligned with ours, that they take their fiduciary duties properly, which they're the best partners for us."
The $21m seed financing for BetDEX includes stakes taken by 7 backers of US technology companies, including 2 large funds - Paradigm and FTX - which specialise in purchasing companies operating with crypto-currencies.
Varun Sudhakar, president of BetDEX, said: "The sports betting market charges high rates for bad products and limitations trades by its most effective users.
"BetDEX is diametrically opposed to this technique. We will effectively compete versus incumbents with a considerably exceptional item and low fees, which is now possible with the development of the blockchain technology."
As chairman of the new firm, Mr Eccles said it might look familiar to retail punters used to existing online firms.
'Pool of skill'
However, he says that those who use its platform to run their own sports betting companies will be able to innovate and develop a broader variety of sports betting products.
He stated the normal share taken by online bookmakers is 7% to 10% of a stake, but BetDEX ought to enable for that to fall below 1%.
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The business will establish its own sports betting apps to run on the platform.
Mr Eccles stated these would take an "smart, thoughtful" approach to the method they are marketed to protect those who battle with issue sports betting.
He stated the group of around 500 software application engineers who helped build FanDuel from Scotland showed that it remains the location to build a company. BetDEX has the exact same head of innovation, Stuart Tonner.
"A lot of that [FanDuel] success was built on a highly competent, really skilled engineering group, that constructed this product that could process countless bets and countless users.
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"There's a genuine talent pool of experienced engineers who helped us construct our product which's what we want to take advantage of for BetDEX as well."
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More on this story
Paddy Power purchases dream sports betting website
23 May 2018
FanDuel founder leaves business
Published
20 November 2017
1
Sports Betting Innovator Launches Brand-new Start-up
mactazewell191 edited this page 2025-01-02 13:18:00 +08:00